Marine Lubricants Market Trends 2018 & Forecasts to 2024
Date: 2018-09-10   Author: Ronak Bora  Category: #market

Marine Lubricants Market Trends 2018 & Forecasts to 2024

Marine Lubricants Market is set to exceed USD 5.9 billion by 2024; according to a new research report by Global Market Insights, Inc. Global marine lubricants market may witness consumption of over 3.4 million tons by 2024. of global marine cargo fleet is expected to grow owing to increased interaction between economies in through international trade by marine route. Rise in marine trade frequency can be advantageous due to large shipment transportability, ability to cover huge distances and lowering cost of transportation & maintenance.

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Marine lubricants market from transport ships which include cargo ships, tankers, container ships & passenger ships should witness significant gains at over 3.5%. Positive indicators towards growth in shipbuilding industry should drive product demand. Global sea trade was d to be over 9.5 billion tons in 2016 and is anticipated to grow further due to strong trade ties between economies and growing demand for commodities. Stringent government norms towards nitrogen and sulfur emission reduction might hinder industry growth. This could be overcome by developing bio marine lubricants which emits lower emission concentration owing to high boiling point of esters. This factor helps in reducing overall operational cost during the lifecycle owing to less maintenance, disposable requirements and storage.

Mineral oil based marine lubricants market should witness gains at over 3%. Increasing scope in application for engines, stern tubes and turbines should drive product demand. They provide a cost-effective solution and enhance performance & provide smooth movements for assembly parts of the ships. China synthetic marine lubricants market should witness gains at close to 4%. These products have high resistance at extreme temperature and are expensive when compared to its counterparts owing to production complexity & purity of base oil.

Key benefits include low wearing & tearing properties, high thermal resistance, good load carrying capacity and low friction which are important in long run for engines & turbines. Germany marine lubricants market 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.



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Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for AlgosOnline and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport.

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