New York, NY, Nov. 22, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Marine Lubricants Market by Oil Type (Mineral Oil, Synthetic Oil, Bio-based, and Grease), by Application (Engine oil, Hydraulic fluid, Compressor Oil), and by Ship Type (Bulk Carrier, Tanker, and Container): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2024”. According to the report, global demand for marine lubricants market as valued at approximatelyUSD5.84 billion in 2017 and is expected to generate revenue of around USD 6.28 billion by the end of 2024, growing at a CAGR of around 2.2% between 2018 and 2024.
Marine lubricants provide essential features like extending engine life, protecting the engine and other components at high temperature. They offer protection from mechanical and wear and tear due to cold corrosion and improve performance and reliability of machinery. Increasing demand for marine transport leads to the rising use of marine engine oils is one of the major factors likely to primarily drive market growth in the upcoming years. Marine transport has also been growing steadily over the past few years. Additionally, increasing tourism activities and cruising activities are further likely to strongly support market growth. Furthermore, the need to prevent various components from rust is also positively impacting the growth of marine lubricants market. However, stringent environmental norms for synthetic lubricants might hamper the market growth in the forecast time period.
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By oil type, the marine lubricants market is segmented into synthetic oil, mineral oil, bio-based, and grease. The synthetic oil segment is anticipated to grow at the highest CAGR in the forecast timeframe, due to strong environmental norms regarding the usage of greener products. Synthetic lubricants are hazardous and steps are being taken to avoid releasing the material directly into the environment. By application, the market is categorized into hydraulic fluid, engine oil, and compressor oil. The compressor oil segment held a major market share in 2017. Growing operations by shipping companies globally and increasing ship sizes are contributing to the increasing demand for compressors in the marine industry. By ship type, the market is classified into the tanker, bulk carrier, and container. The tanker and bulk carrier segments within the ship type hold the major market share in terms of consumption in 2017. Crude oil & petroleum products, movement of raw materials, manufactured goods among others are transported by the usage of these two ship types.
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The Asia Pacific accounted for a major market share in terms of revenue and volume in 2017. The growth in this region is attributed to the rapid infrastructural developments in the shipping industry, increase in the trade activities, and growing use of less toxic products. Marine lubricants market in Europe is majorly led by Germany, UK, and the Netherlands. This region's growth is due to the rising crude oil and natural gas production along with rising offshore exploration. Moreover, rising demand for recreational boating activities, such as boat racing, sailing, campaigning, and water sports games, are projected to propel this market’s growth in this region.
Total S.A., PJSC Lukoil, Royal Dutch Shell plc, Valvoline Inc., Quepet, BP plc, Chevron Corporation, Synforce lubricants, Gulf Oil and Indian Oil, Exxon Mobil Corporation, Sinopec Corporation, and Idemitsu Kosan Co. Ltd. are some leading players operating in the global marine lubricants market.
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This report segments the global marine lubricants market as follows:
Global Marine Lubricants Market: Oil Type Segment Analysis
- Mineral Oil
- Synthetic Oil
- Bio-based
- Grease
Global Marine Lubricants Market: Application Segment Analysis
- Engine Oil
- Hydraulic Fluid
- Compressor Oil
Global Marine Lubricants Market: Ship Type Segment Analysis
- Bulk Carrier
- Tanker
- Container
Global Marine LubricantsMarket: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- Middle East and Africa
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