DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Marine Lubricants Market by Type (Mineral Oil, Synthetic, Bio-Based, and Grease), Application (Engine, Hydraulic, And Compressor), and Region - Global Forecast to 2021" report to their offering.
The global market size of marine lubricants is estimated to be USD 5.40 Billion in 2016, and is projected to reach USD 6.02 Billion by 2021, registering a CAGR of 2.2% during the same period
The growth rate of the market in the next five years is projected to be steady. However, the relaxation of freight tax in the Asia-Pacific region is projected to boost the cargo trading demand in the near future, thereby, fueling the demand for marine lubricants.
The marine lubricants market is classified into engines, hydraulics, compressors, and others based on application. The market is dominated by the engines segment mainly because of huge size, high consumption, and smaller drain intervals, requiring large amount of fuels and lubricants. On the other hand, applications such as heat transfer fluids, gears, and turbines are also expected to drive the market during the forecast period. The compressors segment is projected to register the highest growth rate, in terms of value, between 2016 and 2021.
The marine lubricants market is classified into mineral oil, synthetic, bio-based, and grease by type. Mineral oil is the major type of marine lubricants that accounted for the maximum share of the market in 2015. The low cost and easy availability of mineral oil from crude extracts and their easy applicability in almost every marine application make it more suitable to use in the maritime industry.
However, bio-based marine lubricants are expected to witness the highest CAGR during the forecast period. Increasing safety norms have been introduced by the government of every country due to high sulfur and nitrogen emissions into the sea which is harming the aquatic life and the environment. These emissions are further damaging the ozone layer and increasing concerns to switch to less toxic bio-based products.
Asia-Pacific is projected to be the largest market during the forecast period because of the presence of the busiest ports in the region, in countries such as China, Singapore, and Hong Kong. The dominance is expected to continue during the forecast period. Increasing trade activities and rising infrastructural developments in the shipping industry (in the form of increasing ports network) are primarily responsible for high demand of marine lubricants.
The key market players such as Royal Dutch Shell Plc. (Netherlands), Indian Oil Corporation Ltd. (India), and Total S.A. (France) are expanding their marine lubricants business in the region, as it represents the most lucrative market. China is the largest producer in this region with the busiest ports including the port of Shanghai, Shenzhen, and Ningbo-Zhoushan. On the other hand, Europe was the second-largest market in 2015. Germany is the largest market in Europe, driving the regional market for marine lubricants.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Marine Lubricants Market, By Oil Type
8 Marine Lubricants Market, By Application
9 Marine Lubricants Market, By Ship Type
10 Marine Lubricants Market, By Region
11 Competitive Landscape
12 Company Profiles
- Aegean Marine Petroleum Network Inc.
- Avin Oil S.A. (Greece)
- BP PLC.
- Chevron Corporation
- Exxonmobil Corporation
- Fuchs Petrolub Se (Germany)
- Gulf Oil (India)
- Idemitsu Kosan Co., Ltd.
- Indian Oil Corporation Ltd.
- Jx Nippon Oil & Energy Corporation (Japan)
- Petronas Lubricants International (Malaysia)
- Quepet Lubricants (UAE)
- Royal Dutch Shell PLC.
- Sinopec Corporation
- Stanley Group (UAE)
- Total S.A.
- Unimarine LLC (U.S.)
- Vickers Oil (U.K.)
- World Fuel Service Corporation (U.S.)
For more information about this report visit http://www.researchandmarkets.com/research/gstghq/marine_lubricants