Turkey Marine Lubricants Market: Snapshot
Marine lubricants are vital for any ship, since its internal combustion invariable generated some wasted heat. This accumulation of heat in ship’s engine can damage its crucial parts, which may fail to operate at high temperatures. Lubricants with high boiling point help dissipate heat, thus prolonging the lifetime of engines. Lubricants also help in smooth operation of ships, despite which the market witnesses risk from conventional fluids used as lubricants used in marine ecosystems. Nevertheless, as marine environment regulations get stringer, the demand for high quality marine lubricants is expected to rise in the coming years.
Spurred by the aforementioned factors, the global marine lubricants market is expected to rise at a steady 3.48% CAGR in terms of revenue between 2014 and 2024. By volume, the market stood at 84.5 kilo tons in 2013 and is expected to reach 103.8 kilo tons by the end of 2024. If these figures hold true, the global marine lubricants market will exhibit a CAGR of 2.40% during the same time frame.
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Rising Shipping Activities with Europe to Keep Demand for Marine Lubricants High in Turkey
In the global marine lubricants market until 2011, Europe with Turkey constituted the second-leading share. However, the shipping industry is gradually shifting toward Asia Pacific and the marine lubricants market is following the suit. Nevertheless, in Turkey the demand for marine lubricants is expected to remain on account of the rise in marine traffic across Turkish straits and the increasing domestic consumption. Furthermore, the Ministry of Environment in Turkey has implemented several regulations to tighten environmental protection and simultaneously ensure that shipping companies adhere to these norms.
On account of the increasing traffic in ports across Turkey, the marine authorizes are compelled to focus on implementing stringent regulations to curb emission of polluting substance. In addition, shipping companies voyaging to the country or passing across the Strait of Bosporus are required to follow the regulations enforced by marine protection organizations. These stringent regulations are expected to fuel the demand for high quality marine lubricants in Turkey. Also with the adoption of environmentally accepted lubricants, the demand for clean marine lubricants is rising. These factors are expected to support strong growth exhibited by the global marine lubricants market.
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Stringent Environmental Laws Fuelling Demand for Bio-based Marine Lubricants in Turkey
In terms of product, mineral lubricants constituted nearly 83% of the demand reported in the Turkey marine lubricants market in 2013. Mineral lubricants are non-biodegradable, which means accidental spillage can pose threat to the local ecosystem. Also long-term disposal of marine lubricants can have adverse impact on the marine life. This has in turn fuelled the demand for bio-based marine lubricants, which and biodegradable in nature and therefore pose lesser threat to aquatic life and local ecosystem. The shipping industry in the EU is using biobased lubricants for a long time. As Turkish shipping operators look forward to increasing their interaction with Europe’s shipping channel, they are compelled to conform to their laws, which in turn has fuelled the use of biobased lubricants in the Turkey shipping industry. Spurred by these factors, the marine lubricants market in Turkey will exhibit strong growth during the forecast period.
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Some of the leading companies operating in the Turkey marine lubricants market are Royal Dutch Shell, Total Lubricants (Lubmarine), Castrol, Chevron, BP Marine, and ExxonMobil. These companies are forging contractual agreements with local Turkish manufacturers to reinforce their distribution channels and widen their customer base.
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