Reformatory Issues and Rising Demand for Biobased Lubricants Changing Turkey’s Marine Lubricants Market
A steady rise in global trade, the challenging economic climate, sulfur capping regulations, new engine designs, and the rising emphasis of OEMs on cylinder lubricants to combat the costly issue of cold corrosion are the winds of change within the marine lubricants industry. These factors are impacting operations of various sectors within the shipping industry, including the varied applications of marine lubricants.
The market for marine lubricants has changed significantly in the past few years and a distinct shift is being observed in the way marine lubricants are selected these days.
Browse Market Research Report of Turkey Marine Lubricants Market:
Historically, the process of lubricant selection involved only the choice between a lubricant with a low or a high BN (base number or alkalinity of the lubricant). However, now the choice of a marine lubricant depends on a number of technical challenges, several market-based legislations, price and engine performance issues, and the numerous sets of complex situations unique to each ship and operator. Such conditions mean that the market for marine lubricants, which was once considered a commodity market, needs to adapt to the complex and diverse requirements of its end users and improve its capability to evolve at the rate at which technical developments are being observed.
Marine Lubricants Market of Turkey: a Brief Overview
The marine lubricants market of Turkey is studied in a new research study published by Transparency Market Research. The report explores the different ways in which the marine lubricant’s market of Turkey has developed in the past few years. The report states that nearly 84.5 kilo tons of a variety of marine lubricants were consumed in Turkey in the year 2013.
The country’s growing marine trade and shipping industry are together expected to lead to a demand rise at a CAGR of 2.30% between 2014 and 2022. As a result, the market is expected to observe demand of nearly 103 kilo tons by 2022. Revenue-wise, the market is expected to grow at a 3.48% CAGR between 2014 and 2022.
Trend of Adoption of Biobased Lubricants Gaining Impetus
Traditionally, a variety of mineral and synthetic lubricants have dominated demand from the Turkey lubricants market. A huge portion of demand from the country’s marine industry – nearly 84% – was acquired by mineral lubricants in 2013.
While marine lubricants in categories such as hydraulic oils, engine oils, grease, compressor oils turbine oils, heat transfer fluids, and gear oils remained the favorites in recent times, consumers are increasingly shifting to biobased lubricants owing to a number of regulatory pressures. The future, it seems, will be dominated by a number of biobased marine lubricants, not only due to the regulatory pressures but also due to the fact that biobased lubricants enhance product quality and ensure environment safety.
Browse Press Release of Turkey Marine Lubricants Market:
The rising marine traffic in the Turkish straits in recent times has significantly fueled the marine lubricants market in the country. Many MNCs are entering deals with local lubricant manufacturers in order to benefit from the untapped opportunities in the Turkish market. A number of these deals are contingent on the possibilities of benefiting from the rising demand for biobased lubricants.