Wilmington, Delaware, United States, Jan. 05, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global marine lubricants market is projected to grow at a CAGR of 4.17% from 2021 to 2031. Marine lubricants are designed to meet the high performance operations of marine vessels during mission-critical operations. These lubricants aid in reducing wear and tear on the vessels. Increase in use of marine lubricants on inflatable boats, passenger ships, drill ships, cargo ships, outboard motorboats, and other vessels is further projected to boost business growth in the marine lubricants market during the forecast period.
Rise in applications in the shipbuilding industry is expected to serve as a significant driver boosting the marine lubricants business growth. The growing influence of marine trade, coupled with low maintenance and shipping costs, are anticipated to create further market opportunities for marine lubricants.
According to the TMR report, the global marine lubricants market was valued at US$ 4.08 Bn in 2020 and is anticipated to reach US$ 7.53 Bn by 2031. The low cost of transportation in marine trade and the increasing use of such lubricants for multiple drill ships, cargo ships, inflatable boats, and passenger ships, among others, are projected to aid in expansion of the global marine lubricants market during the forecast period.
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Key Findings of Study
- Rise in Offshore Applications Expected to Boost Market Growth: Increase in demand for mineral oil and bio-based oil for offshore applications is likely to favorably impact the overall marine lubricants market. Besides this, popularity of synthetic oil and cost efficiency it offers is also expected to augment the growth of the marine lubricants market during the forecast period.
- Investments in Research and Development Activities Likely to Influence Oil Prices: Increasing efforts of manufacturers in product development of marine lubricants is anticipated to have a positive influence on the overall market outlook during the forecast period.
Key Drivers
- Rise in offshore activities is anticipated to boost the marine lubricants market during the forecast period.
- Increase in demand for mineral oil and synthetic oil is projected to drive the global industry for marine lubricants in the future.
- Low cost of transportation and maintenance is likely to propel the demand for marine lubricants.
- Increase in use of marine lubricants to decrease the rate of wear and tear in water vessels aids market expansion.
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Regional Growth Dynamics
- In 2020, Asia Pacific was dominant in the market and is projected to continue its dominance during the forecast period due to the rise in number of ports in major economies such as India, Australia, Singapore, Japan, Philippines, and China.
- The market in Europe held a notable position in the market attributed to the expansion of inland waterways businesses and use of ships in large numbers in inland waterway routes.
- Countries such as France, Russia, the Netherlands, and Germany are key contributing nations helping the European market for marine lubricants gain significant revenues.
Key Players
Competition in the global marine lubricants market is consolidated with the presence of a handful of players. Some players are engaging in joint ventures and collaborative efforts while others are making heavy investments in technological advancement to attract higher revenues and ensure brand publicity.
Some of the significant players in the global marine lubricants market include Chevron Corporation, Castrol, Total Lubmarine, Exxon Mobil Corporation, Royal Dutch Shell, BP Marine, and Lukoil Marine Lubricants Ltd.
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Marine Lubricants Market Segmentation
Product Type
- Mineral Oil Marine Lubricants
- Synthetic Marine Lubricants
- Bio-based Marine Lubricants
Application
- Engine Oil Marine Lubricants
- Hydraulic Oil Marine Lubricants
- Grease
- Others (Turbine Oils, Gear Oils, Compressor Oils, and Heat Transfer Fluids)
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Countries
- U.S.
- Canada
- Germany
- U.K.
- France
- Spain
- Italy
- Russia & CIS
- China
- India
- Japan
- ASEAN
- Brazil
- Mexico
- GCC
- South Africa
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