Marine lubricants are widely used in air compressors, gear systems, hydraulic systems, and gas compressors to improve machine functionality and reduce maintenance and wear & tear cost.
Pune, Maharashtra -- (SBWIRE) -- 03/12/2019 -- Europe Marine Lubricants Market based on Product, Application, Marine Channel, Application Potential, Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2018 – 2024, Estimated to reach USD 2.6 Bn by 2024, according to a new research report by Graphical Research.
Increasing seaborne transport and growth of suitable infrastructure for regular maritime lines should drive marine lubricants market the region. Moreover, Maritime being the most ecological mode of transportation as compared to road transport the European transport policy is now moving positively in favor of maritime intermodal transport solution.
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Stringent regulatory guidelines from EAL (Environmentally Acceptable Lubricants) and govt. initiative to incentivize the adoption of EAL based lubricants may positively impact industry growth. Bio based lubricants fall under biodegradable category causing less harm to marine life, this may serve as major contributing factor towards industry growth.
Strong application outlook from recreational boats which forms a part of Europe maritime industry should drive product demand. Boating is gaining popularity as a new type of vacation. Increasing number of adults participating in water sports activities leading to rise in demand for leisure ships should stimulate engine oil industry growth.
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Netherlands marine lubricant market is projected to witness gains of over 6.4% by 2024 due to growing marine transport owing to bilateral free trade agreements with other regions. The European commission is currently negotiating a new FTA between EU and six trade partners including Australia, Chile, Indonesia, Mexico, New Zealand, and the Philippines. This is anticipated to attract more marine transport in Dutch economy thus stimulating the demand for marine lubricants.
Europe marine lubricant market is moderately consolidated. Major industry operator includes Aegean Marine Petroleum, Gulf Oil, Idemitsu Kosan, Fuchs Petrolub and Petronas Lubricants.
U.K marine lubricant market is anticipated to reach USD 190 million by 2024. Rise in demand for consumer goods owing to urban migration along with well-developed ports and trade facilities should drive transportation ships demand. Increasing foreign investments along with rapid globalization and favorable government policies should boost sea born trade in the country thereby stimulating product demand.
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Segments we Covered in this Report:
Europe Marine Lubricants Market Analysis, By Application
Marine Lubricants Market, By Marine Channel
Europe Marine Lubricants Market Forecast, By Product
Bio-based Marine Lubricants
The above information is provided for the following Country's:
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