Global Marine Lubricants Market 2016-2020 is latest report added on RnRMarketResearch.com. The analysts forecast global marine lubricants market to grow at a CAGR of 4.3% during the period 2016-2020.
Complete report is available at http://www.rnrmarketresearch.com/global-marine-lubricants-market-2016-2020-market-report.html .
One trend which is boosting market growth is the shift in focus from the EU to the APAC region. The center for the majority of global trade, for the past three hundred years, was Europe. Being at the center of world power for centuries, the major trade was that of importing raw materials from colonized countries to feed the industrial revolution powered facilities. The European Union, with its group of highly advanced economies, are still in the midst of all the global trade that the world has to offer. However, the dominance is steadily shifting away to Asia.
A key growth driver is the growing size of the global marine cargo fleet. In times of booming globalization, no economy can sustain itself in isolation. For any economy, major interaction with the global market is through means of international trade. This international trade refers to the exchange of capital, goods or services between different global economies. As most of the cargo is transported by ships, the presence of large shipping industries of different economies directly contributes to the growth of the global marine lubricants market.
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The report, Global Marine Lubricants Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The functions of marine lubricants on a ship are numerous. Some of the areas of application of marine lubricants onboard a marine vessel includes:
Marine engine cylinder
Ramps and side doors
Lifeboat engines and elevators
Transmission systems and open gears
Bow and stern thrusters
Gas compressors and turbochargers
Rudder and propeller controllers
The desired properties of any marine lubricant are highly specific, considering the harsh environment the equipment are subject to in the seas.
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Key players in the global marine lubricants market: Exxon Mobil, Castrol, Chevron, Shell, and Total Lubmarine. Other Prominent Vendors in the market are: World Fuel Services, Aegean Marine Petroleum, Sinopec, Unimarine, Idemitsu Kosan, Fuchs Lubricants, Gulf Oil, JX Nippon Oil and Energy (ENEOS), and Indian Oil (Servo).
Further, the report states that one challenge that could restrict market growth is the increased demand for slow steaming. Considering that fuel costs constitute about 65% of the total expenditure of a vessel; the major focus has been in the area of achieving greater fuel efficiency. Slow steaming refers to the reduction in the operating speeds of the marine engine to achieve greater fuel efficiency. This practice is employed in the long-distance liner ships and is most commonly utilized in the container shipping industry.
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