Marine Lubricants Market Global Market Opportunity Assessment Study 2022.

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)

Revolution in Water Transport to Create Demand for Marine Lubricants with High Viscosity, reports TMR

The global marine lubricants market is subjugated by large MNCs with successful distribution networks. Companies are focusing on synthetic and bio-based product innovation in order to achieve higher market shares by reducing product pricing. Transparency Market Research (TMR), in its new report, states that brand creation is extremely difficult to achieve in the marine lubricants market. The conventional marine lubricants market faces an internal threat from synthetic and bio-based lubricants, which act as substitutes. The top three players accounted for 48.1% of the market in 2013. Key players in the market are Lukoil Marine Lubricants Ltd., BP Marine, Royal Dutch Shell, ExxonMobil Corporation, Total Lubmarine, Castrol, and Chevron Corporation.

According to the report, the global marine lubricants market is expected to rise from US$3.68 bn in 2015 to US$4.73 bn by 2022. By application, the market is expected to be led by the engine oils segment. The engine oils segment is expected to account for 46.50% of the global marine lubricants market. Engine oil marine lubricants prevent engines from rusting and help them achieve optimum output efficiency, which are aiding the growth of the segment.

Growing Shipbuilding Industry to Drive Demand for Marine Lubricants in Asia Pacific

On the basis of geography, Asia Pacific led in the past and will continue to do so in the coming years. Asia Pacific is expected to account for 42.98% of the global marine lubricants market by 2022 owing to the fact that majority of the ships across the globe are built in China, South Korea, and Japan. China is among the most significant consumers of marine lubricants, thus driving the market in Asia Pacific. By product, the mineral lubricant segment is a clear leader, and expected to account for 86.72% of the market by 2022. The low cost and high efficiency provided by mineral lubricants have made them popular with consumers.

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High Demand for Bio-based Marine Lubricants to Drive Market

The growing shipping industry is driving the marine lubricants market worldwide. Structural changes in international trading activities and evolution of maritime transport have a profound impact on the development of shipping industry, which in turn is expected to impact the market. Impact of oil spill disasters has compelled regulatory bodies to implement policies that recommend the use of non-toxic, biodegradable, bio-based marine lubricants, thus driving the market. The demand for bio-based lubricants has increased significantly in the last few years owing to their ecological benefits, which is boosting the market. Water transport has regained its popularity owing to high cost of aviation transport, and this is expected to augment the marine lubricants market worldwide.

Shortage of Bright Stock Material to Hinder Growth of Market

A growing inclination towards the production and utilization of group II and III base oils is expected to result in a shortage of bright stock material, which is used in the formulation of marine lubricants. This is likely to hinder the market in the coming years. Another factor restraining the market is the development of newly built vessels, which has operational efficiency and results in a significant reduction in the volume of lubricants used. Harmful effects of mineral oil based marine lubricants in case of a spillage are dampening their demand, thus impacting the growth of the market.

Growing Environmental Concerns and Flourishing Shipping Industry to Create Opportunities

The harmful effects of mineral-based lubricants have led to the development of bio-based marine lubricants. Bio-based marine lubricants do not affect aquatic life on accidental spillage, thus they are becoming increasingly popular. A growth in the environmental concerns and awareness regarding the pollution caused by mineral-based marine lubricants, have led to the implementation of various regulations by International Maritime Organization (IMO) and the U.S. EPA. These policies are expected to augment the demand for synthetic and bio-based marine lubricants thereby boosting the market significantly in the coming years.

Another factor that acts as an opportunity for a growth in the market is the flourishing shipping industry. Water transport is being revolutionized by the introduction of newer engines that require marine lubricants with high viscosity. This will create a heightened demand for marine lubricants in the coming years.

The global marine lubricants market is segmented as follows:

Product type

• Mineral oil marine lubricants
• Synthetic marine lubricants
• Bio-based marine lubricants

Application

• Engine oil marine lubricants
• Hydraulic oil marine lubricants
• Grease
• Others (turbine oils, gear oils, compressor oils and heat transfer fluids)

Revolution in Water Transport to Create Demand for Marine Lubricants with High Viscosity, reports TMR

The global marine lubricants market is subjugated by large MNCs with successful distribution networks. Companies are focusing on synthetic and bio-based product innovation in order to achieve higher market shares by reducing product pricing. Transparency Market Research (TMR), in its new report, states that brand creation is extremely difficult to achieve in the marine lubricants market. The conventional marine lubricants market faces an internal threat from synthetic and bio-based lubricants, which act as substitutes. The top three players accounted for 48.1% of the market in 2013. Key players in the market are Lukoil Marine Lubricants Ltd., BP Marine, Royal Dutch Shell, ExxonMobil Corporation, Total Lubmarine, Castrol, and Chevron Corporation.

According to the report, the global marine lubricants market is expected to rise from US$3.68 bn in 2015 to US$4.73 bn by 2022. By application, the market is expected to be led by the engine oils segment. The engine oils segment is expected to account for 46.50% of the global marine lubricants market. Engine oil marine lubricants prevent engines from rusting and help them achieve optimum output efficiency, which are aiding the growth of the segment.

Growing Shipbuilding Industry to Drive Demand for Marine Lubricants in Asia Pacific

On the basis of geography, Asia Pacific led in the past and will continue to do so in the coming years. Asia Pacific is expected to account for 42.98% of the global marine lubricants market by 2022 owing to the fact that majority of the ships across the globe are built in China, South Korea, and Japan. China is among the most significant consumers of marine lubricants, thus driving the market in Asia Pacific. By product, the mineral lubricant segment is a clear leader, and expected to account for 86.72% of the market by 2022. The low cost and high efficiency provided by mineral lubricants have made them popular with consumers.

Download Free exclusive Sample of this report : http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=1096

High Demand for Bio-based Marine Lubricants to Drive Market

The growing shipping industry is driving the marine lubricants market worldwide. Structural changes in international trading activities and evolution of maritime transport have a profound impact on the development of shipping industry, which in turn is expected to impact the market. Impact of oil spill disasters has compelled regulatory bodies to implement policies that recommend the use of non-toxic, biodegradable, bio-based marine lubricants, thus driving the market. The demand for bio-based lubricants has increased significantly in the last few years owing to their ecological benefits, which is boosting the market. Water transport has regained its popularity owing to high cost of aviation transport, and this is expected to augment the marine lubricants market worldwide.

Shortage of Bright Stock Material to Hinder Growth of Market

A growing inclination towards the production and utilization of group II and III base oils is expected to result in a shortage of bright stock material, which is used in the formulation of marine lubricants. This is likely to hinder the market in the coming years. Another factor restraining the market is the development of newly built vessels, which has operational efficiency and results in a significant reduction in the volume of lubricants used. Harmful effects of mineral oil based marine lubricants in case of a spillage are dampening their demand, thus impacting the growth of the market.

Growing Environmental Concerns and Flourishing Shipping Industry to Create Opportunities

The harmful effects of mineral-based lubricants have led to the development of bio-based marine lubricants. Bio-based marine lubricants do not affect aquatic life on accidental spillage, thus they are becoming increasingly popular. A growth in the environmental concerns and awareness regarding the pollution caused by mineral-based marine lubricants, have led to the implementation of various regulations by International Maritime Organization (IMO) and the U.S. EPA. These policies are expected to augment the demand for synthetic and bio-based marine lubricants thereby boosting the market significantly in the coming years.

Another factor that acts as an opportunity for a growth in the market is the flourishing shipping industry. Water transport is being revolutionized by the introduction of newer engines that require marine lubricants with high viscosity. This will create a heightened demand for marine lubricants in the coming years.

The global marine lubricants market is segmented as follows:

Product type

• Mineral oil marine lubricants
• Synthetic marine lubricants
• Bio-based marine lubricants

Application

• Engine oil marine lubricants
• Hydraulic oil marine lubricants
• Grease
• Others (turbine oils, gear oils, compressor oils and heat transfer fluids)