Turkey Marine Lubricants Market has shown an exceptional penetration in the Turkey. But, long-term disposal of marine lubricants, the marine lubricants market has not created any head turning penetration in the developing countries.
According to Data Bridge Market Research the market leader Petrol Ofisi accounts an estimated market share of approximately 15% to 18% of market share in the Turkey. The sales revenue of OMV Aktiengesellschaft, the parent company of Petrol Ofisi has increased drastically by 37% to generate sales revenue of USD 28,084.08 million 2019 as compared to 2018. Petrol Ofisi Marine is able to provide fast and uninterrupted service in the Istanbul Region. As per a report published by Argus Media Group, the company is expected to supply fuel in Istanbul, in compliant with International Maritime Organisation (IMO) regulations by 2020.
The company is expected to supply 0.5pc of fuel oil in Istanbul by 2020. With this, Petrol Ofisi would become the largest supplier in Turkey, after Arkas whose market share dropped after the completion of its contract. The company would supply up to 700,000t of marine fuels in Turkey's domestic and transit market. Turkey's bunker suppliers will rely on Petrol Ofisi for supply in 2020, because local players Socar and Tupras will not produce fuel in compliant with IMO in the coming years, due to expiry of their contract.
Trends Impacting the Market
Now the question is which other regions Petrol Ofisi, Exxon Mobil Corporation and BP p.l.c. are targeting? Data Bridge Market Research has forecasted a substantial growth in the Turkey marine lubricants market and the market leaders are targeting towards renewability of bio-based lubricants, which will be their next revenue pockets for 2020.
The marine lubricants market is becoming more competitive every year with companies such as Petrol Ofisi and Exxon Mobil Corporation, who are the market leaders for marine lubricants. The Data bridge market research new reports highlight the major growth factors and opportunities in the marine lubricants market.
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Shell and its partners started its new deep water production unit at Brazil to manufacture up to 150,000 barrels of oil and 6 million cubic meters of natural gas per day, in February 2019.
Rock Oil announced an agreement of mutual partnership with Bainbridge International in order to distribute their marine lubricants and supporting products in August 2019
Chevron Corporation announced the acquisition of Anadarko Petroleum Corporation for an amount of USD 3,300.00 million in April 2019
The country based analysis of the marine lubricants market is further analyzed into different segmentations. On the basis of type, the market is segmented into greases, marine diesel engines, cylinder oils, system oils, hydraulic oils, gear oils, compressor oils, bearing and circulating oils, turbine oils, transmission oils, heat transfer fluids, engine oils and others. On the basis of raw material, the market is segmented into base oil and bio-based oil. On the basis of application, the market is segmented into compressor systems, circulation systems, gear systems, hydraulic systems, turbines and others. On the basis of end-user, the market is segmented into ships, boats, offshore civil structures, deep sea, coastal yachts, containers, oil tankers, bulk carriers, cargo ships, cruise liners and others.
There are several advantages related to the products of marine lubricants and that is why it is utilized for various applications in marine. Hence, more number of products are being launched by the companies to fulfill the demand of their customers. For instance, in June 2019, ExxonMobil launched new Mobilgard M420 oil for medium-speed marine engines. Through this launch the company aim is to expand its product portfolio in the market
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Key Pointers Covered in the Turkey Marine Lubricants Market Industry Trends and Forecast to 2027
Key Market Competitors Covered in the Report
Above are the key players covered in the report to know about more and exhaustive list of marine lubricants companies contact us https://www.databridgemarketresearch.com/toc/?dbmr=turkey-marine-lubricants-market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your enquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
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Turkey Marine Lubricants Market – Industry Trends and Forecast to 2027