Bio based Marine Lubricants Market may register growth at over 2% by the end of the forecast timeframe. They offer superior characteristics such as constant velocity, higher flashpoints and less vapor emissions and oil mist. Strict governmental norms & regulations and increasing environmental concerns with emphasis on biodegradable products may positively impact the business.
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Asia Pacific, driven by South Korea, China, Japan and India Marine Lubricants Market may witness significant gains at over 4% by the end of the projected period. Increasing seaborne activities along with growth in number of shipping harbors for various bilateral treaties may spur regional industry growth.
Rising number of international trade activities via sea routes and the massive growth of the shipbuilding sector will spur Marine Lubricants Market size considerably. The shipbuilding business has been observing an appreciable growth across many geographies. China, in particular, has been investing heavily in shipbuilding since the last few decades, which will fuel the regional marine lubricants industry. Considering the hazardous effects of synthetic products, manufacturers have shifted their preference toward bio-based lubricants, which provide biodegradability, constant viscosity, and considerable working safety.
The enforcement of regulatory norms to control nitrogen and sulphur oxide emissions will fuel the requirement of bio-based lubricants, pertaining to which marine lubricants industry will collect significant revenue over the years ahead. Favorable technological advancements in the naval sector to enhance the lifespan of mechanical components will also propel the product demand noticeably. According to Global Market Insights, Inc., “Worldwide marine lubricants market was worth 2 million tons in 2015 in terms of volume, and is expected to exhibit an annual growth rate of 3.5% over the period of 2016 to 2023.”
Marine lubricants market from hydraulic oil applications may exceed USD 1.3 billion by 2024. These products have various applications in offshore drilling projects and marine related services. Hydraulic oil offers, low compressibility, resistance to cavitation, water emulsifying ability and high film strength which provides excellent protection and equipment reliability in corrosive environment, thereby complementing industry growth.
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Marine lubricants market from transport ship based channels should exceed USD 1.6 billion by 2024. Increase in demand for bulk commodities and consumer goods coupled with rise in foreign trade activities through sea route and development of infrastructure & ports may positively influence market growth.
Table Of Content For This Research Report:
Chapter 4 Marine Lubricants Market, By Product
4.1 Marine lubricants product market share, 2016 & 2024
4.2 Mineral Oil
4.2.1 Market estimates & forecast, 2013-2024, (Kilo Tons) (USD Million)
4.2.2 Market estimates & forecast, by region, 2013-2024, (Kilo Tons) (USD Million)
4.3 Synthetic Oil
4.3.1 Market estimates & forecast , 2013-2024, (Kilo Tons) (USD Million)
4.3.2 Market estimates & forecast, by region, 2013-2024, (Kilo Tons) (USD Million)
4.4 Bio based marine lubricants
4.4.1 Market estimates & forecast, 2013-2024, (Kilo Tons) (USD Million)
4.4.2 Global bio based marine lubricants market, by region, 2013-2024, (Kilo Tons) (USD Million)
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Europe, led by France, UK and Germany marine lubricants market may surpass USD 2.5 billion by 2024. Growth in offshore drilling activities and increase in sea trade as per bilateral agreements between countries may stimulate regional demand. Increasing consumer awareness regarding ecofriendly products along with rise in shipping tourism may further complement business growth.
Global marine lubricants market share is consolidated with prominent players including ExxonMobil, BP Marine, RDS, Chevron, Total, Quepet, Castrol, JX Nippon, Lukoil and Sinopec.
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