The global marine lubricants market to grow at a CAGR of 4.3% during the period 2016-2020.
Global Marine Lubricants Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
According to the report, a key growth driver is the growing size of the global marine cargo fleet. In times of booming globalization, no economy can sustain itself in isolation. For any economy, major interaction with the global market is through means of international trade. This international trade refers to the exchange of capital, goods or services between different global economies. As most of the cargo is transported by ships, the presence of large shipping industries of different economies directly contributes to the growth of the global marine lubricants market.
Further, the report states that one challenge that could restrict market growth is the increased demand for slow steaming. Considering that fuel costs constitute about 65% of the total expenditure of a vessel, the major focus has been in the area of achieving greater fuel efficiency. Slow steaming refers to the reduction in the operating speeds of the marine engine to achieve greater fuel efficiency. This practice is employed in the long-distance liner ships and is most commonly utilized in the container shipping industry.
The functions of marine lubricants on a ship are numerous. Some of the areas of application of marine lubricants onboard a marine vessel includes:
- Marine engine cylinder
- Ramps and side doors
- Lifeboat engines and elevators
- Hydraulic systems
- Transmission systems and open gears
- Bow and stern thrusters
- Gas compressors and turbochargers
- Rudder and propeller controllers
The report covers the present scenario and the growth prospects of the global marine lubricants market for 2016-2020. The report segments the marine lubricants market by the different product types which include:
- Mineral oil based marine lubricants
- Synthetic marine lubricants
- Bio-based marine lubricants
- Total Lubmarine
Other prominent vendors
- World Fuel Services
- Aegean Marine Petroleum
- Idemitsu Kosan
- Fuchs Lubricants
- Gulf Oil
- JX Nippon Oil and Energy (ENEOS)
- Indian Oil (Servo)
For more information visit http://www.researchandmarkets.com/research/gmgwkg/global_marine