NEW YORK, Oct. 13, 2016 /PRNewswire/ -- "Marine lubricants market projected to register a CAGR of 2.2%"
The market size of marine lubricants is projected to reach USD 6.02 billion by 2021, registering a CAGR of 2.2% between 2016 and 2021.The growth rate is expected to be steady during the forecast period. The market is expected to register a nominal growth due to increase in bilateral trade between different nations. The major factors restraining the growth of the market are less trade activities and rising number of idle ships.
"Mineral oil to be the largest oil type of marine lubricants market"
Mineral oil lubricants are available in light and heavy grades depending on the usage and requirement. They are produced in large quantities because of its high demand in different marine applications such as engines, turbines, and stern tubes. The market for mineral oil is driven by demand from Asia-Pacific and Europe. The mineral oil marine lubricants market in North America and Central & South America will register a low growth rate due to the slow economic growth and strict marine laws.
"Engine is the largest application for marine lubricants during the forecast period"
The main function of the lubricating oil is to help in the formation of thick film of oil in between the moving parts of the machinery, which reduces the wear and friction in between the moving parts of engine. There are two types of oils used in the ship/vessel, cylinder oil and system oil. Lesser maintenance cost and longer running time for different vessels are generating huge demand for engine oil across the shipping industry.
"Asia-Pacific to be the largest and fastest-growing market during the forecast period"
Asia-Pacific will be the largest market for marine lubricants, as this region has the busiest ports among all other regions. The maximum trade is accounted from the ports of China, Hong Kong, Singapore, and South Korea, resulting in high demand for marine lubricants in these countries. The trade from the ports of these countries is increasing and it will catalyze the demand for marine lubricants for proper maintenance of cargo, tankers and other types of ships.
Breakdown of profiles of primary interviews for the report
- By Company Type – Tier 1 – 30%, Tier 2 –43%, and Tier 3 – 27%
- By Designation – C Level – 43%, Director Level – 30%, and Others – 27%
- By Region – North America – 37%, Europe – 23%, Asia-Pacific – 26%, and RoW – 14%
Some of the key companies profiled in this report are Total S.A. (France), BP PLC (U.K.), Royal Dutch Shell Plc. (Netherlands), Chevron Corporation (U.S.), Sinopec Corporation (China), Lukoil (Russia), Exxon Mobil Corporation (U.S.), Idemitsu Kosan Co. Ltd. (Japan), and Aegean Marine Petroleum Network Inc. (Greece).
The report is segmented on the basis of oil type, application, ship type, and region. The major types covered in the report are mineral, synthetic, bio-based oil, and grease. The applications include engine, hydraulic, and compressor. The ship types covered in this study includes cargo ships, tankers, and container ships. The market is also segmented on the basis of regions including Asia-Pacific, Europe, North America, Middle East & Africa, and Central & South America.
This report covers the following contents, which will benefit the client:
- Market segmentation based on oil type, application, ship type, and region
- Market dynamics including drivers, restraint, and opportunities
- Value chain analysis
- Porter's Five Forces model with respect to marine lubricants market
- Profile of key market players of marine lubricants
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