Seattle, WA -- (SBWIRE) -- 03/06/2020 -- Marine Lubricant Market - Global Industry Insights, Trends, Size, Share, Outlook, and Opportunity Analysis, 2018-2026

Marine lubricants are lubricants that are obtained during processing of crude oil, and are used in various marine ship applications such as engines, hydraulics, and compressors. These lubricants help maintaining low temperatures by dissipating the heat produced from friction. Lubricants are derived from animal, vegetable, or mineral sources, and are used for facilitating various functions such as extracting contaminants, preventing wear and tear in all forms, ensuring good bearing operation, completing gas sealing at piston ring level, preventing corrosion, and reducing friction. Marine lubricants are mainly used in countries with coastline and find extensive application in shipping and oil & gas industries.

Get Exciting Discount On this Premium Report, Click Here: https://www.coherentmarketinsights.com/insight/request-discount/481

Among application, engine segment is expected to account for a largest share of the market due to its large application area, and high consumption of lubricants. Moreover, growing demand for heat transfer fluids, gears, and turbines are also expected to drive market growth over the forecast period. Marine lubricants are vital for greater resistance to rust, lower viscosity loss, and greater anti-wear capacity of an engine.

Marine Lubricant Market Taxonomy
On basis of product type,
- Mineral Oil
- Synthetic Lubricator
- Bio-based
- Grease
On basis of application,
- Engine
? Cylinder Oil
? System Oil
- Hydraulic
- Compressor
- Gear Oil
- Turbine Oil
- Heat Transfer Fluids (HTFs)
- Others
On basis of end use,
- Oil & Gas
- Cargo Ships
- Tankers
- Container Ships
- Others

Choice of marine lubricant is dependent on machine, application, operating condition, and environment. Mineral oil is better soluble with additives and offers enhanced compatibility with seal at low costs. The demand for mineral oil is thus highest in comparison to other lubricants. Synthetic lubricators are used in extreme environmental conditions and are relatively more expensive than mineral oil. Bio-based oils are degradable and thus meet the increased environmental safety requirement, which has resulted bio-based oils to gain more traction over other lubricants.

Lubricants are available in various viscosities for different equipment function. The ship loading capacities are also considered when selecting marine lubricants.

Marine Lubricant Market Outlook - Surging Demand in Asia Pacific Augmenting Market Growth
Asia Pacific is expected to be the largest market for marine lubricants, followed by Europe. China, India, and Singapore are among the largest consumers of marine lubricants in Asia Pacific. Europe is expected to be the second largest market for marine lubricants. Though, the market share of the region is expected to experience a significant decline due to the shifting of shipbuilding and shipping activities to Asia Pacific. This shift is due to cheap raw material and low labor costs in countries of Asia Pacific.

Queries regarding the report can be addressed to Coherent Market Insights analysts @ https://www.coherentmarketinsights.com/insight/talk-to-analyst/481

Middle East and Africa have low demand for marine lubricants compared to Asia Pacific. However, Middle East being a hub for oil and gas export, relies on shipping industry for transport of oil to Asia Pacific markets. This is expected to accelerate growth of the market in the region, over the forecast period.

North America and Latin America are witnessing poor growth in the marine industry, primarily due to energy self-sufficiency and poor port infrastructure, which discourages shipbuilding operations in these regions.

Infrastructure development and new alternatives technologies for shipping industry are the main drivers, which are expected to drive marine lubricant market growth.

Marine Lubricant Market Challenges –
This industry depends upon the trades between countries over large distances. The decrease in trades, restrains growth of this industry. Marine lubricants contain sulfur and nitrogen, which are endanger the aquatic life. This concern has led to stringent environmental regulations against the use of marine lubricants, and these factors are expected to hamper growth of the market over the forecast period.  Shell is one of the leading companies in the marine lubricant market. Other major companies operating in the market include BP PLC, Royal Dutch Shell Plc, Exxon Mobil Corporation, Chevron Corporation, Sinopec Corporation, Lukoil, Idemitsu Kosan Co Ltd, and Total S.A.