Marine Lubricants Market to Reach USD 8570 by 2028 with a CAGR of 2.85% | Valuates Reports
BANGALORE, India, Dec. 9, 2022 /PRNewswire/ -- The Global Marine Lubricants Market is Segmented by Type (System and Cylinder Oils, TPEO), by Application (In-land/Coastal, Deep-Sea): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Oil & Gas Category.
Due to the COVID-19 pandemic, the global Marine Lubricants market size is estimated to be worth 7240 million USD in 2021 and is forecast to a readjusted size of 8570 Million USD by 2028 with a CAGR of 2.85% during the review period.
Major factors driving the growth of the Marine Lubricants Market:
The total marine lubricants market has been propelled by the expansion of the maritime sector as a result of infrastructure development and increased trade via ships. The Marine Lubricants market is anticipated to develop in the near future as a result of rising consumer demand for marine lubricants made from bio-based materials.
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TRENDS INFLUENCING THE GROWTH OF MARINE LUBRICANTS MARKET:
Infrastructural developments strengthening the shipping industry are expected to fuel the growth of the Marine Lubricants market. The development of existing straits like the Panama and Suez Canal as well as the sizing up of ships, building new terminals and building bigger ships all promote this. Ship manufacturers and government organizations also support it. Because larger ships need more lubricants in every mechanical component, including engines, gears, and wire ropes, the use of marine lubricants has increased as a result of these strategic developments. These lubricants are directly accountable for lengthening the lifespan of ships' mechanical parts.
Due to technological obsolescence and the high sulfur content of Group-I oils, there is a continuous global shift from the manufacture of Group-I to Group-II base stocks. The dynamics of the market are shifting as a result of the increasing availability of high-performance Group-II base stocks and their technical superiority over Group-I oils. Group II is the recommended base stock despite having a higher production cost since it has lower sulfur emissions and better fuel efficiency. Additionally, it is commonly favored because of the composition blend's improved solvency levels, better oxidation, and improved viscosity control. Marine lubricant producers have opportunities as a result of these elements. This factor is expected to drive the growth of the Marine Lubricants market.
The maritime supply chain is not complete without marine lubricants. Global usage of marine lubricants is anticipated to rise as a result of rising fuel prices and stricter IMO rules. Additionally, shippers are anticipated to run their engines at moderate steaming levels in order to conserve fuel as a result of the rise in fuel prices. Marine engines cannot run consistently at low speeds, which could cause corrosion issues in the engine and stressed parts and systems connected to it. The dependence on these lubricants is likely to grow as a result of the need to ensure engine safety and proper operation, which is anticipated to drive the marine lube market over the forecast period.
In marine applications, marine lubricants lessen wear and tear between contacting surfaces in relative motion. Inflatable boats, outboard motorboats, drill ships, semi-submerged ships, tankers, cargo ships, and passenger ships all use them to lubricate moving parts. The Marine Lubricants market share will benefit from the growing customer preference for luxury vacations.
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MARINE LUBRICANTS MARKET SHARE ANALYSIS:
The forecast period is expected to have the highest CAGR in Asia Pacific. The expansion of manufacturing enterprises' facilities in the area and rising trade activity are both credited with this growth. The growing demand for marine lubricants is primarily caused by rising commercial activities and rising infrastructure expansions in the shipping sector (in the form of an expanding port network). The largest markets for marine lubricants are the ports of China and Singapore.
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SIMILAR REPORTS:
- Lubricant and Fuel Additives Market
- Lubricant Viscosity Index Improvers Market
- Automotive Lubricant Testing Machine Market
- Lubricant Testing Machines Market
- Water-based Personal Lubricant Market
- Industrial Controls and Factory Automation Market
- Lubricants for Inland Marine Equipment Market
- Lubricants for Mining and Quarry Applications Market
- Marine Engine Lubricant Market
- Mineral-Oil-Based Lubricants Market
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