San Francisco, 31 January 2019: The
Report Marine Lubricants Market Size, Share & Trends Analysis Report By Product
(Engine Oil, Hydraulic Oil, Gear Oil, Turbine Oil, Greases), By Region (North
America, Europe, APAC), Competitive Landscape, And Segment Forecasts, 2018 -
2025
The global marine lubricants market size is expected to reach USD 9.32 billion by 2025,
according to a new report by Grand View Research, Inc., expanding at a CAGR of
3.9% during the forecast period. Growing concerns regarding oceanic pollution
caused by improper engine function and subsequent demand for fuel-efficient
engines are estimated to trigger the growth of the market.
Marine lubricants are widely utilized in
the shipping industry to help protect engines and equipment as well as enhance
efficiency. These are essential high performance additives for engines,
especially designed to enable optimal performance in marine operations.
Growth in international trade, removal of
trade barriers being the principal reason, is encouraging developing countries
to concentrate more on improvement of their infrastructure, such as roads,
airports, and seaports, which play a vital role in the development of the
economy. Product storage, along with capacity to move large shipments, has
placed the shipping industry in a very advantageous position.
Global shipping majors, just like other
segments of the conventional transport industry, are increasingly getting
integrated with emerging global logistics and supply chain activities, owing to
both external and internal dynamics. These factors have aided industry
participants in substantially consolidating their market position and
supplementing their ocean freight income, subsequently stoking the demand for
marine lubricants.
Engine oils dominated the market with about
46.0% volume share in 2016. These products are widely used in high, medium, and
slow speed marine engines to extend service life and protect interior
components from high temperatures & pressure. Some lubricants even offer
additive protection against crankcases, camshaft areas, under-crowns, and ring
belts.
Other products such as refrigeration
compressor oils are specifically formulated to perform in extreme temperature
environments and consist of HFC, CFC, and ozone-friendly refrigerants. These lubricants
significantly prevent congealing on valves. The segment is expected to rise at
a 2.8% CAGR from 2017 to 2025
Access Research Report of Marine
Lubricants Market @ www.grandviewresearch.com/industry-analysis/marine-lubricant-market
Further key findings from the report suggest:
· Hydraulic oils are anticipated to emerge as
the fastest growing segment with a CAGR of 2.6 % over the forecast period.
These are used for extending pump life under severe conditions, maintain
cleanliness, and reliable air release filterability
· Lubricants are also utilized in gear oil
for the protection of high horsepower marine engines. The product is fortified
with anti-foaming agents, which prevents cavitation at high RPM’s
· North America is projected to remain a
prominent regional market, registering a CAGR of 2.4% during the forecast
period. The growth of the region can be attributed to rally of the marine
sector
· Asia Pacific is likely to remain the
fastest growing region with a 4.3% CAGR from 2017 to 2025. Some of the factors
contributing to the growth of APAC are increasing number of ports, surging
trade activities with the U.S. and other developed economies, and rapidly
expanding shipbuilding sector
· Major industry participants are
increasingly engaging in R&D, strategic collaborations, new product
launches, and other strategies in order to consolidate their positions in the
market.
Browse more reports of this category by Grand View
Research at: www.grandviewresearch.com/industry/petrochemicals-and-downstream-derivatives
Grand View Research has segmented the
global marine lubricants market on the basis of product and region:
Marine Lubricants Product Outlook (Volume,
Kilotons; Revenue, USD Million, 2014 - 2025)
·
Engine Oil
·
Hydraulic Oil
·
Gear Oil
·
Turbine Oil
·
Greases
·
Others
Marine Lubricants Regional Outlook (Volume,
Kilotons; Revenue, USD Million, 2014 - 2025)
·
North America
·
Europe
·
Asia Pacific
·
Latin America
·
Middle East & Africa
Access Press Release of
Marine Lubricants Market@ www.grandviewresearch.com/press-release/global-marine-lubricant-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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