The expanding industry of shipping is furthering the marine lubricant market across the globe. Marine lubricants decrease roughness between various functioning elements of motorized bodies. This improves the productivity of equipments, engines and other elements. The expanding shipping industry will improve the status of the marine lubricant market.
The worldwide marine lubricant market will reach almost USD 11 billion by 2020. Making the products better and the environment safe and sound, has boosted the requirement for bio-based and securer synthetic marine lubricants. Increasing number of cargo ships will continue as a significant factor, driving the marine lubricant market ahead.
Expansion of the worldwide shipping market, owing to the increasing number of sea expeditions ensures the development of marine lubricants. Unpredictable costs of unrefined materials and strict guidelines in different areas will continue to act as obstacles for the participants of the marine lubricant market.
The volume of the worldwide marine lubricant market was more than 2, 400 kilo tons in 2013. It will rise from 2014 to 2020, at an estimated CAGR of more than 3 percent. As per data with regard to international trade, more than 90 percent of the trade in the world takes place via sea.
Growing disposable income among non-urban and metropolitan residents in India, China and Brazil has boosted the number of sea expeditions in the last few years. Also, developments in various equipments have aided ships in becoming more efficient. Both these have contributed towards the expansion of the marine lubricant market.
Mineral oil was the biggest product section of the marine lubricant market in 2013 and occupied around 88 percent of the total demand that year. It will continue to dominate the market for the coming 6 years.
The marine lubricant market has been expanding in the past few years, owing to the simple and low-cost availability of mineral oils, together with added investments for research and development. Mineral oil will also undergo the highest rate of expansion in the next 6 years.
Synthetic lubricants followed mineral oil in terms of worth and size. The growing demand for superior lube grades, in addition with their significance for comprehensive purposes have been few of the main components, driving the synthetic marine lubricant market ahead.
Engine oil was the leading section of applications in the marine lubricant market in 2013 and occupied around 46 percent of the entire volume of the market that year. The demand for engine oils is driven by the growing efficacies of engines and ships.
Europe was the leading market of the region for marine lubricants and made up for around 46 percent of the entire demand in 2013. It being the biggest market, will also expand most rapidly through the forecast period.
Asia Pacific followed Europe and had incomes regarding marine lubricants, from 2012 to 2018, rising at a CAGR of around 6 percent. The link, http://www.grandviewresearch.com/industry-analysis/marine-lubricant-market gives ideas on the insights of the global marine lubricant market and is to be used for further reference.