Global Marine Lubricants Market Size to grow USD 9.72 Billion by 2030 | CAGR of 3.4%Category: Chemicals & Materials
Global Marine Lubricants Market worth $9.72 billion by 2030
According to a research report published by Spherical Insights & Consulting, The Global Marine Lubricants Market Size to grow from USD 7.2 billion in 2021 to USD 9.72 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 3.4% during the forecast period. Over the projected period, the demand for Marine Lubricants in the market will increase due to a rise in the demand of Marine Lubricants for ships is expected to rise as a result of expanding global trade, industrialization, and a growing interest in lowering ship maintenance costs.
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Browse key industry insights spread across 199 pages with 106 market data tables and figures & charts from the report “Global Marine Lubricants Market Size, Share, and COVID-19 Impact Analysis By Product (Bio- Based Oil, Mineral Oil and Synthetic Oil), By Application (Engine Oil, Hydraulic Oil, Grease Oil and Others) and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030. “in detail along with the table of contents. https://www.sphericalinsights.com/reports/marine-lubricants-market
The COVID-19 pandemic has made an adverse impact on credit portfolios. There has been an unprecedented rise in unemployment and disruption in economic activity, putting a strain on the solvency of customers and companies. Central banks have taken a proactive approach by injecting liquidity into the market by lowering interest rates and asset purchase programs. Managing and monitoring credit, market, liquidity, and operational risk across financial markets were hard enough with ongoing geopolitical tensions, international trade wars, and the occasional hurricanes and earthquakes. The current pandemic situation has forced chief risk officers and their teams to recalibrate old assumptions and models used to manage and monitor risk. COVID-19’s global impact has shown that interconnectedness plays an important role in international cooperation. As a result, many governments started rushing toward identifying, evaluating, and procuring reliable solutions powered by AI.
The Bio- Based Oil segment to account for the largest market size during the forecast period
Based on the product, the Marine Lubricants Market is categorized into Bio-Based Oil, Mineral Oil and Synthetic Oil. The Bio-Based Oil segment accounts for the largest market size during the forecast period. Throughout the forecast period, the Bio-Based Oil segment is anticipated to maintain its leading position because of several causes, including rising environmental consciousness, stricter rules on using conventional lubricants, and the global adoption of environmentally friendly bio-based products in the maritime sector. Additionally, the rising cost-competitiveness of advanced bio-based marine lubricants, notably due to rising crude oil prices in recent years, will fuel product demand during the anticipated period.
The Engine Oil segment to hold a higher CAGR during the forecast period.
Based on the application, the Marine Lubricants Market is categorized as Engine Oil, Hydraulic Oil, Grease Oil and Others. The Engine Oil segment to hold a higher CAGR during the forecast period. Throughout the forecast period, the Engine Oil segment is anticipated to maintain its leading position while expanding at the fastest CAGR because Engine oil is used specifically to lubricate the interior workings of marine internal combustion engines, maintain engine coolness, and guard against corrosion. The usage of water transportation has expanded with the global trade in bulk commodities such consumer goods, industrial items, agricultural goods, and oils.
North America is estimated to account for the highest market share in 2022.
The Global Marine Lubricants Market has been segmented into five major regions: North America, Europe, Asia-Pacific, South America, The Middle East and Africa. The demand for Marine Lubricants is being driven by the rising acceptance by the market. The market for Marine Lubricants was dominated by the North America region mostly due to the rapid industrialization and expansion of global trade, as well as the expanding popularity of seaborne transit as a cost-effective means of transportation, particularly in the United States. The need for transport ships, which are mostly used to convey commodities, materials, and raw materials, is expected to rise as a result of the expanding intracoastal and intranational seaborne container networks and fully interconnected waterways. Over the projection period, market expansion is predicted to be driven by the region's lubricant makers' growing emphasis on marketing and launching bio-lubricants for the maritime industry. Due to growing concerns about marine pollution in the U.S., strict laws on the usage of ecologically friendly lubricants are expected to present market prospects for bio-lubricant companies operating in the area. Asia Pacific to hold a higher CAGR during the forecast period.
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Major vendors in the Global Marine Lubricants Market include BP Plc., China Petrochemical Corporation, ENI SPA, ENOC (Emirates National Oil Company), ExxonMobil Corporation, Gazrprom Neft, Gulf Oil Corporation Ltd., Idemitsu Kosan Co. Ltd, Indian Oil Corporation,JX Nippon oil & Energy Corporation, Lukoil, PetroChina Company Limited, Petronas, Royal Dutch Shell Plc, SK INC, Total Energies SE, and Valvoline.
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Frequently Asked Questions (FAQ)
What is the market size of the Marine Lubricants market?As per Spherical Insights, the size of the Marine Lubricants market was valued at USD 7.2 billion in 2021 to USD 9.72 billion by 2030.
What is the market growth rate of the Marine Lubricants market?The Marine Lubricants market is growing at a CAGR of 3.4% from 2022 to 2030.
Which country dominates the Marine Lubricants market?North America emerged as the largest market for Marine Lubricants.
Who are the key players in the Marine Lubricants market?Key players in the Marine Lubricants market are BP Plc., China Petrochemical Corporation, ENI SPA, ENOC (Emirates National Oil Company), ExxonMobil Corporation, Gazrprom Neft, Gulf Oil Corporation Ltd., Idemitsu Kosan Co. Ltd, Indian Oil Corporation, JX Nippon oil & Energy Corporation, Lukoil, PetroChina Company Limited, Petronas, Royal Dutch Shell Plc, SK INC, Total Energies SE, and Valvoline.
Which factor drives the growth of the Marine Lubricants market?Rising demand for marine lubricants made from biomaterial is expected to drive the market's growth over the forecast period.
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