Marine Lubricants Market Consumption to Hit 3.5 Million Tons by 2024

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Global Market Insights, Inc. quotes, Asia Pacific marine lubricants market, driven by South Korea, China, Japan and India may witness significant gains at over 4% by the end of the projected period.

Marine Lubricants Market
World marine lubricants market share is consolidated with prominent players including ExxonMobil, BP Marine, RDS, Chevron, Total, Quepet, Castrol, JX Nippon, Lukoil and Sinopec.


Mineral oil based marine lubricants market may surpass USD 4.5 billion in sales by 2024 owing to its rising demand from various applications such as stern tubes, turbines and engines. These products offer lubrication in emulsion & neat form and provides superior level performance even when water access occurs.

Bio based marine lubricants market may register growth at over 2% by the end of the forecast timeframe. They offer superior characteristics such as constant velocity, higher flashpoints and less vapor emissions and oil mist. Strict governmental norms & regulations and increasing environmental concerns with emphasis on biodegradable products may positively impact the business.

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Marine lubricants market from hydraulic oil applications may exceed USD 1.3 billion by 2024. These products have various applications in offshore drilling projects and marine related services. Hydraulic oil offers, low compressibility, resistance to cavitation, water emulsifying ability and high film strength which provides excellent protection and equipment reliability in corrosive environment, thereby complementing industry growth.

Marine lubricants market from transport ship-based channels should exceed USD 1.6 billion by 2024. Increase in demand for bulk commodities and consumer goods coupled with rise in foreign trade activities through sea route and development of infrastructure & ports may positively influence market growth.

Marine lubricants market size from drill ships may witness gains at over 3.5%. Major oil & gas exploring companies have engaged in multiple drilling projects to discover new reserves for hydrocarbon. Increase in offshore drilling activities to meet growing demand of crude oil & its refined products from chemical industries and refineries should favor product demand.

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Asia Pacific, driven by South Korea, China, Japan and India marine lubricants market may witness significant gains at over 4% by the end of the projected period. Increasing seaborne activities along with growth in number of shipping harbors for various bilateral treaties may spur regional industry growth.

Europe, led by France, UK and Germany marine lubricants market may surpass USD 2.5 billion by 2024. Growth in offshore drilling activities and increase in sea trade as per bilateral agreements between countries may stimulate regional demand. Increasing consumer awareness regarding ecofriendly products along with rise in shipping tourism may further complement business growth.

Germany marine lubricants market size from recreational ships should witness consumption of over 18 kilo tons at the end of 2024. Recreational boating activities include campaigning, sailing, fishing, water sport games and boat racing. Economic growth along with growing overall population should drive tourism industry thereby promoting product demand for recreational boats.

Global marine lubricants market share is consolidated with prominent players including ExxonMobil, BP Marine, RDS, Chevron, Total, Quepet, Castrol, JX Nippon, Lukoil and Sinopec.

Browse key industry insights spread across 310 pages with 512 market data tables & 27 figures & charts from the report, “Marine Lubricants Market Size By Product (Bio-Based, Synthetic, Mineral Oil), By Application (Grease, Hydraulic Oil, Engine Oil), By Marine Channel (Recreational [Inflatable Boats, In Board Motor Boards, Out Board Motor Boats], Industrial [Drill Ships, Semi Submerged Ships], Transportation [Tankers, Cargo Ships, Container Ships, Passenger Ships]), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, Netherlands, Belgium, Spain, Italy, Russia, China, Hong Kong, India, Taiwan, Japan, South Korea, Australia, Malaysia, Singapore, Brazil, Mexico, Panama, Saudi Arabia, UAE, South Africa, Israel, Angola, Nigeria, Egypt), Application Potential, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/marine-lubricants-market

Table of Contents (ToC) of the report:
Chapter 5 Marine Lubricants Market, By Application
5.1 Marine lubricants by application market share, 2016 & 2024
5.2 Engine Oil
5.2.1 Market estimates & forecast, 2013-2024, (Kilo Tons) (USD Million)
5.2.2 Market estimates & forecast, by region, 2013-2024, (Kilo Tons) (USD Million)
5.3 Hydraulic Oil
5.3.1     Market estimates & forecast, 2013-2024, (Kilo Tons) (USD Million)
5.3.2 Market estimates & forecast by region, 2013-2024, (Kilo Tons) (USD Million)
5.4 Grease Oil
5.4.1 Market estimates & forecast, 2013-2024, (Kilo Tons) (USD Million)
5.4.2 Market estimates & forecast, by region, 2013-2024, (Kilo Tons) (USD Million)
5.5 Others
5.5.1 Market estimates & forecast, 2013-2024, (Kilo Tons) (USD Million)
5.5.2 Market estimates & forecast, by region, 2013-2024, (Kilo Tons) (USD Million)
Browse Full Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/marine-lubricants-market

About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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