Europe Marine Lubricants Market size projected to reach $2.6 Billion by 2024, increasing marine trade owing to the growing supply of energy, commodities and food would push global marine lubricant industry. Mineral lubricants are available in light and heavy grades depending upon requirement and usage. Strong corrosion resistance and enhanced equipment reliability would drive market share of the product.
Marine lubricants are widely used in air compressors, gear systems, hydraulic systems, and gas compressors to improve machine functionality and reduce maintenance and wear & tear cost. Flourishing shipping industry due to increase in demand for voyage, cargo and recreational ships is likely to favor marine lubricants industry growth.
Growth in usage of container transportation due to high export demand of commodities would fuel marine lubricant market. Rising number of freight fleets globally, owing to increased industrial production will propel growth for marine lubricant market.
Belgium marine lubricant market is projected to exceed 90 kilo tons during the projected timeframe due to to growing demand for bio-based lubricants. Growing demand for leisure sports and ships is likely to favor recreational ships market thereby stimulating marine lubricants industry growth. Rise in economic standards along with flourishing tourism industry should increase recreational boats demand thereby promoting marine lubricants industry growth in this region.
Germany marine lubricant market should grow by 4.5% by 2024 owing to increasing usage of environmentally approved and ecolabel lubricants by OEMs. Govt. initiatives regarding various tax saving schemes promoting bio lubricants demand will also fuel the market. Presence of various manufacturers engaged in development of bio-based products in line with regulatory framework may act as a key driving factor for product regional growth.
Europe marine market share is slightly consolidated and capital intensive. Major players operating in the industry includes Chevron, Lukoil, Nippon Oil, Total, Exxon Mobil, and Castrol.
Segments Covered in this Report:
Marine Lubricants Market, By Marine Channel
The above information is provided for the following Country’s: