Marine lubricants market's revenue is set to grow at a CAGR of 6.13% during the forecast period, eventually reaching a value of US$9.36 billion by the end of 2018.
With regard to volume, the market totaled 2,272.6 kilo tons in 2011 and is expected to rise to 2,852.5 kilo tons by 2018, says a report from Transparency Market Research, analyzing the market by product (Mineral, Synthetic, Bio) and by application (Engine Oil, Hydraulic Oil, Grease, etc.)
Europe is the largest consumer of marine lubricants owing to a prosperous marine trade network. The U.K., Germany
, Spain, Italy, Turkey, and the Netherlands are the major consumers within the European marine lubricants market.
A readily observable pattern is that all these countries have easy access to either the Atlantic Ocean or the Mediterranean Sea (both in some cases), and both are busy shipping routes.
The importance of the Mediterranean Sea to the global marine lubricants market, by way of the Europe
an market for the same, can be observed in the fact that apart from the Balkan countries, virtually all European countries with a Mediterranean coastline are major consumers of marine lubricants.
"The dominance of the European marine lubricants market will be challenged by emerging shipping industries in Asia-Pacific countries such as China, Japan, South Korea, and Singapore. All these countries have booming economies, leading to increased marine trade, directly resulting in a growing demand from the marine lubricants market," a TMR analyst said.