ALBANY, New York, May 8, 2017 /PRNewswire/ --
Transparency Market Research has published a new report titled "Marine Lubricants (Mineral oil, Synthetic oil, and Bio-based oil) Market for Engine oil, Hydraulic oil, Gear oil, Turbine oil, Heat Transfer Fluids (HTFs), Compressor oil, Grease, and Other Applications and Inland and Offshore Operation Types - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016-2024." According to the report, the global marine lubricants market was valued at US$ 2,323.81 Mn in 2015 and is estimated to reach US$ 3,336.12 Mn by 2024, expanding at a CAGR of 4.17% between 2016 and 2024.
Lubricants play a vital role in the reduction of friction and wear and tear of operating parts of different machines. The movement of certain mechanical parts is operational only in the presence of lubricants. This property to reduce friction is known as lubricity.
Marine lubricants have numerous uses in the shipping industry, as a result of which different types of engine oil, hydraulic oil, and grease are developed. Marine lubricants minimize the wear and tear between different machine parts and improve their output efficiency.
Depending on the use of base oil, there are three types of marine lubricants available, viz. mineral oil, synthetic oil, bio-based oil. Out of these three types, mineral oil-based marine lubricants significantly dominate the market, followed by synthetic oil-based marine lubricants. Mineral oil falls under group I, II and III by API specification. Synthetic oil can be categorized as fully synthetic (group III, IV and V) and semi-synthetic - which is the mixture of synthetic and mineral oil. Bio-based lubricants are obtained from either vegetable oil or animal oil.
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Few of the basic and major applications of marine lubricants include protection of the engine and enclosed machine gears and bearings from friction wear and tear, minimize deposit build-up, maintain cooling performance, prevent hot corrosion, keeping the compressor clean, minimize vibrations, and temperature regulation. Application segment includes engine oil, hydraulic oil, turbine oil, gear oil, heat transfer fluids (HTFs), compressor oil, grease and others.
Introduction of the aviation transportation mode has hampered the water transport mode. However, owing to the high cost of aviation transportation, water transport has regained its popularity. This is projected to drive the global market for marine lubricants during the forecast period.
Ships require marine lubricants for smooth functioning of machineries and components installed on them. Marine lubricants are effective in eliminating the harmful effects of friction. Sea transport is one of the leading carriers of freight, while water transport is one of the most inexpensive modes of transportation as compared to air and land, despite the fluctuation in exchange rates and currency adjustment factors. Thus, the growing water transport worldwide is expected to fuel the demand for marine lubricants in the next few years.
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The increasing demand for Group II and Group III base oils is expected to engage manufacturers in the production of Group II and Group III base oils more than Group I base oils. Group I base oils are getting scarce as well as expensive and witnessing fluctuations in demand. This is likely to result in shutdown of Group I refineries. The inadequate supply of bright stock material has propelled the discovery of alternatives, which also are inadequate. Thus, shortage of supply is expected to hamper the marine lubricants market in the near future.
Major players in the marine lubricants market include Royal Dutch Shell plc, ExxonMobil Corporation, BP p.l.c., LUKOIL Marine Lubricants DMCC, Chevron Corporation, and Total Lubmarine.
The global marine lubricants market has been segmented as follows:
- Marine Lubricants Market - Product Analysis
- Mineral oil
- Synthetic oil
- Bio-based oil
- Marine Lubricants Market - Application Analysis
- Engine oil
- Hydraulic oil
- Turbine oil
- Gear oil
- Heat Transfer Fluids (HTFs)
- Compressor oil
- Grease
- Others
- Marine Lubricants Market - Operation Type Analysis
- Marine Lubricants Market - Regional Analysis
- North America
- 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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