Marine Lubricants Market Expected To Grow At a CAGR Of 3.6% From 2014 To 2020: Grand View Research, Inc.

The global marine lubricant market is expected to reach USD 10.94 billion by 2020, according to a new study by Grand View Research, Inc. Growth of global cargo fleets is expected to remain a key driving factor for the global marine lubricants market. Growth of global shipping industry on account of growing number of voyages is also expected to propel the growth of marine lubricants. Volatile raw material prices and stringent regulatory scenario across various major regions is expected to remain key challenges for market participants.

Mineral oil was the largest product segment and accounted for 88% of the total market demand in 2013. Cheap and easy availability of mineral oils along with increasing investments for R&D have been the major factors responsible for the growth of the market over the last few years. Mineral oil is also anticipated to experience highest growth rate over the next six years. The segment is expected to grow at an estimated CAGR of 3.6% from 2014 to 2020.

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