Albany, New York, Dec. 14, 2018 (GLOBE NEWSWIRE) -- The global marine lubricants market is anticipated to grow steadily over the coming years, as reported by Transparency Market Research (TMR). The recent entry of several market players is expected to contribute towards making the competitive landscape fragmented. Earlier, the global marine lubricants market was composed of a handful of leading vendors. However, their dominance is being challenged by new entrants that are armed with technological expertise. The emergence of novel manufacturing techniques is being leveraged by new vendors to gain momentum in the global marine lubricants market.
Established vendors in this market are expected to adopt several organic and inorganic strategies to reinstate their position. They are expected to invest in effective marketing ploys to demonstrate their continued integrity. At the same time, medium-sized players are expected to form strategic partnerships with smaller players to beat the larger vendors.
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Key vendors operating in the global marine lubricants market are Gulf Oil Marine Ltd., Royal Dutch Shell Plc, ExxonMobil Corp., China Petrochemical Corp., and Idemitsu Kosan Co. Ltd.
The global marine lubricants market was estimated to be worth US$2.32 bn in 2015. According to TMR’s projections, the market is envisaged to rise at a 4.17% CAGR over the forecast period 2016 to 2024. By the end of 2024 the market is anticipated to be worth US$3.33 bn.
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Surge in Sea-Borne Trade to Boost Growth
Over the globe, over 80% of exchange is done through seaways as it is the most cost-effective medium when contrasted with aviation routes and roadways. Lubricants with predominant attributes and quality will aid upkeep and support of water vessels, along these lines enhancing their timeframe of realistic usability. Positive pointers towards development in shipbuilding industry is foreseen to drive marine lubricants market. Solid application potential attributable to high film quality which results in consumption obstruction and enhanced gear dependability is probably going to the product demand in shipbuilding industry.
Furthermore the expanding the travel industry exercises combined with recreational activities and cruising exercises will likewise bolster marine lubricants market growth. Expanding disposable incomes has prompted critical increment in marine activities, for example, water sports and yachting, along these lines boosting demand in the global marine lubricants market.
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Bio-based Oils to Emerge as Key Market Trend
Lubricants are accessible in different viscosities for various hardware work. The ship stacking limits are likewise viewed as while choosing marine lubricants. Mineral oil is better solvent with added substances and offers upgraded similarity with seal at low expenses. The interest for mineral oil is in this way most astounding in contrast with different lubricants. Manufactured lubricators are utilized in extreme natural conditions and are moderately more costly than mineral oil. Bio-based oils are degradable and accordingly meet the expanded natural wellbeing prerequisite, this has caused bio-based oils to acquire footing over different lubricants. The trend is expected to positively impact the global marine lubricants market in the coming years.
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The review is based on TMR’s report titled “Marine Lubricants Market (Product Type - Mineral Oil, Synthetic Oil, and Bio-based Oil; Application - Engine Oil, Hydraulic Oil, Gear Oil, Turbine Oil, Heat Transfer Fluids (HTFs), Compressor Oil, and Grease; Operation - Inland and Offshore Operation) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024”.
The report segments the market into the following parameters:
Global Marine Lubricants Market, By Product Analysis
- Mineral oil
- Synthetic oil
- Bio-based oil
Global Marine Lubricants Market, By Application
- Engine oil
- Hydraulic oil
- Turbine oil
- Gear oil
- Heat Transfer Fluids (HTFs)
- Compressor oil
- Grease
Global Marine Lubricants Market, By Operation Type
- Inland
- Offshore
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