The report “Marine Lubricants Market by Oil Type (Mineral Oil, Synthetic Oil, and Bio-Based), Product Type (Engine Oil, Hydraulic Fluid, Compressor Oil), Ship Type (Bulk Carrier, Container Ships), & Region( Asia Pacific, North America) – Global Forecast to 2028”, size was USD 6.3 billion in 2022 and is projected to reach USD 6.9 billion by 2028, at a CAGR of 1.5% from 2023 to 2028.
Some of the prominent key players are:
· BP Plc. (UK)
· Chevron Corporation (US)
· ExxonMobil Corporation (US)
· Royal Dutch Shell Plc (Netherlands)
· TotalEnergies SE(France)
Opportunities: Growing need for bio-derived marine lubricants-
Bio-derived marine lubricants are contemplated more natural friendly as compared to traditional marine lubricants. Also, the mounting necessity for bio-derived marine lubricants grants a substantial chance for manufacturers working in the marine lubricants market. Moreover, many countries have authorized regulations directing the use of bio-derived marine lubricants to decrease pollution and protect marine life. This has led to an growth in demand for marine lubricants, which creates an opportunity for producers to tap into this growing market.
Mineal oil was the largest oil type of the marine lubricants market, in terms of value, in 2022-
Due to the availability of light and heavy grades of mineral oils, the marine lubricants are widely produced from mineral oil. Also, the demand for mineral oil based marine lubricants is high in products such as engines, turbines, stern tubes and compressors. Thus, the mineral oil type segement has largest share in oil type.
Asia Pacific is estimated to be the largest market for the marine lubricants market, in terms of value, during the forecast period.
Asia Pacific is projected to be the largest market for marine lubricants, driven by the raising industrialization, rise in exports and low labour cost specially in India and China. Due to this reasons the demand for marine lubricants in Asia Pacific region is increased. The region has experienced rapid economic growth in recent decades, leading to increased maritime trade and shipping activities. The expanding economies of countries like China, India, Japan, and South Korea have resulted in a substantial demand for marine lubricants to support their shipping industries.
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