March 30, 2020
According to the research report titled ‘Europe Marine Lubricants Market Size by Product, Marine Channel, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report LLC, the Europe marine lubricants market share is expected to surpass USD 2.6 billion by the year 2024.
Rising seaborne transportation activities along with increasing number of maritime lines are major factors fostering the demand for marine lubricants across Europe. Increasing popularity of boating and growing demand for marine lubricants for recreational boats are also driving the market growth. Rising adoption of leisure ships owing to increasing water sports activities are further aiding the market expansion. Strict government regulations which promote the use of sustainable marine lubricants are stimulating the industry outlook.
The report states that UK marine lubricant industry is expected to be worth USD 190 million by the year 2024. Rapid urbanization and enhanced demand for consumer goods have largely pushed the popularity of ship transportation fueling the regional marine lubricants market share. In addition, availability of well-developed ports and surging investments in seaborne trade activities are favoring the market outlook in UK.
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The Netherlands marine lubricant industry is presumed to expand with a CAGR of 6.4% during 2018-2024. Favorable trade policies in the country have augmented the marine transport activities further indicating massive revenue opportunities for the regional marine lubricants industry.
The prominent companies operating in the Europe marine lubricants industry are Petronas Lubricants, Fuchs Petrolub, Idemitsu Kosan, Gulf Oil and Aegean Marine Petroleum among others.
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