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.
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
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.
For More Information: www.grandviewresearch.com
