A global market report published by Transparency Market Research, entitled Marine Lubricants Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018, provides inputs about the global state of the current market of marine lubricants industry along with a forecast about the opportunities, drivers and restraints in the market during the years 2012 and 2018, the forecast period of the report.
According to the report, the global market of marine lubricants was worth nearly 2,272.6 kilo tons in 2011. By observing growth at a CAGR of 3.31% during the forecast period, the market could observe demands worth nearly 2,852.5 kilo tons by 2018. In terms of revenue, the market is expected to observe growth at a CAGR of 6.13% during the forecast period.
Ships and other marine equipment constantly face extreme circumstances at sea. Things like saline water, salty air, high mechanical stress, tropical heat, aggressive winds and continuous vibrations are a routine for marine vehicles. In such situations, use of the right lubricant and proper maintenance is very essential for ensuring that all moving components on the ship operate reliably.
Failure of components such as propellers, driving motors, winches or cranes, to name a few, can lead to fatal consequences and may result in additional issues such as high costs for expensive spare parts, repairs or delays in transport. In the worst conditions, the crew, cargo, the complete vehicle and the sea environment are at a risk.