29 November 2019
The Marine Lubricant Market Report 2020-2030: Forecasts by Oil Type (Synthetic, Mineral Oil, Grease, and Bio-based), Product Type (Hydraulic Fluid, Engine Oil, Compressor Oil, and Others), and Ship Type (Tanker, Bulk Carrier, Container Ship, and Others), by region and analysis of leading companies operating in this industry.
The global market size of antimicrobial powder coating is estimated to exceed USD 6.21 billion by 2020 and is expected to grow over the forecast period at a CAGR of more than 3.1 percent. Marine Lubricant is a high-performance, easily biodegradable oil that provides maximum protection for marine equipment and improves engine efficiency. Growing demand from end-use industries such as the shipping industry is driving the global market for marine lubricants. Increasing maintenance activities have also strengthened the shipping industry, which has increasing the need for smooth operation and protection of marine equipment and engines from marine lubricants. In addition, new emission control technologies are expected to drive the global market for marine lubricants to expand.
Numerous factors propel the growth of the global market for marine lubricants, including the need to prevent rusting the various components of ships and marine vehicles. In addition, unnecessary friction can also render these vehicles obsolete or inactive , which further demands the need for marine lubricants. Basic oil producers have also increased their net production volume, and it is expected that this trend will have a positive impact on the global marine lubricants market.
Given the progressive nature of the global marine lubricants market, there are several factors such as the emergence of viable alternatives that could limit demand on the global market. Supplies of bright stock materials have dwindled, resulting in several alternatives for marine lubricants being discovered. In addition, the availability of low-quality lubricants resulted in several problems during marine operations that in turn affected the credibility of the global market for marine lubricants. Nonetheless, on the global market for marine lubricants, vast marine operations are expected to continue to fuel demand.
The market segmented based on the basis of oil type, the synthetic segment is expected to rise during the forecast period at the highest CAGR. This high rate of growth is due to strong environmental controls on the use of greener goods. Marine engines, stern tube leakages, and tanker / vessel leaks are some of the factors involved in leaking lubricants directly into the water. Since they are less harmful and can be released directly into the atmosphere, chemical lubricants help to control emissions.
Global market share in 2020 was dominated by the Asia-Pacific region. Despite rising demand for most industries and goods, there has been an increasing trend in recent years for imports and exports. Demand for basic commodities and raw materials, including crude oil and natural gas, has shown a remarkable improvement over the century. Throughout Asia-Pacific, natural gas is imported as supply is not sufficient to meet demand. It is therefore predicted that rising marine activities will drive the marine lubricants market over the forecast period.
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