Marine Lubricants Market will surpass $5.9 bn by 2024: Global Market Insights, Inc.

Marine Lubricants Market Size By Product (Bio-Based, Synthetic, Mineral Oil), By Application (Grease, Hydraulic Oil, Engine Oil), By Marine Channel (Recreational [Inflatable Boats, In Board Motor Boards, Out Board Motor Boats], Industrial [Drill Ships, Semi Submerged Ships], Transportation [Tankers, Cargo Ships, Container Ships, Passenger Ships]), Industry Analysis Report, Regional Outlook (North America, Europe, Asia Pacific, Latin America, MEA), Application Potential, Competitive Market Share & Forecast, 2017 – 2024

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| Source: Global Market Insights, Inc

Ocean View, Delaware, Oct. 04, 2017 (GLOBE NEWSWIRE) --

Marine Lubricants Market share is set to cross USD 5.9 billion by 2024; according to a new research report by Global Market Insights, Inc. Global marine lubricants market size may witness consumption of over 3.4 million tons by 2024. Size of global marine cargo fleet is expected to grow owing to increased interaction between economies in through international trade by marine route. Rise in marine trade frequency can be advantageous due to large shipment transportability, ability to cover huge distances and lowering cost of transportation & maintenance.

Marine lubricants market size from transport ships which include cargo ships, tankers, container ships & passenger ships should witness significant gains at over 3.5%. Positive indicators towards growth in shipbuilding industry should drive product demand. Global sea trade was sized to be over 9.5 billion tons in 2016 and is anticipated to grow further due to strong trade ties between economies and growing demand for commodities.

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Stringent government norms towards nitrogen and sulfur emission reduction might hinder industry growth. This could be overcome by developing bio marine lubricants which emits lower emission concentration owing to high boiling point of esters. This factor helps in reducing overall operational cost during the lifecycle owing to less maintenance, disposable requirements and storage.

Marine lubricants market size from drill ships may witness gains at over 3.5%. Major oil & gas exploring companies have engaged in multiple drilling projects to discover new reserves for hydrocarbon. Increase in offshore drilling activities to meet growing demand of crude oil & its refined products from chemical industries and refineries should favor product demand.

Browse key industry insights spread across 310 pages with 512 market data tables & 27 figures & charts from the report, “Marine Lubricants Market Size By Product (Bio-Based, Synthetic, Mineral Oil), By Application (Grease, Hydraulic Oil, Engine Oil), By Marine Channel (Recreational [Inflatable Boats, In Board Motor Boards, Out Board Motor Boats], Industrial [Drill Ships, Semi Submerged Ships], Transportation [Tankers, Cargo Ships, Container Ships, Passenger Ships]), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, Netherlands, Belgium, Spain, Italy, Russia, China, Hong Kong, India, Taiwan, Japan, South Korea, Australia, Malaysia, Singapore, Brazil, Mexico, Panama, Saudi Arabia, UAE, South Africa, Israel, Angola, Nigeria, Egypt), Application Potential, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/marine-lubricants-market

Mineral oil based marine lubricants market size should witness gains at over 3%. Increasing scope in application for engines, stern tubes and turbines should drive product demand. They provide a cost-effective solution and enhance performance & provide smooth movements for assembly parts of the ships.

China synthetic marine lubricants market size should witness gains at close to 4%. These products have high resistance at extreme temperature and are expensive when compared to its counterparts owing to production complexity & purity of base oil. Key benefits include low wearing & tearing properties, high thermal resistance, good load carrying capacity and low friction which are important in long run for engines & turbines.

Germany marine lubricants market size from recreational ships should witness consumption of over 18 kilo tons at the end of 2024. Recreational boating activities include campaigning, sailing, fishing, water sport games and boat racing. Economic growth along with growing overall population should drive tourism industry thereby promoting product demand for recreational boats.

Global marine lubricants market share is consolidated and highly capital intensive with industry participants including ExxonMobil, Shell, Valvoline Inc., Lubricon, Castrol, LUKOIL, Gulf Oil and Indian Oil. Mergers & acquisitions between industry participants may take place which can lead to further market consolidation and enhances company product portfolio & regional presence.

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About Global Market Insights

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.

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