As per recent analysis done by Fact.MR- a market research firm, the global marine lubricant market is estimated to surpass the valuation of USD 7.1 billion by 2032 end, and to expand at a significant CAGR of 1.5% by value over the assessment period.
The rising international trade activities and shipbuilding developments are flourishing the growth of the marine lubricant market. International trading through seaborne contribute to almost 30% of global transportation and is still increasing. As a result, the biodegradability of marine lubricants is highlighted owing to its benefits including improved safety, constant viscosity and low emission rates.
Additionally, the development in the lubricant industry and shift from use of additives which includes heavy metals such as antimony and lead towards environmental friendly additives drive the growth of marine lubricants. Also, improvement in ship size to upsurge the marine carriers and high demand for ultra-large container ships with the rise in trade volume spur the demand for marine lubricants.
Marine lubricants protect and enhance the efficiency of engines and equipment in shipping industry. They protect components at high temperatures, allows optimum performance in operations, like extending shelf life, enhancing protection against mechanical wear and reduces cold corrosion.
Key Takeaways from Market Study
- The global marine lubricant market is valued at USD 6.1 billion and is projected to grow at a CAGR of 5% during the forecast years to reach USD 7.1 billion by the end of 2032
- Synthetic oil segment is expected to garner an absolute $ opportunity of nearly USD 576.9 million during the forecast period
- Compressor oil under product type segment of lubricant oil is projected to grow 2X during forecast period, while, engine oil segment is expected to continue its dominance during the forecast period
- North America and Europe together holds 6% market share in 2022
- North America and Europe are projected to register 6% and 1.5% CAGR during the forecast years
“Marine lubricant market is expected to generate an absolute $ opportunity of USD 1.1 Billion by 2032 led by the rising shipping industry” says a Fact.MR analyst.
The marine lubricant market is a fragmented market governed by intense competition among the leading players. Each player is aiming to enhance its market position by introducing quality and safe products through product innovation and improvement.
Key players in global marine lubricant market are preferring the adoption of inorganic and organic growth strategies such as collaborations, acquisitions, mergers, partnerships etc. to enhance their global footprint and profit margin.
They are also trying to gain foothold in the market by maintaining an edge over other competitors in the market and are trying to stay relevant by continuously focusing on product research and development.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global water enhancer market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of oil type (oil-based, synthetic, bio-based), product type (engine oil, hydraulic fluid, compressor oil, other product types), and across major regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, MEA).
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