Market Analysis and Insights:- 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), Raw Material (Base Oil and Bio-Based Oil), 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) Market Trends and Forecast to 2027
Market Analysis and Insights: Turkey Marine Lubricants Market
Turkey marine lubricants market is expected to show a tremendous market growth in the forecast period of 2020 to 2027. Data Bridge Market Research analyses that the market is growing with the CAGR of 6.1% in the forecast period of 2020 to 2027 and expected to reach USD 794.47 million by 2027 from USD 495.75 million in 2019. Growing shipbuilding industry in turkey and stringent environmental laws are the factors that are helping the market to grow in near future.
Lubricant oils separate completely the contact surfaces and helps in providing static and dynamic friction to the least value and also prevents in wear and tear. It helps in removing the generation of heat within the bearing and protects the working surfaces against corrosion. They help in removing contaminants and thus act as a sealant.
Rising trade activities in Turkish straits as well as increased usage of marine lubricants in ships is helping in the growth of market. Renewability of some bio-based lubricants to provide a competitive edge over traditional lubricants will further create new opportunities that will impact the marine lubricants market growth in the forecast period to 2027. For instance, as per National Greenhouse and Energy Reporting Act 2007 (NGER Act), the emergence of bio-based marine lubricant in Turkey is expected to show a tremendous growth in the coming years.
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Turkey Marine Lubricants Market Scope and Market Size
Marine lubricants market is segmented on the basis of type, raw material, application and end-user. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
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. Engine oils segment is expected to dominate as well as growing in the market, as it increases the efficiency of the ships, boats and many other marine vehicles. For instance, with the drastic growth of about 13-17% in the marine transportation from the previous year, the usage of engine oils is also expected to increase in the coming years.
On the basis of raw material, the market is segmented into base oil and bio-based oil.. Base oil segment is expected to dominate as well as grow in the market, as it is the natural sources which possess the characteristics of anti-rust and also increases the efficiency of the marine applications. For instance, in Turkey, the consumption of base oil as a raw material has increased approximately to USD 400 to 500 million in 2019, and its usage is expected to show a stagnant growth in the coming years.
On the basis of application, the market is segmented into compressor systems, circulation systems, gear systems, hydraulic systems, turbines and others. Compressor systems segment is expected to dominate as well as grow in the market, since the lubricants are used to control the flow of pressure in compressor systems which are used in the marine applications. For instance, compressor systems have shown a growth of USD 200 to 280 million in 2018, especially for the marine applications, thus showing an exceptional growth in the coming years.
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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. Containers segment is expected to dominate the market, as they are majorly used in the transportation of cargos and oils in the country. However, bulk carriers segment is growing with the highest CAGR in the forecast period. For instance, approximately 90% of non-bulk cargo worldwide is transported by container, thus increasing the demand for marine lubricants in near future
Renewability of some bio-based lubricants to provide a competitive edge over traditional lubricants
Turkey marine lubricants market also provides you with detailed market analysis with its growth in the industry, giving marine lubricants sales, impact of new researchers taking place related to the market and changes in regulatory scenarios with respect to the market. The data is available for historic period 2010 to 2018.
Competitive Landscape and Turkey Marine Lubricants Market Share Analysis
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, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, concept cars, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the company’s focus related to turkey marine lubricants market.
The major players covered in the report are FUCHS, Petrol Ofisi, Alpet Madeni Yağları, Gulf Oil Marine Ltd., PETROYAG, REKSOIL LUBRICANTS, BELGIN, Royal Dutch Shell, Total Group, Rock Oil, DEW, Chevron Corporation, Exxon Mobil Corporation, BP p.l.c., LUKOIL and Gazprom Neft PJSC. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
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Customization Available : Turkey Marine Lubricants Market
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