News / Technavio Expects the Bio-based Lubricant Products Segment to Record the Highest Growth in the Global Marine Lubricants Market Through 2020
Date: 2016-06-09
Technavio Expects the Bio-based Lubricant Products Segment to Record the Highest Growth in the Global Marine Lubricants Market Through 2020
According to the latest market study released by Technavio, the global marine lubricants marketis expected to grow at a CAGR of more than 4% during the forecast period.
This research report titled ‘Global Marine Lubricants Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
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The report categorizes the global marine lubricants market into three major product segments. They are:
Mineral oil based lubricants
Synthetic lubricants
Bio-based lubricants
Mineral oil based marine lubricants: largest segment
With a massive share of about 87%, the mineral oil based lubricants segment dominated the global marine lubricants market in 2015. The market is expected to rise at a robust pace through 2020. Although the growth levels are expected to be steady through the forecasted period, the rates are relatively stunted as compared to those previously seen in the past few decades.
The market is projected to see a sudden spur in growth in the years from 2016 till 2018. The primary reason for this is will be the low crude oil prices that will continue their bearish trend from 2015 into the later years. Lower crude prices relate to the reduced cost of manufacturing the base oil resulting in higher production volumes. This trend is however expected to give away to lower growth levels from the years from 2018, where the rebound of crude prices, owing to a reduction in inventory volumes, is expected to bring the production costs of base oil back to normalized levels.
Synthetic marine lubricants are the lubes chemically engineered as per the requirements of the consumer. The deciding factor in these requirements is the working condition encountered.
Though synthetic lubricants are more expensive than mineral oil-based lubricants, they offer certain advantages, such as:
Low pour point
Low volatility
Low toxicity
High flash point,
High viscosity index
High oxidation stability
The synthetic marine lubricants market is expected to grow at low levels in the first two fiscals of the forecast period reaching year-on-year growth levels of 3.8%. The primary reason for this relatively muted growth rates can be attributed to the lower cost of the mineral oil based lubricants. The competition for market share between these two product classes is almost entirely based upon the price dynamics and the initial cost of acquisition.
Sayani Roy, one of the lead analyst at Technavio for research on oil and gas, says, “Although, the first two fiscals will witness sluggish growth for the synthetic marine lubricants market, the overall improvement in technology, leading to a fall in unit cost and a relative rise in the price of mineral oil based lubes, coupled with increased consumer awareness is expected to drive the synthetic marine lubricants towards higher growth rates of 8% in 2019 and almost 9% in 2020 fiscal.”
Bio-based lubricants: third-largest segment
Bio-based lubricant products are the newest product segment in the global marine lubricants market. These products are derived from natural sources, mostly from plants or mineral oils, and are significantly cleaner than the other products in the market. “Bio-based lubricants reduce environmental impact, improve the performance of machinery, and ensure safety. They are also convenient for use in most equipment involved in the marine industry. Bio-based lubricants reduce environmental impact, improve the performance of machinery, and ensure safety,” adds Sayani.
Technavio researchers state that these products had the lowest production share of the overall market pie in 2015, being valued by production volume at 92.9 KT. However, this product segment has the highest expected potential for growth in the forecast period lining up to 2020. The overall increase in the market for the bio-based products is projected to be 7.70% in the period from 2016 to 2020. The production volumes, which are expected in the year 2020, will be 134.6 KT.
The top vendors highlighted by Technavio’s research analysts in this report are:
ExxonMobil
Castrol
Chevron
Shell
Total Lubmarine
Browse Related Reports:
Global Lubricant Additives Market 2015-2019
Global Lubricants Market 2016-2020
Global Automotive Lubricant Market 2015-2019
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About Technavio
Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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