The Europe Marine Lubricants Market size is estimated to reach US$ 3.2 Billion by 2028 during the forecast period of 2023-2028.
Market Overview:
Marine lubricants are broadly employed in air compressors, gear systems, hydraulic systems, and gas compressors to enhance machine functionality and decrease maintenance and wear & tear expenses. The flourishing shipping business owing to the rise in the call for voyage, cargo, and recreational ships is probable to favor marine lubricants business expansion.
The escalating marine trade due to the rising supply of energy, commodities, and food would push the global marine lubricant business. Mineral lubricants are present in light and substantial grades depending upon need and use. Strong corrosion resistance and improved equipment reliability would drive the market share of the product. Rising seaborne transport and expansion of suitable infrastructure for regular maritime lines should drive the marine lubricants market in the European region. Furthermore, Maritime being the most ecological mode of transportation when compared to road transport, the European transport policy is now moving positively in favor of maritime intermodal transport solutions.
Market Drivers:
The rise in a call from end-use industries such as the shipping business drives the expansion of the global marine lubricant market. In addition to that, a surge in infrastructural ventures reinforced the shipping business, increasing the demand for marine lubricants for optimal performance and protection of engines. Moreover, the rise in emission control technologies is foreseen to propel the extension of the global marine lubricant market. The increase in the use of container transportation owing to the high export call of commodities would fuel the marine lubricant market.
Rising calls for leisure sports and ships are probable to favor the recreational ship market hence boosting the marine lubricants market expansion. An increase in economic standards along with increasing tourism business should escalate recreational boat calls, therefore promoting marine lubricants business expansion in Europe.
Market Restraints:
A rise in the number of inactive ships because of downshifting in trade activities is supposed to restrain the local market growth.
Market Opportunities:
Strong resistance to corrosion and enhanced equipment reliability would drive the European market share of marine lubricants. Ascend in the seaborne transport and expansion of suitable infrastructure for regular maritime lines should promote the marine lubricants business in the region. The escalation in the call for bio-based marine lubricants is estimated to provide tremendous growth opportunities for the regional marine lubricant market in the near future.
The rising number of freight fleets owing to increased industrial production will propel the growth of the Europe marine lubricants market.
Europe Marine Lubricants Market Segmentation as per the research report until 2028.
The synthetic sector is estimated to rise at the highest CAGR over the forecast period owing to the rising call for highly efficient, durable, and eco-friendly products. Strict safety rules have been launched by different governments to control the high sulfur and nitrogen emissions into the sea by the employment of mineral oil. These emissions not only harm aquatic life and the environment but is also hazardous to the ozone layer, hence escalating the requirement to switch to less toxic synthetic and bio-based products.
The compressor oil sector is estimated to rise at the highest CAGR in the forecast period owing to the increasing demand from refrigeration and air compressors in the presently plying large ships. In addition to that, there is a rising demand for luxury and cruise ships, resulting in a high rise in demand for better cooling systems for employment in these ships/vessels that subsequently translates into a need for refrigeration compressor oil.
All the ship types will contribute evenly as the lubricant plays a vital role in the smooth functioning of any vessel.
The Europe marine lubricant market had the largest market size in 2018. However, it is likely to witness one of the smallest CAGRs in the foreseen period. Germany's marine lubricant market should rise by 4.5% by 2025 due to the increasing adoption of eco-friendly and ecolabel lubricants by original equipment manufacturers. Government initiatives relating to different tax-saving schemes promoting bio-lubricants call will also boost the market. Europe's Marine Lubricants Market size is likely to reach $2.6 Billion by 2025, escalating marine trade due to the rising supply of energy, commodities, and food would push the global marine lubricant business.. Govt. initiatives relating to different tax saving schemes promoting bio-lubricants call will also boost the market. The presence of different manufacturers involved in the development of bio-based products in line with regulatory frameworks may act as a major driving factor for product regional expansion.
Belgium's marine lubricant market is estimated to exceed 90 kilotons throughout the estimated timeframe owing to the rising call for bio-based lubricants. The growing demand for leisure sports and ships is probable to favour the recreational ship market, hence stimulating the marine lubricant market expansion in this area. An increase in economic standards, along with a flourishing tourism business should rise recreational boat demand, which will promote marine lubricant market expansion in the European region. The Netherlands marine lubricant market is estimated to showcase gains of over 6.4% by 2024 owing to rising marine transport due to bilateral free trade agreements with other regions. The European Commission is presently negotiating the latest FTA between the EU and six trade partners involving Australia, Chile, Indonesia, Mexico, New Zealand, and the Philippines. Belgium's marine lubricant market is estimated to cross 90 kilotons during the expected timeframe owing to the rising call for bio-based lubricants
Market Key Players:
The important players operating in the marine lubricants market are BP plc, Total S.A., Royal Dutch Shell plc, Chevron Corporation, and Exxon Mobil Corporation. The other players in the value chain (and not in the report) include Valvoline Inc., Sinopec, Synforce Lubricants, Castrol, and Lukoil.
Market Recent Developments:
Chevron Marine Lubricants has built up a brand-new range of cylinder lubricants compatible with virtually all available worldwide sulfur cap 2020 compliance alternatives. As the global shipping business gets ready for the arrival of the worldwide sulfur cap in January 2020, the functions of ships in a multi-fuel future are quick approaching reality.
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