San Francisco, California, Nov. 6, 2014 (GLOBE NEWSWIRE) -- The global marine lubricant market is expected to reach USD 10.94 billion by 2020, according to a new study by Grand View Research, Inc. Growth of global cargo fleets is expected to remain a key driving factor for the global marine lubricants market. Growth of global shipping industry on account of growing number of voyages is also expected to propel the growth of marine lubricants. Volatile raw material prices and stringent regulatory scenario across various major regions is expected to remain key challenges for market participants.
Mineral oil was the largest product segment and accounted for 88% of the total market demand in 2013. Cheap and easy availability of mineral oils along with increasing investments for R&D have been the major factors responsible for the growth of the market over the last few years. Mineral oil is also anticipated to experience highest growth rate over the next six years. The segment is expected to grow at an estimated CAGR of 3.6% from 2014 to 2020.
Get More Details About Marine Lubricants Market: http://www.grandviewresearch.com/industry-analysis/marine-lubricant-market
Further key findings from the study suggest:
Browse Press Release of Marine Lubricants Market: http://www.grandviewresearch.com/press-release/global-marine-lubricant-market
For the purpose of this study, Grand View Research has segmented the marine lubricants market on the basis of product, application and region:
Global Marine Lubricants Product Outlook
(Volume, Kilo Tons; Revenue, USD Million, 2012 -
2020)
• Mineral Marine Lubricants
• Synthetic Marine Lubricants
• Bio-Based Marine Lubricant
Global Marine Lubricants Application Outlook (Volume, Kilo
Tons; Revenue, USD Million, 2012 - 2020)
• Engine Oil
• Hydraulic Oil
• Greases
• Others
Global Marine Lubricants Regional Outlook (Volume, Kilo
Tons; Revenue, USD Million, 2012 - 2020)
• North America
• Europe
• Asia Pacific
• RoW
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For more information, visit http://www.grandviewresearch.com/