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(Olaolu OLUSINA)
Nigeria, South Africa and Egypt have been identified as three African countries currently benefitting from the booming global Marine Lubricants Market, according to a report just released by Market Research Store., a research think-thank based in India.
According to the report tagged, Global Marine Lubricants Market Insights, Forecast to 2025, “The marine cylinder lubricants occupy the largest share in the marine lubricants market.”
The lubes, according to the researchers, “find their application in vessels with either 2-stroke or 4-stroke engines, with 2-stroke engines occupying the majority of the share.”
Maintaining that the cylinder lubricants “clean the cylinder liner, and particularly the piston ring pack, to prevent malfunction and damage caused by combustion and neutralization residues,” the report noted that “The ever tightening restrictions regarding the environment are pushing the marine cylinder lubricant manufacturers to develop new products continuously.”
The report analysed global Marine Lubricants market across North America (United States, Canada and Mexico), Europe (Germany, France, UK, Russia and Italy), Asia-Pacific (China, Japan, Korea, India and Southeast Asia), South America (Brazil, ArgenMarine Lubricantsa, Colombia), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa).
It also listed key players in the global market to include BP PLC, Chevron Corp., China Petrochemical Corp. (SINOPEC Group), ExxonMobil Corp., Fuchs Petrolub SE, Gazpromneft – Lubricants Ltd, Gulf Oil Lubricants India Ltd, Idemitsu Kosan Co. Ltd, Indian Oil Corp. Ltd, JXTG Nippon Oil & Energy Corporation, LukOil, Quepet Lubricants, Royal Dutch Shell and Total SA.
The researchers at the think-thank noted that with the growing naval trade globally, the merchant navy fleet is continuously increasing and this will increase the consumption of marine cylinder lubricants.
They stressed that this will eventually drive the marine lubricants market during the period under forecast.
An earlier report by Grand View Research, Inc., had predicted that the market would hit a whopping USD 9.32 billion by 2025, with Asia-Pacific region dominating the market.
