A recent report published by Infinium Global Research on marine lubricants market provides in-depth analysis of segments and sub-segments in global as well as regional marine lubricants market. The study also highlights the impact of drivers, restraints and macro indicators on the global and regional marine lubricants market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global marine lubricants market. According to the report the global marine lubricants market is projected to grow at a CAGR of 2% over the forecast period of 2018-2024.
Lubricants are the material used to reduce the friction between the surfaces that helps to reduce the heat produced due to the mobility of the surfaces. The marine lubricants can be systemic, mineral-based oils, grease, and Biobased compound that helps to protect the engine and various marine equipment’s. The use of marine lubricants enhances the efficiency and the performance of marine equipment by avoiding the friction between the surfaces.
The development in the shipping industries is rising very rapidly across the world that drives the growth of the marine fuel market. The marine is becoming an important source of transportation. The rising transportation and Shipbuilding activity across Europe and Asia Pacific region is likely to escalate the growth of marine lubricants market. In addition, ongoing developments in alternative technologies such as bio-based marine lubricants are expected to contribute to the growth of marine lubricants market. However, economic Uncertainties in Shipbuilding is hampering the growth of marine lubricants market. Moreover, the rising use and the demand for bio-based and eco-friendly marine lubricants are projected to create several opportunities in the marine lubricants market over the forecast period.
Among the regions, Europe holds the maximum market share in the marine lubricants market in 2017 and expected to be the dominating region over the forecast period. Presence of major players of the marine lubricants market such as Shell, ExxonMobil, Total S.A. and many others in the Europe region drive the growth of marine lubricants in this region. In addition, the Asia Pacific is the fastest growing region in the marine lubricants market. The rising use of marine for trading activity and developing shipping infrastructure contributes to the growth of marine lubricants market in the Asia Pacific region.
The report on global marine lubricants market covers segments such as type and application. On the basis of type, the global marine lubricants market is categorized into synthetic, mineral oil, grease and bio-based. On the basis of application, the global marine lubricants market is categorized into the engine, hydraulic, compressor, turbine, gear, and greases.
The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are included in the European region.
The U.S. drives the growth in the North America region as it is the largest market in the region. The Asia-pacific region offers substantial potential for the market growth owing to rapid growth in markets such as India and China. The APAC region is projected to experience a growth at a CAGR of x.x% over the period of 2018-2024.
The report provides profiles of the companies in the global marine lubricants market such as Total S.A., Gulf Oil International, PetroChina Co. Ltd., Royal Dutch Shell Plc, Sinopec Corporation, Zeller+Gmelin GmbH & Co. KG, UniMarine Inc., Chevron, Innospec, and Exxon Mobil Corporation.
The report provides deep insights on demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global marine lubricants market. Moreover, IGR-Growth Matrix analysis given in the report brings insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of marine lubricants market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the marine lubricants market that will impact the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings insight into the market share of the leading players. This report will help manufacturers, suppliers, and distributors of the marine lubricants market to understand the present and future trends in this market and formulate their strategies accordingly.
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