The global market for marine lubricants is moderately fragmented with a few players operating in it across the globe, states a new market research study by Transparency Market Research. The leading players operating in the marine lubricants market across the globe are ExxonMobil Corp., Gulf Oil Marine Ltd., LUKOIL Marine Lubricants DMCC, China Petrochemical Corp., JXTG Nippon Oil & Energy Corp., Idemitsu Kosan Co. Ltd., Total Group, Royal Dutch Shell Plc, PETRONAS, QUEPET Lubricants, FUCHS, Chevron Corp., and BP Plc. These players are focusing on the enhancement of the production infrastructure in order to retain their leading position across the globe. Research and development activities and innovations in the field are estimated to generate promising growth opportunities for the market players in the coming few years. A significant rise in the level of competition is expected to next few years.
According to a new market research study by Transparency Market Research, in 2015, the global market for marine lubricants was worth US$2.3 bn and is projected to reach a value of US$3.3 bn by the end of 2024. The market is estimated to register a healthy 4.17% CAGR between 2016 and 2024.
Asia Pacific and Europe to Witness High Growth in Coming Years
Among the key regional segments of the global marine lubricants market, Asia Pacific is projected to account for a major share of the global marine lubricants market in the next few years. This region is estimated to continue its dominance in the coming years, thanks to the rising demand for marine lubricants in this region. In addition to this, the increasing contribution from China and the presence of a large number of ports in the region are some of the major factors that are predicted to accelerate the growth of the Asia Pacific market in the next few years. Furthermore, Europe is predicted to witness a significant growth in the next few years, thanks to the high contribution from Russia, Germany, and the U.K.
In terms of type of product, the global market for marine lubricants has been classified into synthetic oil, mineral oil, and bio-based oil. Among these, the demand for mineral oil is comparatively quite high than the other two types and is expected to remain same in the forecast period. Thus, the mineral oil segment is estimated to register a healthy growth in the near future. Furthermore, the segment for synthetic oil is predicted to gain traction in the near future, thanks to the cost benefits that are offered and is projected to be considered as one of the most attractive segments in the next few years.
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Development of Shipping Industry to Drive Global Marine Lubricants Market
The high rate of infrastructure development is projected to strengthen the overall shipping industry, which is anticipated to boost the demand for marine lubricants in the next few years. This is considered as one of the major factors estimated to encourage the growth of the global marine lubricants market in the coming few years. On the flip side, the less trade activities resulting in a high number of idle ships is predicted to curtail the growth of the overall market in the near future. Nevertheless, the development of new technologies and the growing demand for bio-based and eco-friendly marine lubricants are some of the other key factors that are predicted to enhance the growth of the global marine lubricants market in the coming few years.