Market Research Report
Global Marine Lubricants Market Analysis, 2013-2023
|Global Marine Lubricants Market Analysis, 2013-2023|
Published: September 1, 2018
Content info: 120-150 Pages
Delivery time: Inquiry
Marine lubricants are widely used in the shipping and transport industries. These lubricants are very essential as they provide smooth functioning and enhance the efficiency of the vehicles. They are designed and used vastly at seaports for ships and other water vehicles.
The report on the global marine lubricants market reveals the present market conditions by holding over 280 hours of primary and secondary market research. In accordance with the report, the global marine lubricants market is expanding its geographical footprint across the nations. The global marine lubricants market is estimated at US $ xxx million dollars in 2018 which is projected to reach a massive US $ xxx million dollars by the year end 2023 which is expected to grow annually at the rate of xx%.
The marine lubricants are used in various industries such as oil and mineral industries. They are also used in hydraulic oils, engine oils, and compressor oils for the smooth functioning of large ships and cruises. Even refrigerator compressors also require these lubricants for better cooling systems. Ships such as bulk carriers, tanks, container, and good ships require these marine lubricants the most as they are utilized of transporting goods, raw materials, petrol, and crude oil.
The major factors that lead to the growth of the market are advanced in technology. Due to the advancements in technologies, the marine lubricants are utilized in various segments such as mineral, oil, and synthetic industries. These lubricants are also comprised in gear oils to protect the marine engines from wearing out. They also cool the surfaces and protect against corrosion. Hence, they are in great demand in various sectors.
However, even though they are widely used in the oil and mineral industries. They are certain environmental factors that impede the growth of the marine lubricants market. Using these oils could be very beneficial, but if they leak or any damage takes place, it could pollute the water bodies. This could lead to the death of aquatic life due to insufficient oxygen as these oils particles block the supply. Also, removing the layer of oil from the vast ocean or seas is not possible. These are major reasons that impede the growth of the market.
The major regions that produce the marine lubricants include Europe, North America, South America, Central America, the Middle East, and Africa. In the coming few years, Europe is expected to see an increase in the marine lubricant market due to the increasing demands for the lubricants in the shipping industry.
The key market players that produce and manufacture these marine lubricants include BP plc, Royal Dutch Shell plc, and Sinopec Corporation. Other companies that are also essential supplies of these marine lubricants include Total S.A, Idemitsu Kosan Co. Ltd, and the Chevron Corporation.
The research process starts with the market bifurcation of global marine lubricants into various segments, which is immediately followed by the identification process of the growth elements of every segment and then market forecasts are conducted. Market Krystal hence conducted over 40 interviews dedicated for this study. All the details of this study are mentioned below: