Sellbyville, DE -- (SBWIRE) -- 10/24/2018 -- The Marine Lubricants Market is set to grow from its current market value of more than $4 billion to over $5.9 billion by 2024; as reported in the latest study by Global Market Insights, Inc.

Increasing sea borne trades across the globe along with growth in shipbuilding industry should drive marine lubricants market size. According to WTO, sea borne freight accounted for over 30% of world transport in 2016.

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Biodegradable lubricants may register significant gains owing to stable viscosity, enhanced safety measures, and low emission rates. Favorable government schemes for adopting bio-based lubricants along with increasing tourism activities may stimulate industry growth. Lubricants with superior characteristics and quality will assist in upkeep and maintenance of water vessels, thus improving their shelf life. Increasing disposable income has led to significant increase in sea activities such as water sports and yachting, thereby increasing marine lubricants market demand.

Mineral oil based marine lubricants market may surpass USD 4.5 billion in sales by 2024 owing to its rising demand from various applications such as stern tubes, turbines and engines. These products offer lubrication in emulsion & neat form and provides superior level performance even when water access occurs.

Regulatory standards towards nitrogen and sulfur emission reduction into sea may stimulate marine lubricants market growth. Increase in crude oil demand from refiners has resulted into higher offshore drilling projects, thereby increasing product demand. Increasing demand for engine oils including cylinder oils, trunk piston oils and system oils will spur the business.

Bio based marine lubricants market may register growth at over 2% by the end of the forecast timeframe. They offer superior characteristics such as constant velocity, higher flashpoints and less vapor emissions and oil mist. Strict governmental norms & regulations and increasing environmental concerns with emphasis on biodegradable products may positively impact the business.

Marine lubricants market from hydraulic oil applications may exceed USD 1.3 billion by 2024. These products have various applications in offshore drilling projects and marine related services. Hydraulic oil offers, low compressibility, resistance to cavitation, water emulsifying ability and high film strength which provides excellent protection and equipment reliability in corrosive environment, thereby complementing industry growth.

Marine lubricants market from transport ship based channels should exceed USD 1.6 billion by 2024. Increase in demand for bulk commodities and consumer goods coupled with rise in foreign trade activities through sea route and development of infrastructure & ports may positively influence market growth.

Asia Pacific, driven by South Korea, China, Japan and India marine lubricants market may witness significant gains at over 4% by the end of the projected period. Increasing seaborne activities along with growth in number of shipping harbors for various bilateral treaties may spur regional industry growth.

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Europe, led by France, UK and Germany marine lubricants market may surpass USD 2.5 billion by 2024. Growth in offshore drilling activities and increase in sea trade as per bilateral agreements between countries may stimulate regional demand. Increasing consumer awareness regarding ecofriendly products along with rise in shipping tourism may further complement business growth.

Global marine lubricants market share is consolidated with prominent players including ExxonMobil, BP Marine, RDS, Chevron, Total, Quepet, Castrol, JX Nippon, Lukoil and Sinopec.

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