Marine Lubricants Market Size, Share, Growth, Trends and Forecast Report
by Susan Hill Business ConsultantThe
global marine lubricants market size is expected to reach
USD 9.32 billion by 2025, according to a new report by Grand View Research,
Inc., expanding at a CAGR of 3.9% during the forecast period. Growing concerns
regarding oceanic pollution caused by improper engine function and subsequent
demand for fuel-efficient engines are estimated to trigger the growth of the
market.
Marine
lubricants are widely utilized in the shipping industry to help protect engines
and equipment as well as enhance efficiency. These are essential high
performance additives for engines, especially designed to enable optimal
performance in marine operations.
Growth in
international trade, removal of trade barriers being the principal reason, is
encouraging developing countries to concentrate more on improvement of their
infrastructure, such as roads, airports, and seaports, which play a vital role
in the development of the economy. Product storage, along with capacity to move
large shipments, has placed the shipping industry in a very advantageous
position.
Global shipping
majors, just like other segments of the conventional transport industry, are
increasingly getting integrated with emerging global logistics and supply chain
activities, owing to both external and internal dynamics. These factors have
aided industry participants in substantially consolidating their market
position and supplementing their ocean freight income, subsequently stoking the
demand for marine lubricants.
Engine oils
dominated the market with about 46.0% volume share in 2016. These products are
widely used in high, medium, and slow speed marine engines to extend service
life and protect interior components from high temperatures & pressure.
Some lubricants even offer additive protection against crankcases, camshaft
areas, under-crowns, and ring belts.
Other
products such as refrigeration compressor oils are specifically formulated to
perform in extreme temperature environments and consist of HFC, CFC, and
ozone-friendly refrigerants. These lubricants significantly prevent congealing
on valves. The segment is expected to rise at a 2.8% CAGR from 2017 to 2025
Further key
findings from the report suggest:
- Hydraulic oils
are anticipated to emerge as the fastest growing segment with a CAGR of
2.6 % over the forecast period. These are used for extending pump life
under severe conditions, maintain cleanliness, and reliable air release
filterability
- Lubricants are
also utilized in gear oil for the protection of high horsepower marine
engines. The product is fortified with anti-foaming agents, which prevents
cavitation at high RPM’s
- North America
is projected to remain a prominent regional market, registering a CAGR of
2.4% during the forecast period. The growth of the region can be
attributed to rally of the marine sector
- Asia Pacific is
likely to remain the fastest growing region with a 4.3% CAGR from 2017 to
2025. Some of the factors contributing to the growth of APAC are
increasing number of ports, surging trade activities with the U.S. and
other developed economies, and rapidly expanding shipbuilding sector
- Major industry participants are increasingly engaging in R&D, strategic collaborations, new product launches, and other strategies in order to consolidate their positions in the market.
Access
full research report on global marine lubricants market:
www.grandviewresearch.com/industry-analysis/marine-lubricant-market
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Created on Nov 4th 2019 07:46. Viewed 311 times.