Albany, New York, May 17, 2019 (GLOBE NEWSWIRE) -- A cutthroat competition exists among the players in the global marine lubricants market, notes Transparency Market Research (TMR). The presence of an ample number of skilled market players contribute towards the fragmented nature of the market’s competitive landscape. Several new and emerging players are discovering various effective techniques for producing high-quality marine lubricants with the help of key manufacturing technologies.
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Renowned players in the global marine lubricants market are fighting their battle against the numerous new market vendors. However, it is seen that the former players are resorting to key marketing hacks in order to refurbish their iconic brand. On the other side, the smaller players in the global marine lubricants market are highly concentrating towards elevating their production capacity for offering long-lasting and reliable products for the consumers. Strategic partnerships such as mergers and acquisitions between small and medium-scale players in the global marine lubricants market are also highly noticed. A few names of the top players in the market include Chevron Corp., Petroleum Nasonal Berhad, ExxonMobil Corp., and Nippon Oil & Energy Corp.
According to the experts of TMR, the growth of the global marine lubricants market is expected to occur at a steady 4.17% CAGR during the assessment period from 2016-2024. The market is anticipated to accumulate the valuation of US$3.33 bn by 2024-end, elevating up from a valuation of US$2.32 bn in 2016.
In terms of applications, the turbine oil segment registers the highest share in the global marine lubricants market, thanks to the rising operations of several naval fleets across the globe. Region-wise, Asia Pacific is expected to emerge as the dominant region as the region has witnessed a large number of offshore operations. Besides this, the vast requirement for various types of marine lubricants makes the region lead the global marine lubricants market.
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Rapidly Increasing Trade Activities in Emerging Economies to Propel Market
Marine lubricants play a pivotal role in the shipping industry in terms of protecting and enhancing the efficiency of several equipment and engines. These are the high-performance fuels, which are specifically-designed in order to enable optimal performance in marine operations. Marine lubricants possess exceptional characteristics such as improving performance, protecting components at high temperature, mitigating cold corrosion, and extending engine life. Such USPs are responsible for the staggering growth of the global marine lubricants market. However, the growth of the global marine lubricants market is also fueled by several other factors such as the rising need for preventing various ship materials and marine vehicles from rusting.
Furthermore, many producers of base oil are increasing their net oil production volume, which in turn is also positively influencing the growth of the global marine lubricants market. Besides this, heat dissipation during marine operations is another advantage of using marine lubricants, which augments demand in the global marine lubricants market. Soaring demand for enhancing operational efficiency is also providing an impetus to the growth of the global marine lubricants market.
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Discovery of Alternatives may Obstruct Market’s Growth
The demand in the global marine lubricants market might be restrained by a factor that includes the availability of distinct alternatives of marine lubricants. Additionally, supply of poor quality lubricants has resulted in various problems at the time of marine operations, which in turn have affected the growth of the global marine lubricants market. Nonetheless, extended marine operations across numerous regions are believed to have the capacity to overcome these challenges in the forthcoming years.
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The review is based on a market research report by TMR, titled, “Marine Lubricants Market (Product Type - Mineral Oil, Synthetic Oil, and Bio-based Oil; Application - Engine Oil, Hydraulic Oil, Gear Oil, Turbine Oil, Heat Transfer Fluids (HTFs), Compressor Oil, and Grease; Operation - Inland and Offshore Operation) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024”.
The segmentation of global marine lubricants market is based on:
Global Marine Lubricants Market, By Product
- Mineral oil
- Synthetic oil
- Bio-based oil
Global Marine Lubricants Market, By Application
- Engine oil
- Hydraulic oil
- Turbine oil
- Gear oil
- Heat Transfer Fluids (HTFs)
- Compressor oil
- Grease
Global Marine Lubricants Market, By Operation Type
- Inland
- Offshore
Global Marine Lubricants Market, By Region
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- France
- U.K.
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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