Marine lube market: challenging but growing
Jan 24, 2019
Despite many constraints, the marine lubricants market continues to be a growth opportunity to new and existing lubricants suppliers. The increased demand for marine lubricants is spurred by several factors, including the need to protect and enhance engines and equipment performance in a sustainable way.
Lubricants producers across the world work closely with manufacturers to extend service intervals and components life while increasing operational reliability.
“The global marine lubricants market is expected to grow to nearly $6 billion by 2024,” according to a industry report by Global Market Insights.
While growth is projected, challenges are also on the horizon. From the ongoing evolution of equipment design to increased regulations and mandates, the marine lubricants industry will face several threats in the next few years. These uncertainties will require flexibility from suppliers in order to accommodate the demanding shipping industry.
Learn more about the the keys to success within this unique market in a recent Lubes N’ Greases article.
Why should you care?
A landscape that was once dominated by a few larger companies has several emerging players contributing to the fragmented nature. This means new opportunities for suppliers that were once hesitant to enter the market.
