Growth of global shipping industry on account of growing number of voyages is also expected to propel the growth of marine lubricants. Volatile raw material prices and stringent regulatory scenario across various major regions is expected to remain key challenges for market participants.
Mineral oil was the largest product segment and accounted for 88% of the total market demand in 2013. Cheap and easy availability of mineral oils along with increasing investments for R&D have been the major factors responsible for the growth of the market over the last few years. Mineral oil is also anticipated to experience highest growth rate over the next six years. The segment is expected to grow at an estimated CAGR of 3.6% from 2014 to 2020.
Further key findings from the study suggest:
- Global marine lubricant market volume was 2,428.7 kilo tons in 2013 and is estimated to grow at a CAGR of 3.6% from 2014 to 2020.
- Engine oil emerged as the leading application segment and accounted for 46.3% of total market volume in 2013. Increasing engine capacities and efficiency in ships is expected to drive the demand for engine oils. Hydraulic oil is expected to be one of the fastest growing application segments for marine lubricants growing at an estimated CAGR of 3.4% from 2014 to 2020. Increasing dependence on hydraulic mechanical parts in ships is expected to augment the market growth over the next six years.
- Europe emerged as the leading regional market for marine lubricant and accounted for 46.2% of total demand in 2013. The European market is characterized by high investments for lubricants of different grades coupled with increasing seaborne trade specially food & beverages and packed foods. Europe along with being the largest market is also expected to witness highest growth over the forecast period.
- Growth of shipping industry coupled with governmental support in form of freight tax relaxation in India and China is anticipated to fuel the Asia Pacific marine lubricants market over the forecast period.
- The global marine lubricants market is oligopolistic in nature and the market participants compete on the basis of product development and overall profitability. The market is primarily dominated by major oil & gas companies including BP Marine, Total Lubricants, Royal Dutch Shell, Chevron, Castrol, ExxonMobil and Sinopec Corporation.
For the purpose of this study, Grand View Research has segmented the marine lubricants market on the basis of product, application and region:
Browse More Related Reports on “Chemicals”
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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