Albany, NY, Feb. 18, 2015 (GLOBE NEWSWIRE) -- Transparency Market Research has released a new research report on the marine lubricants market, titled " 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, 2012 - 2018 ". The report states that the market's revenue is set to grow at a CAGR of 6.13% during the forecast period, eventually reaching a value of US$9.36 billion by the end of 2018. With regard to volume, the market totaled 2,272.6 kilo tons in 2011 and is expected to rise to 2,852.5 kilo tons by 2018.
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Europe is the largest consumer of marine lubricants owing to a prosperous marine trade network. The U.K., Germany, France, Spain, Italy, Turkey, and the Netherlands are the major consumers within the European marine lubricants market. A readily observable pattern is that all these countries have easy access to either the Atlantic Ocean or the Mediterranean Sea (both in some cases), and both are busy shipping routes. The importance of the Mediterranean Sea to the global marine lubricants market, by way of the European market for the same, can be observed in the fact that apart from the Balkan countries, virtually all European countries with a Mediterranean coastline are major consumers of marine lubricants.
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"The dominance of the European marine lubricants market will be challenged by emerging shipping industries in Asia-Pacific countries such as China, Japan, South Korea, and Singapore. All these countries have booming economies, leading to increased marine trade, directly resulting in a growing demand from the marine lubricants market," a TMR analyst said.
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The strengthening shipping industries all around the world, particularly in Asia Pacific, are expected to propel the marine lubricants market. This also takes into account the innovation in shipbuilding materials, encouraged in order to provide sturdier and more durable components for marine crafts. Innovation in marine lubricants, which are directly responsible for prolonging the shelf life of shipping components, is a promising market opportunity.
Another niche segment in the market expected to provide excellent opportunities to both new and established market players is research and development into bio-based marine lubricants. This category of marine lubricants is increasingly coming into the picture, thanks to a raft of existing and upcoming environmental regulations. Mineral oil marine lubricants and synthetic marine lubricants - the other two categories of marine lubricants - are not eco-friendly since they are not biodegradable and are toxic to most, if not all, oceanic creatures. Bio-based lubricants are at least partially biodegradable and are excreted by most organisms if ingested accidentally, without further harm. Increasing governmental regulations in favor of environmentally-sound products in most of the Western world are expected to give a boost to the bio-based marine lubricants market.
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The report also profiles major players in the global marine lubricants market to offer a comprehensive explanation of the competitive landscape of the market. These companies include Royal Dutch Shell PLC, Chevron, BP Marine, Sinopec Corporation, and ExxonMobil Corporation.
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