ALBANY, N.Y.--(BUSINESS WIRE)--According to the latest market research report released by Transparency Market Research, the marine lubricant market is expected to grow at a CAGR of 3.48% between 2014 and 2022. The report, titled “Marine Lubricants Market - Turkey Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022”, expects the demand for turkey marine lubricant to rise at a CAGR of 2.30% during the forecast period, to reach 103.8 kilo tons by 2022, which was 84.5 kilo tons in 2013.
Browse Report: http://www.transparencymarketresearch.com/turkey-marine-lubricants-market.html
According to the report, the environmental legislation in Turkey to promote clean marine lubricants along with the rising demand for lubricants from shipping companies is expected to fuel the marine lubricant market. However, the gradual shrinking production of Group I base oil will negatively affect the growth of the marine lubricant market. The market holds immense opportunities with increased investments in bio-based lubricants.
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In terms of application, the report segments the marine lubricant market into engine oil marine lubricants, grease, hydraulic oil marine lubricants, and others. Engine oil marine lubricants enhance the performance of four-stroke and two-stroke engines and accounted for 46% market share in 2013, thereby emerging as the leading segment of the market. Mineral oil marine lubricant, synthetic marine lubricants, and bio-based marine lubricants are the key products of the market. Mineral lubricants dominated the marine lubricants market with 83% share in 2013.
Press Release: http://www.transparencymarketresearch.com/pressrelease/turkey-marine-lubricants-market.htm
The report profiles some of the key players of the marine lubricant market such as Total Lubricants (Lubmarine), Royal Dutch Shell, Chevron, BP Marine, Castrol, and ExxonMobil. Due to the increasing competition, the major players have started signing contracts with the local players in Turkey to tap the unexplored markets in the country.
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Transparency Market Research (TMR) is a U.S. based market intelligence company driven by high-pedigree consultants and researchers. TMR leverages its Syndicated Research, Custom Research, and Market Consulting expertise to help businesses make accurate decisions. TMR’s exclusive blend of quantitative forecasting and trends analysis draws on proprietary data sources and techniques, while their data repository is continuously updated to reflect the latest trends.
