Marine
lubricants are produced from crude oil using chemicals or vegetable
oils. Marine lubricants are used to reduce the friction created among
operating components so as to increase their output efficiency. Thus,
marine lubricants also help different components to perform their
operation smoothly. The rising volume of the shipping industry across
the globe is anticipated to bolster the demand from the marine
lubricants market in the near future.
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Marine Lubricants Market Report with Full TOC at
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In
2013, the total demand for marine lubricants was 2,321.1 kilo ton,
which is anticipated to be 2,902.3 kilo ton by the end of 2020,
growing at a progressive 2.52% CAGR between 2014 and 2020. In terms
of revenue, the global marine lubricants market is expected to
exhibit a healthy CAGR of 3.63% between 2014 and 2020.
Decreased
Production of Group I Base Oil to Curb Growth of Marine Lubricants
Market
Extensive
expansion of the shipping industry, rising demand for synthetic and
bio-based marine lubricants, technological advancements that have
increased the shelf life of mechanical components, and environmental
regulations are some of the driving factors expected to fuel the
demand for marine lubricants in the near future. However, reduction
in group I base oil production is expected to hamper the growth of
the marine lubricants market across the globe.
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The
rising occurrences of oil spillage have severely affected aquatic
life in several regions. To prevent such incidents in ecologically
important water bodies and ensure the safety of marine biodiversity,
there is a tremendous interest in bio-based and synthetic marine
lubricants.
Bio-based
Marine Lubricants to Surpass Mineral Oil Lubricants in the Near
Future
On
the basis of products, the global marine lubricants market has been
segmented into bio-based marine lubricants, synthetic marine
lubricants, and mineral oil marine lubricants. In 2013, mineral oil
marine lubricants led the product segmentation, holding the largest
share of 87.19% of the global market in terms of volume. However, the
rising environmental concern among end users is anticipated to boost
the demand for bio-based marine lubricants in the near future.
Bio-based lubricants are biodegradable, non-bioaccumulative, and
nontoxic. As a result, bio-based marine lubricants are being
increasingly preferred over other marine lubricants.
Marine
lubricants are segmented on the basis of application into grease,
hydraulic oils, turbine oils, heat transfer fluids, engine oils,
compressor oils, and gear oils. Engine oils held the largest share of
the global marine lubricants market in 2013, accounting for 46.42% of
the market. Engine oils are followed by grease and hydraulic oils,
which are anticipated to grow at a 2.09% and 2.10% CAGR,
respectively, between 2014 and 2022.
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Press Release Of Marine Lubricants Market
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Asia
Pacific to Exhibit 4.13% CAGR from 2014 to 2022
The
global marine lubricants market has been geographically segmented
into Asia Pacific, North America, Europe, and Rest of the World. Till
2011, Europe was the leader in the global marine lubricants market;
however, in 2013, Asia Pacific assumed the mantle of the leader in
the global market, holding 41% of the total market in terms of
volume. The rising share of Asia Pacific is attributed to the growing
preference of market players in the shipping industry for operations
in Asia Pacific. The Asia Pacific marine lubricant market revenues
are anticipated to exhibit a progressive 4.13% CAGR between 2014 and
2022.
Prominent
Market Players in the Global Marine Lubricants Market
Some
of the prominent companies operating in the global marine lubricants
market are Castrol, Royal Dutch Shell Plc, Exxonmobil Corporation,
Lubmarine (Total Group), Sinopec Corporation, Gulf Marine and
Industrial Supplies, IKO Marine Lubricant Supply, Chevron, BP Marine,
JX Nippon Oil & Energy Corporation, Idemitsu Kosan, Lukoil Marine
Lubricants, and Quepet Lubricants. The flourishing shipping industry
is providing opportunities for the market players and attracting new
entrants to expand their business in the near future.
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