San Francisco, California, March 24, 2016 (GLOBE NEWSWIRE) --
Global marine lubricant market size was 2,428.7 kilo tons in 2013. Growth of the global shipping industry owing to increasing demand for cargo fleets and voyages is anticipated to drive market growth. Collaboration of manufacturers with biotechnology companies and tax incentives offered by numerous governments for development of eco-friendly technologies are expected to open new opportunities for market growth over the forecast period.
Product innovation coupled with manufacturing bio-based substitutes is anticipated to bolster the demand for major industry participants in the near future. Technological innovations have helped in increasing shelf-life of mechanical components, which is anticipated to boost marine lubricants market in the near future.
According to ITS (International Trade Statistics), seaborne trade was the most used mode of trade and accounted for over 90% of the overall global trade in 2013.High purchasing power among consumers in emerging countries such as Brazil, China, and India has led to rise in sea voyages over the past years. Rising number of sea voyages has also been an important factor for the expansion of the shipping industry and subsequently growth of the marine lubricants market. The marine lubricant demand is expected to reach a value of USD 10.94 billion by 2020, grow at a CAGR of 3.6% from 2014 to 2020.
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Mineral oil accounted for 88% of the overall market demand in 2013. Easy availability and low-cost of mineral oils coupled with increasing expenditure for R&D are likely to be major driving factors for market growth in the coming years. Mineral oil is expected to witness significant gains at a CAGR of 3.6% from 2014 to 2020.
Hydraulic oil is projected to grow at a CAGR of 3.4% from 2014 to 2020. Increasing application of hydraulic shipping parts is anticipated to drive demand over the projected period. Marine lubricant was widely used as engine oil accounting for 46.3% of the overall volume in 2013. Increasing engine efficiency and capacity is anticipated to drive the demand for engine oils in the near future.
Europe was the leading market accounting for 46.2% of total market demand in 2013. European marine lubricants market is driven by increasing investment for marine lubricants along with growing seaborne trade. Asia Pacific is anticipated to witness significant gains over the forecasted period. Growing shipping industry along with favorable governmental support in terms of freight tax relaxation and supportive emission standard, particularly in China and India is expected to propel the marine lubricants market demand in the region.
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Key market participants include BP Marine, ExxonMobil, Chevron, Total Lubricants, Castrol, Sinopec Corporation, and Royal Dutch Shell. Being a moderately consolidated market coupled with capital intensive nature, the entry barrier for new players is very high. Some other companies operating in the industry include GulfMarine, Mars Petrochem Pvt. Ltd., Industrial supplies, and Pentagon Lubricants Private Limited. The market has witnessed a series of mergers & acquisition and joint ventures over the past few years.
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Grand View Research has segmented the marine lubricants market on the basis of product, application and region:
Global Marine Lubricants Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2020)
• Mineral Marine Lubricants
• Synthetic Marine Lubricants
• Bio-Based Marine Lubricant
Global Marine Lubricants Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2020)
• Engine Oil
• Hydraulic Oil
Global Marine Lubricants Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2020)
• North America
• Asia Pacific
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