Marine Lubricants Market Segment Forecasts up to 2024, Research Reports:TMR

The global marine lubricants market is fragmented to a considerable degree, and features several leading players such as BP Plc, Chevron Corp., QUEPET Lubricants, FUCHS, PETRONAS, Total Group, Royal Dutch Shell Plc, Idemitsu Kosan Co. Ltd., China Petrochemical Corp., JXTG Nippon Oil & Energy Corp., LUKOIL Marine Lubricants DMCC, ExxonMobil Corp., and Gulf Oil Marine Ltd. Established petroleum sector players are likely to dominate the global marine lubricants market in the coming years due to the easy availability of production and distribution infrastructure. Smaller players operating in lucrative regional segments of the global marine lubricants market could also play a vital role in the development of the global marine lubricants market in the coming years.

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According to Transparency Market Research (TMR), the global marine lubricants market is expected to reach a valuation of US$3.3 bn by the end of 2024. The market was valued at US$2.3 bn in 2015 and is projected to exhibit a steady 4.17% CAGR between 2016 and 2024.

Mineral Oil Likely to Dominate Marine Lubricants Market despite Growth of Biobased Segment

By product type, the global marine lubricants market is segmented into mineral oil, biobased oil, and synthetic oil. Of these, mineral oils held the leading share in the global marine lubricants market in 2015 and are likely to retain steady dominance over the 2016-2024 forecast period. The cheaper costs of synthetic oils have also been a key driver for the marine lubricants market in some regions, as the low-cost alternative to the more popular mineral oils has gained steady demand. The biobased oil segment could also exhibit significant movement in the coming years due to the growing support for environmentally conservation initiatives in the global marine lubricants market.

Regionally, Asia Pacific is likely to retain its current dominance in the global marine lubricants market through the 2016-2024 forecast period. China and India are likely to remain among the leading regional markets for marine lubricants within Asia Pacific in the coming years, along with other emerging economies in the region such as South Korea and Japan. Southeast Asian countries such as Indonesia, Malaysia, and Singapore are also likely to contribute significantly to the Asia Pacific marine lubricants market in the near future.

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Europe is also likely to feature prominently in the global marine lubricants market in the coming years, primarily on the back of the steady development of inland water channels in Central and Western Europe. The volume of inland shipping is higher in Europe than most other regions, due to which Germany, Belgium, and the Netherlands are likely to exhibit growing demand for marine lubricants. Russia is also a key player in the global marine lubricants market in the coming years.

Rising Importance of South China Sea Crucial for Marine Lubricants Market

The growing commercial and military operations in the South China Sea are likely to be vital for the Asia Pacific marine lubricants market in the coming years, as several countries in the region are key marine traders. The complicated geopolitical situation in the region has led to regional powers such as China and India making considerable investment in their naval forces, which is further likely to remain a key driver for the global marine lubricants market.

Rising demand from marine transportation channels is likely to remain a key driver for the global marine lubricants market in the coming years. The increase in marine shipping, brought about primarily by the demands of globalization, has the potential to remain a key driver for the global marine lubricants market in the coming years due to the rising disposable income of consumers across the world and the increasing reliance.

The information in this preview comes from a TMR report titled ‘Marine Lubricants Market (Product Type – Mineral Oil, Synthetic Oil, and Bio-based Oil; Application – Engine Oil, Hydraulic Oil, Gear Oil, Turbine Oil, Heat Transfer Fluids (HTFs), Compressor Oil, and Grease; Operation – Inland and Offshore Operation) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.’

The global marine lubricants market is segmented as follows:

By Product Analysis

Mineral oil
Synthetic oil
Bio-based oil

By Application

Engine oil
Hydraulic oil
Turbine oil
Gear oil
Heat Transfer Fluids (HTFs)
Compressor oil
Grease
Others

By Operation Type

Inland
Offshore

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Name: Rohit Bhisey
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