Global Marine Lubricants Market 2017-2021
About Marine Lubricants
Marine lubricants are substances that reduce friction and wear at the interface of two materials. It helps in reducing the adhesive friction by lowering the shear strength of interface.
Technavio’s analysts forecast the global marine lubricants market to grow at a CAGR of 2.44% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global marine lubricants market for 2017-2021. To calculate the market size, the report considers the retail selling price as the average selling price for the product.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Marine Lubricants Market 2017-2021
Technavio recognizes the following companies as the key players in the global marine lubricants market: BP, Chevron Corporation, ExxonMobil, Royal Dutch Shell, and Total.
Other Prominent Vendors in the market are: Aegean Marine Petroleum Network, Fuchs Petrolub, GULF OIL Corporation, Idemitsu Kosan, Indian Oil Corporation, JX Nippon Oil & Energy Corporation, Petroliam Nasional Berhad, Quepet Lubricants, Sinopec Corporation, Unimarine, and Vickers Oil.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is biorefineries: the future of petroleum. In recent times, a conscious effort has been made to consider the consequences of fossil fuel depletion. Going by the present consumption pattern, these sources are expected to get exhausted by the next 30 to 40 years. An economy where government policies, multifaceted drivers, and geography dependent decisions will only yield profitable business, bio-products that reduce greenhouse gases (GHG) emissions are preferred.”
According to the report, one of the major drivers for this market is growth and development of shipping industry. Maritime transport is a vital element of the world’s economy as more than 90% of the trade is carried by the sea mode of transport and it is a cost-effective way to transport the goods and raw materials around the world. In 2015, the World Trade Organization (WTO) estimated that the seaborne freight accounted for more than 30% of the world transport.
Further, the report states that one of the major factors hindering the growth of this market is volatility in raw material prices. Marine lubricants are mainly produced from crude oil by fractioning. The mineral oil-based lubricants accounted for more than 80% share of the global marine lubricants market. The oil and gas industry is one of the principal suppliers of raw materials for the global marine lubricants market. The fluctuations in the crude oil prices have a severe effect on the prices of the raw materials, affecting the costs of marine lubricants.
BP, Chevron Corporation, ExxonMobil, Royal Dutch Shell, Total, Aegean Marine Petroleum Network, Fuchs Petrolub, GULF OIL Corporation, Idemitsu Kosan, Indian Oil Corporation, JX Nippon Oil & Energy Corporation, Petroliam Nasional Berhad, Quepet Lubricants, Sinopec Corporation, Unimarine, and Vickers Oil.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook