According to the study, the Turkey marine lubricants market is expected to grow from a volume of 84.5 kilo tons in 2013 to 103.8 kilo tons in 2022. This represents a CAGR of 2.40% between 2014 and 2022. The market is expected to display a higher CAGR in the same timeframe by revenue; the market’s revenue is expected to rise at a 3.48% CAGR.
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Marine lubricants are crucial in any ship, since internal combustion invariably results in the generation of some wasted heat. Accumulation of heat within a ship’s engine can damage numerous crucial parts, which may not be tuned to operate at high temperatures. Lubricants, which have a high boiling point, help dissipate the heat and thus prolong the lifespan of engines. Despite their importance in the smooth operation of ships, the market for marine lubricants is restrained by the risk posed by conventional lubricants to marine ecosystems.
Mineral lubricants, which constitute 83% of the total demand from the Turkey marine lubricants market, are nonbiodegradable, which means accidental spillage has the potential to harm the local ecosystem. Long-term disposal of mineral marine lubricants can have deadly effects on marine life. This has led to growing demand for biobased marine lubricants, which are biodegradable and thus pose a lesser threat to aquatic life in the long term. The EU has championed the usage of biobased lubricants in ships for a long time, and growing interaction with Europe’s shipping channels has forced Turkish shipping operators to conform.
Within mineral oil, engine oils are by far the dominant subcategory, holding the majority of the mineral oils market and 46% of the overall Turkey marine lubricants market. Apart from mineral and biobased lubricants, the Turkey marine lubricants market includes synthetic lubricants. The report provides a forecast for all product segments of the Turkey marine lubricants market, helping the reader figure out which segments are the best to invest in.
The rising trade activities in the Turkish Straits have ensured steady demand from the Turkey marine lubricants market for years to come. Combined with Turkey’s willingness to incorporate environmental standards into its growing shipping industry, this could make Turkey the dominant player in the Europe marine lubricants market.Apart from the detailed discussion on the major drivers and restraints acting upon the Turkey marine lubricants market, the report describes the market’s competitive landscape.
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Major companies such as BP, Chevron, ExxonMobil, Turcas Petrol A.S., and Total Submarine, and others are examined in the report, with the SWOTs, company profiles, product specifications, business strategies, and recent developments of each company analyzed in detail.
The Turkey marine lubricants market is segmented as follows:
Turkey marine lubricant market, by product type
- Mineral oil marine lubricants
- Synthetic marine lubricants
- Bio-based marine lubricants
Turkey marine lubricant market, by application
- Engine oil marine lubricants
- Hydraulic oil marine lubricants
- Others (turbine oils, gear oils, compressor oils and heat transfer fluids)
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