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Europe Marine Lubricants Market size to reach $2.6 Bn by 2024
Published Date: 2018-09-10
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According to the Graphical Research new growth forecast report titled “Europe Marine Lubricants Market analysis based on Product, Application, Marine Channel, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2018 – 2024”, estimated to exceed USD 2.6 billion by 2024.
Increasing seaborne transport and growth of suitable infrastructure for regular maritime lines should drive marine lubricants market the region. Moreover, Maritime being the most ecological mode of transportation as compared to road transport the European transport policy is now moving positively in favor of maritime intermodal transport solution.
Strong application outlook from recreational boats which forms a part of Europe maritime industry should drive product demand. Boating is gaining popularity as a new type of vacation. Increasing number of adults participating in water sports activities leading to rise in demand for leisure ships should stimulate engine oil industry growth.
Stringent regulatory guidelines from EAL (Environmentally Acceptable Lubricants) and govt. initiative to incentivize the adoption of EAL based lubricants may positively impact industry growth. Bio based lubricants fall under biodegradable category causing less harm to marine life, this may serve as major contributing factor towards industry growth.
U.K marine lubricant market is anticipated to reach USD 190 million by 2024. Rise in demand for consumer goods owing to urban migration along with well-developed ports and trade facilities should drive transportation ships demand. Increasing foreign investments along with rapid globalization and favorable government policies should boost sea born trade in the country thereby stimulating product demand.
Netherlands marine lubricant market is projected to witness gains of over 6.4% by 2024 due to growing marine transport owing to bilateral free trade agreements with other regions. The European commission is currently negotiating a new FTA between EU and six trade partners including Australia, Chile, Indonesia, Mexico, New Zealand, and the Philippines. This is anticipated to attract more marine transport in Dutch economy thus stimulating the demand for marine lubricants.
Europe marine lubricant market is moderately consolidated. Major industry operator includes Aegean Marine Petroleum, Gulf Oil, Idemitsu Kosan, Fuchs Petrolub and Petronas Lubricants.
Segments We Cover:
Europe Marine Lubricants Market Forecast, By Product
- Mineral Oil
- Synthetic Oil
- Bio-based Marine Lubricants
Europe Marine Lubricants Market Analysis, By Application
- Engine Oil
- Hydraulic Oil
- Grease Oil
Marine Lubricants Market, By Marine Channel
The above information is provided for the following Country’s: