Marine lubricants market size from drill ships may witness gains at over 3.5%. Major oil & gas exploring companies have engaged in multiple drilling projects to discover new reserves for hydrocarbon. Global marine lubricants market share is consolidated and highly capital intensive with industry participants including ExxonMobil, Shell, Valvoline Inc., Lubricon, Castrol, LUKOIL, Gulf Oil and Indian Oil.
Sellbyville, DE -- (SBWIRE) -- 02/05/2019 -- Marine Lubricants Market size was above USD 4 billion in 2016 and expects to surpass consumption of 3.5 million tons, to exceed USD 5.9 billion by 2024; according to a new research report by Global Market Insights, Inc.
Asia Pacific marine lubricants market will record an annual growth rate of 4% over the 2016-2023. Surging development in marine infrastructure across this region will augment the product demand. China, Japan, and South Korea are the prominent revenue contributors of the APAC region. Europe marine lubricants market, having had a revenue of USD 3 billion in 2015, will record considerable annual growth rate over the coming timeframe.
Compliance with the bilateral trading agreements signed among the nations will lead to increased foreign trade demand, thereby augmenting the industry growth. Moreover, increasing awareness among the customers regarding the usage of eco-friendly products will also influence the regional marine lubricants market.
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Global marine lubricants market size may witness consumption of over 3.4 million tons by 2024. Size of global marine cargo fleet is expected to grow owing to increased interaction between economies in through international trade by marine route. Rise in marine trade frequency can be advantageous due to large shipment transportability, ability to cover huge distances and lowering cost of transportation & maintenance.
Industry impact forces
1. Growth drivers
- Ship building and fleet market expansion in Asia Pacific region
- Increasing bio based lubricants demand in Europe and North America
2. Industry pitfalls & challenges
- Strict norms for synthetic lubricants
Marine Lubricants Market, By Product
- Mineral Oil
- Synthetic Oil
- Bio-based Marine Lubricants
Marine Lubricants Market, By Application
- Engine Oil
- Hydraulic Oil
- Grease Oil
Marine Lubricants Market, By Marine Channel
o Inflatable Boats
o In board Motor Boats
o Out board Motor Boats
o Drill Ships
o Semi-submerged Ships
o Cargo Ships
o Container Ships
o Passenger Ships
Marine lubricants market size from transport ships which include cargo ships, tankers, container ships & passenger ships should witness significant gains at over 3.5%. Positive indicators towards growth in shipbuilding industry should drive product demand. Global sea trade was sized to be over 9.5 billion tons in 2016 and is anticipated to grow further due to strong trade ties between economies and growing demand for commodities.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Synforce Advanced Lubrication Technologies
2. Valvoline Inc.
8. Sinopec Argentina Exploration and Production, Inc.
11. JX Nippon Oil & Energy Europe
13. Quepet Lubricants
14. AEGEAN MARINE PETROLEUM S.A.
15. Gulf Oil
16. Idemitsu Kosan Co., Ltd in HCMC
17. Indian Oil Corporation Limited
18. PETRONAS Lubricants International
19. FUCHS PETROLUB Group
20. Stanley Group
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Marine lubricants market size from drill ships may witness gains at over 3.5%. Major oil & gas exploring companies have engaged in multiple drilling projects to discover new reserves for hydrocarbon. Increase in offshore drilling activities to meet growing demand of crude oil & its refined products from chemical industries and refineries should favor product demand.
Mineral oil based marine lubricants market size should witness gains at over 3%. Increasing scope in application for engines, stern tubes and turbines should drive product demand. They provide a cost-effective solution and enhance performance & provide smooth movements for assembly parts of the ships.
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China synthetic marine lubricants market size should witness gains at close to 4%. These products have high resistance at extreme temperature and are expensive when compared to its counterparts owing to production complexity & purity of base oil. Key benefits include low wearing & tearing properties, high thermal resistance, good load carrying capacity and low friction which are important in long run for engines & turbines.
Germany marine lubricants market size from recreational ships should witness consumption of over 18 kilo tons at the end of 2024. Recreational boating activities include campaigning, sailing, fishing, water sport games and boat racing. Economic growth along with growing overall population should drive tourism industry thereby promoting product demand for recreational boats.
Global marine lubricants market share is consolidated and highly capital intensive with industry participants including ExxonMobil, Shell, Valvoline Inc., Lubricon, Castrol, LUKOIL, Gulf Oil and Indian Oil. Mergers & acquisitions between industry participants may take place which can lead to further market consolidation and enhances company product portfolio & regional presence.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.