The Asia-Pacific region is expected to dominate the worldwide marine lubricants market by 2016, according a new report by Transparency Market Research (TMR).
Up until 2011, the industry was largely dominated by Europe, though the shift towards catering to the Asia-Pacific region in the shipping industry has also reportedly led the marine lubricants industry to follow suit.
According to the research, the lubricants industry in the region has benefited from rising low-cost shipbuilding and increased domestic consumption, with demand particularly strong in China, Japan and Singapore.
So far, mineral oil marine lubricants have dominated the market, and they are expected to continue dominating the market in 2022.
Late last year, TMR also named China and Singapore as two of the largest bunker markets globally, with the region also a key market in terms of consumption.