On one hand, the global marine lubricants market is expected to benefit from the expanding shipping industry. The shipping industry is projected to demonstrate strong growth in the next few years. On the other hand, the rising popularity and utilization of group III and group IV base oils and growing substitution of group I base oil will challenge the growth of the global marine lubricants market. In addition to this, the regulatory pressure is growing on the industry to prevent spillage of lubricants into water bodies. This is projected to drive the demand for bio-based lubricants in the market.
Browse the full Global Marine Lubricants Market Report: http://www.mrrse.com/marine-lubricants-market
Bio-based lubricants or bio-lubricants are made using biodegradable and non-toxic materials considered as more eco-friendly compared to their synthetic counterparts. The bio-based lubricants sector in the global marine lubricants market is worth millions and is projected to demonstrate strong growth in the coming few years.
Focus on R&D to Drive Global Marine Lubricants Market
The global marine lubricants market is highly competitive in nature and is dominated by a few key players. Research and development is a key strategy of the leading players operating in the global marine lubricants market. In order to benefit from the opportunity of a rising demand for bio-based lubricants, companies are increasingly introducing bio-based marine lubricants or safer versions of synthetic marine lubricants in the market.
In 2002, Vickers Oils was the first company that made biodegradable lubricants commercially available in the global marine lubricants market. Castrol, too, has introduced a range of bio-lubricants. It has designed stern tube and thruster lubricants to protect both vessels and the ocean. Some of the OSPAR registered products from Castrol are BioBar, BioTac MP, and BioStat. In October 2015, RSC Bio Solutions declared that its EnviroLogic 210EP, a readily biodegradable gear oil was approved for use in Thrustmaster gearboxes and thrusters. This product met the requirements of US Environmental Protection Agency’s (EPA) 2013 Vessel General Permit (VGP).
Cost Continues to be Major Issue in Development of Bio-based Marine Lubricants Sector
Although the demand for bio-based lubricants will grow in the coming few years, there are some issues that will suppress the growth of this sector. Bio-based marine lubricants cost nearly twice as much as mineral oil or synthetic lubricants. This is adding to the difficulty of market penetration, which is critical for the success of bio-based marine lubricants. In addition to this, the different levels of regulations present in different regional markets need meticulous planning on part of bio-based marine lubricants manufacturers and distributors.
Browse the full Press Release of Global Marine Lubricants Market: http://www.mrrse.com/marine-lubricants-industry
Hence, companies in the global marine lubricants market need to understand the current and projected trends for bio-based lubricants in various regions to be successful in global and regional markets. Some of the key players operating in the global marine lubricants market are Castrol, Royal Dutch Shell, Total, British Petroleum, and ExxonMobil.
Geography-wise, the bio-lubricants sector in the global marine lubricants market is led by North America. North America is projected to continue its dominance in the coming few years. In Europe, Germany is expected to boost the market for bio-lubricants.