A
new Transparency Market Research report states that the demand for
marine lubricant market stood at 2,321.1 kilotons in 2013 and is
predicted to reach 2,902.3 kilotons by 2022. It is expected to expand
at a CAGR of 2.52% from 2014 to 2022
In-depth
research report on Marine
Lubricants Market with
Full TOC at :
http://www.transparencymarketresearch.com/marine-lubricants-market.html
As
per the report, the marine lubricant market is majorly driven by the
technology enhancement improving the shelf life of mechanical parts.
In addition, factors such as the growth of the shipping industry and
the increasing demand for synthetic-based and bio-based lubricants
are also fuelling the market. Furthermore, the rise in global trade
will also have a positive impact on the market. On the other hand,
the reduction in production of group-1 base oil is the prime factor
impeding the growth of the marine lubricant market.
The
report segments the marine lubricant market on the basis of product
type, application, and geography.
On
the basis of product type, the market is segmented into synthetic
marine lubricants, mineral oil marine lubricants, and bio-based
marine lubricants. Amongst these, in 2013, the segment of mineral oil
marine oil lubricants led the market and is predicted to maintain its
dominance till 2022. This segment represented a share of 87.19% in
the market in 2013. This reason for the dominance of this segment is
the rising awareness about marine oil lubricants amongst end user.
On
the basis of application, the marine lubricants market is segmented
into hydraulic oil marine lubricants, engine oil marine lubricants,
grease, and others including compressor oils, gear oils, turbine
oils, and heat transfer fluids. Amongst these, in 2013, the segment
of engine oil marine lubricants led the market and constituted a
share of 46.42% in the market. This segment is trailed by the
segments of hydraulic oil marine lubricants and grease and these
segments are anticipated to expand at a 2.10% CAGR and 2.09% CAGR,
respectively between 2014 and 2022.
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further inquiries, click here :
http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=1096
On
the basis of geography, the market is segmented into Europe, North
America, Asia Pacific, and Rest of the World (RoW). Amongst these,
Europe led the market till 2011, however owing to the shifting of the
major shipping industries to Asia Pacific, the market started
flourishing in the region of Asia Pacific. The Asia Pacific marine
lubricants market region is anticipated to grow exponentially in the
coming years owing to the cost-effective shipbuilding facilities and
the rising domestic consumption, especially in China, Singapore, and
Japan within this region.
As
mentioned in the report, the chief players operating in the market
are Royal Dutch Shell, Total Lubricants, Chevron, Castrol,
ExxonMobil, and BP Marine, among others
The
global marine lubricants market is segmented as follows:
Global
marine lubricant market, by product type
- Mineral oil marine lubricants
- Synthetic marine lubricants
- Bio-based marine lubricants
Global
marine lubricant market, by application
Engine
oil marine lubricants
Hydraulic
oil marine lubricants
Grease
Others
(turbine oils, gear oils, compressor oils and heat transfer fluids)
Global
marine lubricant market, by geography
North
America
U.S.
Canada
Mexico
Europe
U.K.
Turkey
Germany
Italy
Spain
Netherlands
France
Asia
Pacific
China
Japan
South
Korea
Singapore
Rest
of the World (RoW)
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