Global Marine Lubricants Market is valued USD 6.2 billion in 2017 is anticipated to grow USD 7.6 billion with the compounded annual growth of 2.64% over the forecast period 2018-2025.
New York 7 September 2018, As per the new research study conducted by Bizwit Research & Consulting, Global Marine Lubricants market industry is poised to raise USD 7.6 billion by 2025. Evolution of technologies that reduces emission and growing shipping industry due to infrastructural developments are the major factors which are driving the growth in the Global Marine Lubricants Market. However, rising idle ships because of retardation in trade activities hampers the market growth. The lubricating grease and lubricating oil that is utilized in the marine industry, are known as marine lubricants. The Marine lubricants are mainly used in the shipping industry to improve efficiency and protect the engines and other equipment. These lubricants are used in many marine ship equipment like engines, compressors, and hydraulics. Marine lubricants dissipate the heat which is produced due to friction and maintain low temperatures. Lubricants can be derived from vegetable, animal or mineral sources and are used for performing various functions like preventing tear and wear, extracting contaminants, providing better bearing operation, reducing friction and preventing corrosion. These lubricants are mostly used in coastline countries and find broad application in oil & gas industries and shipping sector. The use of marine lubricant is highly dependent on equipment, operating condition, application, and environment. Mineral oil has an exceptional feature, and that is its better solubility with additives and therefore the demand for this oil is higher than other lubricants.
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The industry is seeming to be fairly competitive. Some of the leading market players include Shell, Total, ExxonMobil, BP, Chevron, Sinopec, Quepet, JX Nippon, Lukoil, Gulf Oil and so on. The fierce competitiveness has made these players spend in product developments to improve the customer’s requirements.
Key findings of the study:
- The North American region accounted for the significant market share, more than XX% of the total market in 2016.
- The Asia Pacific region will be the highest growing segment with respect to geographical segmentation, the region is likely to grow by XX% CAGR over the forecast period 2018-2025
Bizwit Research & Consulting LLP has considered following segments for the study:
- Engine Oil
- Hydraulic Oil
- Ger Oil
- Turbine Oil
- North America
- Asia Pacific
- Latin America
- Rest of the World