Dover, DE, May 17, 2016 (GLOBE NEWSWIRE) -- Marine lubricants market size was estimated at 2.6 million tons in 2015, as per the latest research report by Global Market Insights, Inc. Increase in seaborne trade coupled with shipbuilding industry development should benefit marine lubricants market growth. According to International Chamber of Shipping (ICS), approximately 90% of the global trade was carried out by the international shipping industry.
Global marine lubricants market size looks poised for USD 13.1 billion revenue by 2023. Government initiatives such as the creation of Transatlantic Free Trade Area, Transatlantic Trade and Investment Partnership as well as other existing initiative such as Asia Pacific Trade agreements may favor marine lubricants demand.
Engine oil application was dominant and accounted for over 44% of the overall demand in 2015. Increasing ship engine capacity and efficiency has led to growth in engine oils demand.
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Marine engine oils classification includes TPEO (trunk piston engine oils) and MDCL (marine diesel cylinder lubricants). TPEOs are majorly employed in four stroke engine lubrication of costal and cruise ships, while MDCLs are employed in two stroke engines for large cargo or container ships.
Key issues, recyclability, aqueous toxicity and biodegradability, may challenge marine lubricant market share. Most additives used in product formulation are petrochemical derived; they can pose serious threat to water pollution.
According to MARPOL Annex VI regulation 13, by MEPC under IMO, NOx Tier III limits must be met. This requires lubes to prevent an increase in soot and visible exhaust emissions.
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EPA has formulated a directive named Environmentally Acceptable Lubricants in which specifications for lubes to be used in vessels are prescribed and can help in reducing impact on aquatic environment.
Industry collaboration with biotechnology companies to manufacture bio based lubes coupled with tax incentives to manufacture eco friendly products may pave opportunities for marine lubes market size. Companies are expected to invest heavily in manufacturing product using bio-based raw materials such palm oil, castor oil, and animal derived oils.
To access sample pages or view this report titled, “Marine Lubricants Market Size By Product (Bio-Based, Synthetic, Mineral Oil), By Application (Grease, Hydraulic Oil, Engine Oil), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2023” in detail along with the table of contents, please click on the link below:
https://www.gminsights.com/industry-analysis/marine-lubricants-market
Key insights from the report include:
- Global marine lubricant market size is forecast to attain gains at 3.7% CAGR and register 3.47 million tons by 2023.
- Mineral lubes market size was dominant by accounting over 86% the overall demand in 2015. Key supporting factors, low cost and easy availability of mineral oils, will most likely benefit this segment.
- Europe marine lubricants market size, with Germany and UK as major contributors, dominated the overall consumption with over 1.07 million tons in 2015. Synthetic lube in Europe is forecast to attain highest gains at over 6.4% in revenue terms and register more than USD 500 million by 2023.
- Asia Pacific, led by China, Japan and South Korea, is estimated to witness highest gains at over 3.9% CAGR up to 2023. Hydraulic oil application in Asia Pacific may grow significantly and register over USD 970 million by 2023.
- North America, dominated by the U.S. shipping industry, may experience moderate gains and register over USD 1.65 billion by 2023. U.S. marine lubricants market size is forecast to reach over 340 kilo tons by 2023 with expected gains at above 3.2% CAGR.
- Global marine lubricants market share is competitive and moderately consolidated. Notable industry participants include Chevron, ExxonMobil, BP Marine, Royal Dutch Shell and Total. Major industry participants are partnering with biotechnology companies to gain competitive advance.
- Other prominent companies include LUKOIL, Sinopec, Quepet and Gulf Oil Corporation. Industry has witnessed joint ventures and mergers & acquisitions as key growth strategy.
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Global Market Insights has segmented the marine lubricant industry on the basis of application and region:
Marine Lubricants Market Product Analysis (Volume, Kilo Tons and Revenue, USD Million, 2012 - 2023)
- Bio based
- Synthetic based
- Mineral based
Marine Lubricants Market Application Analysis (Volume, Kilo Tons and Revenue, USD Million, 2012 - 2023)
- Grease
- Hydraulic oil
- Engine oil
- Others
Marine Lubricants Market Regional Analysis (Volume, Kilo Tons and Revenue, USD Million, 2012 - 2023)
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.