Global Marine Lubricants Market: Overview
Rise in global trade and spurt witnessed in the shipping industry are facilitating growth of the global marine lubricants market. A considerable increase in the use of group III and IV base oils, which are rich sources of marine lubricant, has emerged as a major concern for the industry participants demanding immediate focus.
The market study offers an in-depth analysis of the global marine lubricants market, estimating it from the consumption perspective, while conducting segmentation based on various parameters including base oils, type, application, and geography. It provides an executive-level blueprint of the global marine lubricants market using Porter’s five forces, market attractiveness analysis, and value chain analysis.
The regulatory pressure to prevent lubricant spillage in water bodies has resulted in the demand for bio-based and safer synthetic lubricants. This will provide lucrative opportunities for the market players to capitalize on in the near future. The report presents a 360 degree overview of various factors influencing the trajectory of the global marine lubricants market. For a granular analysis, the leading companies operating in the market are profiled and their strategies adopted are evaluated.
Global Marine Lubricants Market: Trends and Opportunities
In terms of revenue, the global marine lubricants market is expected to exhibit a CAGR of 3.63% between 2014 and 2022. The market is forecast to expand in response to the growing shipping industry. Stringent regulations implemented to ensure environmental safety will compel participants focus on bio-based lubricants. Driven by these factors, the leading companies are expected to shift focus to safer synthetic and bio-based lubricants.
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The key product segments of the global marine lubricants market are synthetic, mineral, and bio-based lubricants. Of these, the mineral lubricants emerged dominant, accounting for over 87.19% share in the market in 2013. However, in the forthcoming years the demand for bio-based and synthetic lubricants is projected to rise, giving market players are new direction to explore. Furthermore, the recent technological improvements aimed at enhancing the shelf-life of mechanical parts of equipment used in the industry, will aid the market’s growth.
However, reduced production of group I base oil could hamper the market’s trajectory to an extent. Nonetheless, experts project it to gain significantly from the toughening environmental regulations around the world. The flourishing shipping industry in Asia Pacific will provide the marine lubricants market with substantial scope to capitalize on in the forthcoming years.
Global Marine Lubricants Market: Regional Outlook
Europe, Asia Pacific, North America, and Rest of the World constitute the key segments in the global marine lubricants market. Of these, Europe dominated the global market in 2011. However, a paradigm shift is witnessed in the shipping industry in favor of Asia Pacific. This has been driven by the rising low-cost ship building activities and consumption in China. Besides this, the market is also expected to witness lucrative prospects in Japan and Singapore. The marine lubricants industry is forecast to follow the suit and explore opportunities across emerging economies over the forecast period.
Companies Mentioned in Report
To study the competition prevailing in the market, the report profiles some of the leading market participants such as BP Marine, Royal Dutch Shell, Chevron, Total Lubricants (Lubmarine), Castrol, and ExxonMobil. Besides evaluating the strategies adopted, the report also provides insights into the strengths and weaknesses of the companies profiled. The opportunities and threats that these companies are projected to witness over the course of forecast period are elaborated upon as well.
Global Marine Lubricants Market is segmented as:
Global marine lubricant market, by product type
- Mineral oil marine lubricants
- Synthetic marine lubricants
- Bio-based marine lubricants
Global marine lubricant market, by application
- Engine oil marine lubricants
- Hydraulic oil marine lubricants
- Grease
- Others (turbine oils, gear oils, compressor oils and heat transfer fluids)
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