Marine Lubricants Market is Expected to Reach USD 4.73 Billion by 2022.
Marine lubricants are segmented based on their applications in different machines, engines, etc wherein these lubricants play a vital role in reducing friction and increasing the output efficiency of the operating machines.
A research study, titled “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 2014 - 2022”, has been added to the repository of Market Research Reports Search Engine (MRRSE). According to the report, the global marine lubricants market will witness moderate growth in the coming years both in terms of revenue and volume.
Marine lubricants decrease the friction between operating mechanical components. This boosts the output efficiency of engines, machineries, and components installed on a ship. The expanding shipping industry globally is expected to augment the growth of the global marine lubricants market. In order to mitigate the environmental impact of lubricant spillage in water bodies, regulations are focusing on the use of biobased products. This is projected to drive the demand for bio-based and safer synthetic marine lubricants.
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The global marine lubricants market will be suppressed by a reduction in group I base oil production. However, the global marine lubricants market is driven by the rising demand for bio-based and synthetic-based lubricants, development of the shipping industry, and growing focus on the environment. Technological advancements boosting the operating life of mechanical parts will also fuel the growth of the global marine lubricants market.
By type, the global marine lubricants market is divided into synthetic marine lubricants, bio-based marine lubricants, and mineral oil marine lubricants. The mineral oil lubricants segment dominated the global marine lubricants market in 2013.
According to application, the global marine lubricants market is divided into grease, hydraulic oil marine lubricants, engine oil marine lubricants, and others. The global marine lubricants market was dominated by the engine oil sector in 2013, followed by the sector of hydraulic oils.
By geography, the global marine lubricants market is classified into North America, Europe, Asia Pacific, and Rest of the World (RoW). In terms of volume, the global marine lubricants market was dominated by Asia Pacific due to high demand in emerging countries such as South Korea, China, Japan, and Singapore. The Asia Pacific region was followed by Europe. The European marine lubricants market benefits from a regulatory framework that’s conducive to the use of environment-friendly products and high consumer awareness levels.
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Players in the global marine lubricants market can tap on the opportunity presented by bio-based lubricants due to growing environmental concerns. Some of the key players operating in the global marine lubricants market are IKO Marine Lubricant Supply, JX Nippon Oil & Energy, Quepet Lubricants, Gulf Marine and Industrial Supplies, Castrol, ExxonMobil, and Royal Dutch Shell.
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