Global Marine Lubricants Market to Reach USD 6.8 Billion by 2023
Growing
infrastructural developments, growing number of voyages, emerging alternate
technologies, to drive the Global Marine Lubricants Market through 2023
According to TechSci Research report, “Global Marine Lubricants Market,
By Oil Type (Mineral Oil, Bio-Based, Synthetic and Grease), By Application
(Engine, Compressor, Hydraulic and Others), By Ship Type (Tankers, Cargo Ships,
Container Ships and Others), By Company and By Geography, Forecast &
Opportunities, 2023”, Global Marine
Lubricants Market is projected to reach USD 6.87 Billion by 2023, at a CAGR of
over 2% during the forecast period owing to increasing safety norms, growing
global cargo fleets, easy availability of mineral oils and increasing
investments for R&D. Based on application, the market has been categorised
Engine, Compressor, Hydraulic and Others. In 2017, the engines segment
dominated the global marine lubricants market and is expected to grow at a
fastest CAGR during the next five years owing to huge size, high consumption,
heat transfer fluids etc.
Moreover,
the growing developments of infrastructure for strengthening the shipping
industry coupled with growing overseas trade is projected to drive the growth
of the market in the next five years. Additionally, the growing efforts towards
improving the fuel efficiency by OEMs is the expected to drive the growth of the
Global Marine Lubricants Market by 2023.
On the basis of type, the Global Marine
Lubricants Market is segmented into mineral oil, synthetic, bio-based, and
grease. The Mineral oil segment dominated the marine lubricants market in 2017
due to ease of availability from crude extracts, cost-effectiveness and widespread
use in marine applications. The bio-based segment is projected to dominate the
market during the forecast period stringent safety norms that support the
development of bio-based, renewable fuels because of high emissions of sulfur
and nitrogen in the sea that are harmful aquatic life, damage the ozone layer and
the environment.
BP PLC., Exxonmobil Corporation, Indian Oil Corporation Ltd.,
Chevron Corporation, Royal Dutch Shell PLC, etc, are major companies operating
in the Global Marine Lubricants Market.
APAC region led the global marine
lubricants market in 2017, in terms of value and is expected to lead over the
next five years as well, owing to rising infrastructural developments in the
shipping industry in the region and availability of many manufacturers in the
region like Royal Dutch Shell Plc., Indian Oil Corporation Ltd., Total S.A.,
among others.
“increasing investments in optimized vessel efficiency,
surging maritime tourism and huge demand for economically viable engines are
among the other factors that are expected to positively influence the marine
engines market, globally. is anticipated to drive the Marine Lubricants market through
2023.”, said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Global Marine Lubricants Market, By Oil Type (Mineral Oil, Bio-Based,
Synthetic and Grease), By Application (Engine, Compressor, Hydraulic and
Others), By Ship Type (Tankers, Cargo Ships, Container Ships and Others), By
Company and By Geography, Forecast & Opportunities, 2023” has evaluated the future growth
potential of Global Marine Lubricants market and provides statistics and information
on market size, structure and future market growth. The report offers decision
makers superior market intelligence, thereby enabling them conduct thorough
investment appraisal. Besides, the report also analyzes the evolving market inclinations along
with indispensable drivers, challenges and opportunities in Global Marine
Lubricants Market.
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