Turkey Marine Lubricants Market – Industry Trends and Forecast to 2029

Turkey Marine Lubricants Market, By Type (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), Ship Type (Bulker, Tanker, Container, and Other Ship Types), Raw Material (Base Oil and Bio-Based Oil), Marine Channel (Recreational, Industrial, Transportation), Application (Compressor Systems, Circulation Systems, Gear Systems, Hydraulic Systems, Turbines and Others), End-User (Ships, Boats, Offshore Civil Structures, Deep Sea, Coastal Yachts, Containers, Oil Tankers, Bulk Carriers, Cargo Ships, Cruise Liners and Others) – Industry Trends and Forecast to 2029.

Marine Lubricants Market Analysis and Size

According to National Greenhouse and Energy Reporting Act 2007 (NGER Act), the development of bio-based marine lubricant in Turkey is likely to show remarkable growth during forecast period. The growing shipping industry owing to the enhancement of global seaborne international trade has increased the demand for marine lubricants. Low emission capacity and high efficiency of marine lubricants, helping to grow the marine lubricants industry. 

Data Bridge Market Research analyses that the marine lubricants market was valued at USD 563.35 million in 2021 and is expected to reach USD 939.37 million by 2029, registering a CAGR of 6.60% during the forecast period of 2022 to 2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Marine Lubricants Market Scope and Segmentation

Market Definition

Marine lubricants are mainly used for lubricating parts of marine to prevent wear and tear between contacting surfaces. Marine lubricants are eco-friendly and highly used to protect marine parts such as drill ships, semi-submerged ships, inflatable boats, out board motorboats, tankers and others. These are produced in a way that they can meet rugged performance and resist high pressure required in marine applications.

Marine Lubricants Market Dynamics

Drivers

• Growing demand of marine lubricants for shipbuilding and boat industry

The growing demand for marine lubricants for the boat and shipbuilding industry is a vital factor expected to drive the growth rate of the marine lubricants market. The boats and ships with marine lubricants are more reliable than other condition. There are plenty of advantages of marine lubricants such as rust-proofing performance, corrosion protection wear resistance, high thermal stability and high viscosity index due to which ship and boats manufacturers mainly prefer to use marine lubricants.

• Growing usage of finished lubricant due to excellent properties

The demand for the finished lubricant increases due to their quality which depends on certain properties such as high boiling point, thermal stability, hydraulic stability, high viscosity index, and high resistance to oxidation. These factors aid to diminish the friction in several applications, which is also responsible for the augmented demand for finished lubricant globally. The increased usage of finished lubricant because of their excellent properties is anticipated to enhance market growth.

Furthermore, growing demand of transportation through waterways and developing need of marine lubricants to increase the performance of ships and boats will further increase the growth rate of market. Also, mounting industrialization and the development of maritime transport all over the globe are some major factors which will likely to upsurge the marine lubricants market growth.

Opportunities

• Stringent government  regulations

Stringent government rules and regulations regarding limited usage of sulphur and nitrogen based lubricants in the marine sector is expected to boost the demand for the bio based lubricants and create immense opportunities for market growth. Marine lubricants provide attention to bio-based lubricants, which further aids intensify the growth of marine lubricant market.

• Growing marine tourism

Marine tourism is major factor for the growth of the marine lubricants market. The global seaborne tourism industry is witnessing massive growth during the forecast period. Persons are highly interested in exploring the sea through tourism sources such as ships, boats, curies and ships. Tourism growth is the significant factor that increases the demand for the marine lubricants in the market. 

Restraints/ Challenges

• Stringent  rules associated with marine lubricants market

The growth of the marine lubricants market is restrained by many regulatory rules issued by different governing authorities. Environmental Protection Agency (EPA) enforces some rules to ensure that industries should treat the pollutants and remove the wastes to protect wastewater treatment plants. All these rules pressure producers of marine lubricants and force them to invest in eco-friendly products. Consequently, the strict governing criteria will expected to hinder the growth of the marine lubricants market during forecast period.

Moreover, volatility in the costs of raw material and different hazardous problems associated with this products will become the biggest challenge in the market growth.

This marine lubricants market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the marine lubricants market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

COVID-19 Impact on Marine Lubricants Market

The outbreak of covid 19 has affected the trade operations all over the globe. Every industry is facing economic challenges during this pandemic globally. The outbreak of Covid-19 pandemic had a negative impact on marine lubricant market but is anticipated to grow progressively during the forecast period due to growth in marine industry activities all over the globe. The pandemic resulted in unfavourable conditions and economic instabilities in shipbuilding economies which are changing the outlook of the marine lubricants market. However, post covid 19, the trade operations of the marine lubricants market will recover slowly.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Development

• In August 2019, Rock Oil announced a partnership contract with Bainbridge International to support products and distribute their marine lubricants. Through this partnership, the company goals is to increase the product portfolio along with expanding the service in marine market
• In February 2019, Shell and its partners started its production unit at Brazil to produce up to 6 million cubic meters of natural gas and 150,000 barrels of oil per day. Through this launch the company will increase its product portfolio in the market

Turkey Marine Lubricants Market Scope

The marine lubricants market is segmented on the basis of type, ship type, raw material, marine channel, application and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• 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
• Others

Ship Type

• Bulker
• Tanker
• Container
• Other Ship Types

Raw Material

• Base Oil
• Bio-Based Oil

 Marine Channel

• Recreational
• Inflatable Boats
•  In Board Motorboats
• Out Board Motorboats
• Industrial
• Drill Ships
•  Semi Submerged Ships
• Transportation
• Tankers
• Cargo Ships
• Container Ships
• Passenger Ships

Application

• Compressor Systems
• Circulation Systems
• Gear Systems
• Hydraulic Systems
• Turbines
• Others

End-User

• Ships
• Boats
• Offshore Civil Structures
• Deep Sea
• Coastal Yachts
• Containers
• Oil Tankers
• Bulk Carriers
• Cargo Ships
• Cruise Liners
• Others

Competitive Landscape and Marine Lubricants Market Share Analysis

The marine lubricants market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to marine lubricants market.

Some of the major players operating in the marine lubricants market are:

• Shell PLC. (U.K.)
• Chevron Corporation (U.S.)
• FUCHS (Germany)
• BP p.l.c. (U.K.)
• ExxonMobil Corporation (U.S.)
• TotalEnergies (France)
• China Petrochemical corporation (China)
• Indian Oil Corporation Ltd. (India)
• Petroliam Nasional Berhad (Patrons) (Malaysia)
• Idemitsu Kosan Co., Ltd. (Japan)
• Petronas Lubricant International Sdn Bhd (Malaysia)
• Valvoline (U.S.)
• Raaj Unocal Lubricants Limited (India)
• 3M (U.S.)
• International Lubricants, Inc. (U.S.)
• Rymax Lubricants (Netherlands)
• Tec4 Lubricants Ltd. (U.K.)
• Penrite Oil Company (Australia)
• Axel Americas LLC (U.S.)