LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global marine lubricants market is expected to grow at a CAGR of more than 2% during the forecast period.
This research report titled ‘Global Marine Lubricants Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
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The market research analysis categorizes the global marine lubricants market into three major types of lubricants. They are:
- Oil-based marine lubricants
- Synthetic marine lubricants
- Bio-based marine lubricants
Global mineral oil-based marine lubricants market
Mineral oil-based lubricants are the products of refining crude oil. There are three types of mineral oil: Naphthenic, paraffinic, and aromatic. The easy availability and low cost of mineral oils and increased R&D expenditure are likely to drive the demand for mineral oil-based lubricants. Paraffin is a preferable choice over aromatics and naphthene. These mineral oil-based lubricants have a natural resistance to oxidation. Some of the important properties of paraffinic oils are that they offer good thermal stability, low volatility, and high viscosity index.
Global synthetic marine lubricants market
Synthetic lubricants are mainly manufactured using chemically modified petroleum components. They are preferred for lubricating cargo gas compressors that compress various gases. They offer performance advantages that decrease operating costs and provide a longer service life in addition to their extended overhaul periods.
According to Hitesh Bhatia, a lead analyst at Technavio for additives, adhesives, and sealants research, “There has been an increased usage of synthetic lubricants in applications such as turbochargers, air compressors, and gear applications as compared to mineral oil-based lubricants. The increase in performance and stability of synthetic lubricants is expected to drive their demand.
Global bio-based marine lubricants market
Bio-based lubricants are produced from renewable feedstocks such as plant oil and sugar. The environmental concern and sustainability have led to the shift toward bio-based and eco-friendly lubricants. The regulatory norms toward sulfur and nitrogen disposal into the sea will drive the demand for bio-based marine lubricants.
“Some of the important properties of bio-based lubricants are constant viscosity, bio-degradability, and better safety owing to higher flash point,” says Hitesh.
In 2015, the EPA (Environmental Protection Agency) released a penalty policy for violations of sulfur content in fuel standards and related provisions for ships. The usage of environment-friendly bio-based lubricants helps in reducing the Volatile organic compounds (VOCs) and toxicity of gases from the shipping industries.
The top vendors highlighted by Technavio’s market research analysts in this report are:
- BP
- Chevron Corporation
- ExxonMobil
- Royal Dutch Shell
- Total
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