World News
Marine Lubricant Market Expected to Grow to $3.336 Billion by 2024: Report
A new report released by Transparency Market Research (TMR) says the global marine lubricants market is estimated to grow to $3.336 billion by 2024 from $2.323 billion in 2015, expanding at an annual growth rate of of 4.17 percent between 2016 and 2024.
The new report is titled "Marine Lubricants (Mineral oil, Synthetic oil, and Bio-based oil) Market for Engine oil, Hydraulic oil, Gear oil, Turbine oil, Heat Transfer Fluids (HTFs), Compressor oil, Grease, and Other Applications and Inland and Offshore Operation Types - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016-2024."
The largest players in the marine lubricants market are noted to include Royal Dutch Shell plc, ExxonMobil Corporation, BP p.l.c., LUKOIL Marine Lubricants DMCC, Chevron Corporation, and Total Lubmarine.
"The increasing demand for Group II and Group III base oils is expected to engage manufacturers in the production of Group II and Group III base oils more than Group I base oils. Group I base oils are getting scarce as well as expensive and witnessing fluctuations in demand. This is likely to result in shutdown of Group I refineries," explained TMR.
"The inadequate supply of bright stock material has propelled the discovery of alternatives, which also are inadequate. Thus, shortage of supply is expected to hamper the marine lubricants market in the near future."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 491.00 | 2.50 | 592.50 | 16.50 |
| Rotterdam | 445.00 | 13.00 | 593.50 | 11.00 |
| Houston | 443.50 | 6.50 | 601.50 | 5.50 |
| Fujairah | 487.00 | 10.50 | 711.00 | 12.00 |
| Global 20 Ports Average | 517.50 | 1.50 | 697.00 | 3.00 |
| Global 4 Ports Average | 466.50 | 3.50 | 624.50 | 0.00 |
| Global Average Bunker Price | 559.50 | 2.50 | 736.00 | 2.00 |
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