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.
Sealub Opens Operations in U.S. & Canada
Sealub Alliance Americas, Inc., an affiliate of Gulf Oil Marine Ltd. headquartered in Hong Kong, announced a fully operational manufacturing and supply and distribution network in the United States and select areas of Canada. Sealub Alliance Americas is now producing all marine products in four blending facilities and has established a comprehensive distribution network to support delivery operations in more than 80 ports in the U.S. and Canada. Additionally, the Americas group has established new supply operations in Panama, Hawaii and on the Mississippi River. This market opening complements the existing Sealub Alliance global coverage of more than 700 ports in over 90 countries.
Gulf Oil & Aegean Strategic Partnership
On Feb. 10, Aegean Marine Petroleum Network Inc. (NYSE:ANW) and Gulf Oil Marine Ltd., a member of Gulf Oil Group, announced that they entered into a strategic partnership for the global distribution of marine lubricants. This partnership will allow for Aegean to join the Sealub Alliance Network, a group recently formed by Gulf Oil Marine to distribute high-quality marine lubricants. The strategic partnership between these two companies will allow for a significant extension in Sealub Alliance's presence to more than 450 ports in 40 countries. By rapidly expanding the number of ports as well as the facilities and services offered by its members…
