Marine lubricants: Key market research findings
- Growth of the global marine fleet drives the market
- Mineral oil-based products account for the majority share of the market
- Key vendors—Chevron, Shell Marine Products, Castrol, ExxonMobil, and Total Lubmarine
Technavio’s market research analysts predict the global marine lubricants market to grow at a CAGR of more than 4% between 2016 and 2020. The market is driven primarily by the increase in the size of the marine fleet across the globe. The marine trade sector accounts for around 90% of the global trade and is constantly growing due to booming globalization. This increase in the global fleet triggers an increase in the demand for marine lubricants, thereby contributing to the market’s growth. APAC dominated the global marine lubricants market in 2015 by holding almost 42% of the overall market share. Factors such as the presence of many significant ports in the region and the role of countries such as China and India in the global trade space are some of the factors that will propel growth in marine lubricant market in APAC during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the marine lubricants segment by product type.
“The dominance of the global marine lubricants market is undergoing a shift to APAC from EU. The rise of China as an export-oriented economy backed by a manufacturing-led domestic policy is the fundamental cause of this change. The amount of merchandise exports from China to the US, Europe, and among countries within Asia is undergoing a rapid boom. This trend is expected to continue in the coming years as ports of Tianjin, Shanghai, and Dalian plays a vital role in the global automotive and electronics export trade,” says Anju Ajaykumar, Lead Analyst, Heavy Industry, Technavio Research.
In 2015, the mineral oil-based lubricants accounted for the dominant share of the global marine lubricants market by occupying around 87% of the market space. The cost-effective and versatile nature of mineral oil-based products plays a crucial role in the booming for this segment of the market. The projected drop in the price of crude oil during in the coming years is expected to reflect positively in the global mineral oil-based lubricants market by 2020.
The key vendors in the market include Chevron, Shell Marine Products, Castrol, ExxonMobil, and Total Lubmarine. The market appears fragmented due to the presence of several providers and it is expected to see certain dynamic modifications in the way the players operate. Though large IOCs (integrated oil companies) dominate the market, the entry of new marine lubricant manufacturers will intensify the level of competition in the market. The market will also witness a number of M&As, joint ventures, and collaborations over the next few years.
A more detailed analysis is available in the Technavio report, Global Marine Lubricants Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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