The market size of marine lubricants is estimated to be USD 5.40 Billion in 2016 and is projected to reach USD 6.02 Billion by 2021, registering a CAGR of 2.2% between 2016 and 2021. In this report, 2015 is considered as the base year and the forecast period is between 2016 and 2021.
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Marine Lubricants Market by Type, Application, and Region - Global Forecast to 2021
Marine Lubricants Market by Type (Mineral Oil, Synthetic, Bio-Based, and Grease), Application (Engine, Hydraulic, And Compressor), and Region - Global Forecast to 2021
The global market size of marine lubricants is estimated to be USD 5.40 Billion in 2016 and projected to witness a CAGR of 2.2% to reach USD 6.02 Billion by 2021. The steady increase in global trade is expected to provide necessary boost to the marine lubricants market, during the forecast period.
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Bio-based type to register the highest CAGR in the marine lubricants market between 2016 and 2021
The marine lubricants market is segmented into different types, namely, mineral oil, synthetic, bio-based, and grease. Bio-based lubricant is expected to register the highest CAGR in the marine industry between 2016 and 2021. The demand for bio-based lubricants is gaining momentum due to strong environmental regulations regarding the use of greener products. Some of the sources that involve release of lubricants into the environment directly are marine engines, stern tube leakages, and tanker/vessel spills. The use of bio-based lubricants can help in controlling pollution and they can be released into the environment directly, as they are bio-degradable and less toxic.
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This study answers several questions for the stakeholders, primarily which market segments to focus on in the next two to five years to prioritize efforts and investments.
Compressor lubricants market between 2016 and to be the fastest-growing application for marine lubricants during the forecast period
Different types of compressors are used onboard a ship. Refrigeration compressors are used for air conditioning and refrigeration purpose, and air compressors are used for supplying compressed air for combustion in engines. Lubricants are used in these marine compressors to increase the performance of compressors at a wide range of temperatures. The expanding operations by the shipping companies on a global scale and increasing ship size is a major factor for the growing demand of compressors in the maritime industry.
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Asia-Pacific to be the fastest-growing market for marine lubricants during the forecast period
Asia-Pacific has the busiest ports among all other regions where a large number of trades take place. These ports are also hubs to carry out maintenance of ships that demand marine lubricants. Increasing trade activities and rising infrastructural developments in the shipping industry (in the form of increasing ports network) are driving high demand for marine lubricants.
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Key players lubricants during the forecast
Currently, the global marine lubricants market is dominated by various market players such as 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).