Asia Pacific Marine Lubricants Market is Expected to cross USD 1.8 Billion by 2022: Transparency Market Research

According to a new market report published by Transparency Market Research “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,” Asia Pacific marine lubricant demand was 951.7 kilo tons in 2013 and is expected to reach 1,247.4 kilo tons by 2022, growing at a CAGR of 3.06% from 2014 to 2022. In terms of revenue, the market is expected to grow at a CAGR of 4.13% from 2014 to 2022.
The global marine lubricants market is dominated by Asia Pacific, which accounted for 41.0% of market share in 2013. Due to the large and growing nature of shipping industry, demand for marine lubricants is estimated to increase in Asia Pacific and attain a market share of 42.98% by 2022. Due to excessive demand of marine lubricants in the U.K and in other European regions such as Turkey, Germany, Italy, Spain, the Netherlands, and France, the market for Europe has enlarged to a great extent. Asia Pacific is followed by Europe due to increase in water transportation activities in the European domain as it is more cost effective than air transport.
Browse Marine Lubricants Market Research Report:
Growing water transportation fuels shipping industry, thereby fuelling the demand for marine lubricants, which are required for timely maintenance and smooth functioning of a vessel. China, Japan, South Korea and Singapore are the major countries in the Asia Pacific region that covered around 60.84% of the Asia Pacific marine lubricant market in 2013. United States is the dominant North American market followed by Canada. Shipping industry dominates in the U.S, as compared to other nations but the overall market share of North America in the global shipping industry is marginal. Increasing environmental concerns especially in developed regions such as Europe and North America are augmenting the demand for bio-based and synthetic marine lubricants in these regions. Marine lubricants also assist in enhancing the operating efficiency of machines that are used aboard vessels ensuring that they can be used efficiently even in extreme temperatures and help in reducing corrosion of mechanical components.
The global demand for marine lubricants was highest in Asia Pacific which accounted for 41.0% of the total marine lubricant market in 2013. Asia Pacific was followed by Europe and North America that accounted for 32.0% and 18.0% of the market in 2013. The market for marine lubricants in Asia Pacific is expected to increase at 3.06% in comparison to other regions and is expected to attain 42.98% share of the total marine lubricant market by 2022.
Some of the key companies that deal in mineral oil, synthetic and bio-based marine lubricants include Total Lubricants (Lubmarine), Royal Dutch Shell, Chevron, BP Marine, Castrol, and ExxonMobil.
This research analyzes and estimates the performance and demand of marine lubricants in the global scenario, providing detailed trend analysis of the market by geography and comprehensive analysis of companies that are dealing in marine lubricants. The report presents a thorough assessment of the strategies followed by different stakeholders by segmenting the marine lubricants market as below:
·                     Global marine lubricant market, by product type
o   Mineral oil marine lubricants
o   Synthetic marine lubricants
o   Bio-based marine lubricants
·                     Global marine lubricant market, by application
o   Engine oil marine lubricants
o   Hydraulic oil marine lubricants
o   Grease
o   Others (turbine oils, gear oils, compressor oils and heat transfer fluids)
·                     Global marine lubricant market, by geography
o   North America
o  U.S.
o  Canada
o  Mexico
o   Europe
o  U.K.
o  Turkey
o  Germany
o  Italy
o  Spain
o  The Netherlands
o  France
o  Others
o   Asia Pacific
o  China
o  Japan
o  South Korea
o  Singapore
o  Others
o   Rest of the World (RoW)
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