Albany, NY -- (SBWIRE) -- 05/20/2014 -- According to a new market report published by Transparency Market Research "Marine Lubricants Market by Product (Mineral, Synthetic, Bio), by Application (Engine Oil, Hydraulic Oil, Grease, etc.) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018," the global marine lubricant demand was 2,272.6 kilo tons in 2011 and is expected to reach 2,852.5 kilo tons in 2018, growing at a CAGR of 3.31% from 2012 to 2018. In terms of revenue, the market is expected to grow at a CAGR of 6.13% from 2012 to 2018.
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Marine lubricants reduce the friction between operating mechanical components, thereby increasing the output efficiency of machineries, engines and components installed on a ship. The growing shipping industry is expected to augment the growth of the marine lubricant market in the near future. To prevent lubricant spillage in water bodies, and regulatory pressure to increase product quality and ensure environment safety has resulted in increased demand for relatively safer synthetic and bio-based marine lubricants.
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Key product segments analyzed and estimated in this study include mineral, synthetic and bio-based lubricants. Mineral lubricants dominated the product market, accounting for 87.15% of the overall demand volume in 2011. Marine lubricants are primarily categorized into seven different applications including engine oils, hydraulic oils, grease, turbine oils, gear oils, compressor oils and heat transfer fluids. Engine oils captured majority of the market and accounted for 46.28% of the overall marine lubricant market in 2011. Hydraulic oils and grease followed engine oils and are expected to grow at a CAGR of 3.37% and 3.35% from 2012 to 2018.
In terms of volume, Europe dominated the global market, accounting for 46.0% of the overall market in 2011, with the UK, Germany, Italy, Spain, Turkey, Netherlands and France being the most dominant regional markets. Marine lubricants demand is expected to rise in Europe due to a favorable regulatory scenario and high consumer awareness levels in the region. Europe was followed by Asia Pacific, owing to high demand in emerging economies, especially China, South Korea, India, Japan and Singapore. Asia Pacific marine lubricant revenues are expected to grow at a CAGR of 6.23% from 2012 to 2018.
Some of the key companies that deal in mineral oil, synthetic and bio-based marine lubricants include Total Lubricants (Lubmarine), Royal Dutch Shell, Chevron, Castrol, and ExxonMobil.
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This research analyzes and estimates the performance and demand of marine lubricants in the global scenario, providing detailed trend analysis of the market by geography and comprehensive analysis of companies that are dealing in marine lubricants.
The report presents a thorough assessment of the strategies followed by different stakeholders by segmenting the marine lubricants market as below:
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
- Others (turbine oils, gear oils, compressor oils and heat transfer fluids)
Global marine lubricant market, by geography
- North America
- Asia Pacific
- South Korea
- Rest of the World (RoW)
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