Marine Lubricants Market to Reach USD 3.3 Bln by 2024
The global marine lubricants market is anticipated to expand a robust CAGR of 4.17% during the forecasts period 2016 - 2024, says a study.
According a recent study done by Transparency Market Research marine lubricants market which was valued US$2.3 bn is predicted to touch US$3.3 bn by the end of assessed period.
On the basis of type of product, the global marine lubricants market is segregated into bio-based oil, mineral oil, and synthetic oil. Of these, the demand for mineral oil is high and is likely to remain like this during the forecast period owing to cost benefits that are provided. This is expected to become the most lucrative segment.
Geographically, Asia Pacific is anticipated to hold a robust share attributing to increasing demand for marine lubricants. Existence of numerous ports in the region is also considered as one of the major reason.
The global marine lubricants market is highly fragmented in nature owing to the presence of few vendors all across the words, it said.
Key players in the global marine lubricants market are Gulf Oil Marine Ltd., ExxonMobil Corp., China Petrochemical Corp., LUKOIL Marine, and QUEPET Lubricants. All of these vendors are currently aiming on improving of the infrastructure to retain the leading position in the market in the world.
Extensive research and development in the market by the market players are anticipated to deliver ground breaking growth opportunities in years to come. There will be slight rise in the level of competition among the players, predicts the analysts.