Lubricants Market

APAC Marine Lubricants Market to register a notable growth over 2016-2023, high investments in infrastructure development to fuel the product demand

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Rising number of international trade activities via sea routes and the massive growth of the shipbuilding sector will spur Marine Lubricants Market size considerably. The shipbuilding business has been observing an appreciable growth across many geographies. China, in particular, has been investing heavily in shipbuilding since the last few decades, which will fuel the regional marine lubricants market. Considering the hazardous effects of synthetic products, manufacturers have shifted their preference toward bio-based lubricants, which provide biodegradability, constant viscosity, and considerable working safety. The enforcement of regulatory norms to control nitrogen and sulphur oxide emissions will fuel the requirement of bio-based lubricants, pertaining to which marine lubricants industry will collect significant revenue over the years ahead. Favorable technological advancements in the naval sector to enhance the lifespan of mechanical components will also propel the product demand noticeably. According to Global Market Insights, Inc., “Worldwide marine lubricants market was worth 2 million tons in 2015 in terms of volume, and is expected to exhibit an annual growth rate of 3.5% over the period of 2016 to 2023.”

Asia Pacific Marine Lubricant Market size, by application, 2012-2023 (Kilo Tons)
Asia Pacific Marine Lubricant Market size, by application, 2012-2023 (Kilo Tons)   

Bio-based marine lubricants market will collect a significant revenue by 2023 with an annual growth rate of more than 6% over the coming timeframe. The deployment of stringent rules and regulations regarding the adoption of biodegradable products along with growing awareness regarding environmental protection will stimulate marine lubricants industry share notably.

Hydraulic oil application segment will record an annual growth rate of more than 6% over 2016-2023. The attributing factor toward the market growth is the extensive use of the product across various marine associated services and offshore platforms. The capability of the product to provide excellent protection and reliability in corrosive environments will fuel the product requirement noticeably.

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Asia Pacific marine lubricants market will record an annual growth rate of 4% over the 2016-2023. Surging development in marine infrastructure across this region will augment the product demand. China, Japan, and South Korea are the prominent revenue contributors of the APAC region. Europe marine lubricants market, having had a revenue of USD 3 billion in 2015, will record considerable annual growth rate over the coming timeframe. Compliance with the bilateral trading agreements signed among the nations will lead to increased foreign trade demand, thereby augmenting the industry growth. Moreover, increasing awareness among the customers regarding the usage of eco-friendly products will also influence the regional marine lubricants market.

Mineral oil marine lubricants industry, having had a revenue of USD 6 billion in 2015 will generate notable revenue over the years ahead. Increasing usage of the product for marine applications such as turbines, engines, and stern tubes will fuel the industry growth. Market players are investing heavily into the development of cost-effective products over the coming six years. The key participants in marine lubricants market are Royal Dutch Shell, ExxonMobil, Quepet Lubricants, Chevron Corporation, Gulf Oil Corporation, LUKOIL, and Sinopec.

Middle East marine lubricants market will collect considerable revenue over the coming six years, owing to the rapid surge in the number of cruise ships, private yachts, and boats.

More than 70% transportation in the African country of Angola is undertaken via oceanic routes. To provide advanced transportation facilities and increase the country’s cargo capacity, the government of Angola has been planning to build new ports over the years ahead. In addition, the number of natural gas and crude oil exploration activities are rising across this region, which will favorably influence marine lubricants industry growth.

To establish a stronger, loyal customer base, market players have been focusing to reduce the cost of bio-based products. In addition, companies have also been forging alliances with other firms to diversify their product offering and expand their business across the globe.

Author Name : Sunil Hebbalkar

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Increase in automobile sales coupled with strong manufacturing index is likely to drive lubricants market growth

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The size of lubricants market was anticipated as 37.73 million tons in the year 2014 and is predicted to touch 47.75 million tons till 2022, rising with a CAGR of 2.9% between the years 2015 to 2022 as per the research done by Global Market Insights. Increase in demand in 3D printing along with medical appliances is likely to further fuel up the market. Talking about revenue collection, market touched USD 37 billion in the year 2014 and is likely to go beyond USD 74 billion till 2022, with an annual growth rate of 8.5%. The main purpose of lubricants is to reduce friction, thereby avoiding wear and tear in automotive parts like piston, connecting rods and shafts. Exponential growth in industrialization will definitely bring boom to lubricants market trend.

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India along with Africa is the budding markets and India is likely to enjoy a huge growth. In 2015, Petronas Lubricants International (PLI) had come up with $50 million blending plant in Maharashtra, India. According to Giuseppe Pedretti, Asia head of PLI, India is a prominent market in Asia region and they are planning to expedite their business in India. This industry is constructed on 25 acre and a production of 110 million liters is expected in a year. The factory is likely to start their business till the end of 2017.

Lubricants Market Size

Countries like India and China are noticing a significant expansion in sectors like metal forming, mining, machining and plastic industries and the demand of these sectors are likely to increase in near future. Indian market of lubricants is predicted to rise at a faster rate with an anticipated CAGR of beyond 11% between the years 2015 to 2022.

Market size of fluids is likely to rise with a CAGR of 8.6% between the years 2015 to2022. These process oils have a wide utility in technical and chemical sectors for lubrication. Booming demand of chemicals especially in Asia Pacific region is likely to increase the productivity of fluids.

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Prominent oil and gas industries like Shell, Sinopec, British Petroleum and Idemitsu are integrated lubricant producers which focus on adequate supply of raw material for steady manufacturing of oils. With integrations, it becomes easier for these companies to expand their business. Most of the manufacturers have a contract with oil and gas industries for efficient supply of raw material. Depletion in crude oil extraction has resulted in crisis of raw material and hence, many companies are emphasizing on refining techniques for uninterrupted raw material supply.

Author NameDhananjay Punekar