The Marine Lubricants Market Global Industry Research Report is estimated to be USD 5.98 billion in 2018 and is projected to reach USD 6.66 billion by 2023, at a CAGR of 2.17% from 2018 to 2023.
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Total S.A. (France), BP plc (UK), Royal Dutch Shell plc (Netherlands), Chevron Corporation (US), Sinopec Corporation (China), PJSC Lukoil (Russia), Exxon Mobil Corporation (US), and Idemitsu Kosan Co. Ltd. (Japan) are some of the leading players in the global marine lubricants market.
IMO 2020 mandates the use of marine fuels with sulfur levels lower than 0.5% to check greenhouse gas emissions. This has halted the operation of many shipping vessels that do not comply with the emission standards. Industry players are integrating advanced technologies like scrubber systems and selective catalytic reduction systems in older ships to conform to the emission norms. The retrofitting of old ships to keep them operational coupled with the rising marine trade will drive the demand for marine lubricants.
Browse 106 market data Tables and 40 Figures spread through 141 Pages and in-depth TOC on “Marine Lubricants Market – Global Forecast to 2023” https://www.marketsandmarkets.com/Market-Reports/marine-lubricants-market-246832885.html
Synthetic oil type segment to grow at the highest CAGR between 2018 and 2023
Based on oil type, the global marine lubricants market has been segmented into mineral oil, synthetic, bio-based, and grease. The synthetic segment is projected to grow at the highest CAGR during the forecast period. This high growth rate is attributed to the strong environmental regulations regarding the use of greener products. Some of the sources involved in the release of lubricants directly into the environment are marine engines, stern tube leakages, and tanker/vessel spills. Synthetic lubricants help in controlling pollution as they are less toxic and can be released into the environment directly.
Compressor oil product type segment to witness the highest CAGR between 2018 and 2023
Based on product type, the global marine lubricants market has been segmented into engine oil, hydraulic fluid, compressor oil, and others. The compressor oil segment is projected to grow at the highest CAGR during the forecast period. Expanding operations by shipping companies on a global scale and increasing ship sizes are major factors expected to help increase the demand for compressors in the maritime industry.
APAC to be the fastest-growing market for marine lubricants during the forecast period
Among regions, APAC has the busiest ports where a large number of seaborne trades take place. These ports are also maintenance hubs for ships that demand marine lubricants. The marine lubricants market in the APAC region is projected to grow at the highest CAGR between 2018 and 2023. This growth is mainly attributed to increasing trade activities, rising infrastructural developments in the shipping industry (in the form of increasing network of ports), and growing use of less toxic products in APAC countries, such as India, Japan, South Korea, and China.
List of Figures (40 Figures)
Figure 1 Marine Lubricants Market Segmentation
Figure 2 Marine Lubricants Market: Research Design
Figure 3 Market Size Estimation: Bottom-Up Approach
Figure 4 Market Size Estimation: Top-Down Approach
Figure 5 Marine Lubricants Market: Data Triangulation
Figure 6 Mineral Oil to Be the Dominating Oil Type for Marine Lubricants
Figure 7 Engine Oil to Be the Largest Product Type Segment of the Marine Lubricants Market
Figure 8 APAC to Register the Highest CAGR in the Marine Lubricants Market
Figure 9 Long-Term Growth Prospects for the Marine Lubricants Market Between 2018 and 2023
Figure 10 Mineral Oil to Be the Largest Segment of the Marine Lubricants Market
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