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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