Skip to main content

The compressor oil segment is projected to grow at the highest CAGR in Marine Lubricants Market to 2023



Marine Lubricants Market was valued at USD 5.85 billion in 2017 and is projected to reach USD 6.66 billion by 2023, at a CAGR of 2.17% during the forecast period.

Increasing demand for bio-based marine lubricants
The regulatory bodies, such as MARPOL, EPA, and SOLAS, have imposed rules to limit the emission of nitrogen oxide and sulfur oxide from ships to protect the environment from greenhouse gases. These regulatory bodies have limited the use of mineral and synthetic oils that release toxic wastes and gases.
Instead of using mineral oil lubricants in ships, the shipping companies are using biodegradable lubricants that do not affect the environment with the emission of hazardous gases. This has led to the rise in demand for environment-friendly and bio-based marine lubricants, as they are non-toxic, partially biodegradable, and non-bioaccumulative. They are formulated with renewable and biodegradable base stocks and are an ideal choice for use in emission control areas (ECA) where low sulfur levels are required.

Therefore, the increasing demand for bio-based marine lubricants provides opportunities for the market growth.
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.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=246832885
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.
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact MarketsandMarkets™:
Mr. Ashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: 1-888-600-6441
sales@marketsandmarkets.com


Labels

Labels:

Comments

Post a Comment

Popular posts from this blog

Dual Chamber Syringe Filling Machine Market Size,Insights, and Forecast 2025

  The Global Dual Chamber Syringe (DCS) Filling Machine Market size is projected to grow from USD 258 million in 2020 to USD 381 million by 2025, at a CAGR of 8.2% between 2020 and 2025. The growth is attributed to the growing biopharmaceutical industry, increasing production of lyophilized drugs and advancement in filling machine technologies. Browse 102 market data Tables and 29 Figures spread through 113 Pages and in-depth TOC on  "Dual Chamber Syringe (DCS) Filling Machine Market by Type (Automatic, Semi-Automatic and Manual), Application (Industrial Pharmacy and Hospital Pharmacy), and Region – Global Forecast To 2025". Syntegon Technology is one of the leading providers of packaging and processing technology. In 2019, Bosch (Germany) sold one of its subsidiaries, Bosch Packaging Technology, to CVC Capital Partners (Luxembourg) and was renamed as Syntegon Technology. The company manufactures products for four different segments, namely, pharma, biopharma & fine ...
Post a Comment
Read more

Asia Pacific accounted for a major share of the fiberglass roving market

  The fiberglass roving market is projected to grow from USD 8.24 billion in 2018 to USD 11.02 billion by 2023, at a CAGR of 6.0% between 2018 and 2023. Browse 78 market data Tables and 47 Figures spread through 133 Pages and in-depth TOC on  "Fiberglass Roving Market by Fiber Glass Type (E, ECR, H, AR, S),Product Type(Single-end, Multi-end, Chopped),End-use Industry (Transportation, Construction, Electrical & Electronics, Pipe & Tank, Wind, Aerospace, Marine),and Region Global Forecast to 2023" Request Report Sample @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=132583551 Owens Corning focuses on capacity expansions to meet the growing demand for fiberglass roving used in specialty composites. In addition, the company focuses on new product launches to maintain a competitive edge in the market. The company recently has launched roving products under the brands HydroStand, WindStrand, PipeStrand, PulStrand, and Perfomax. The company h...
Post a Comment
Read more

Digitally Printed Wallpaper Market Statistics, Trends, Growth and Demand Report 2022- 2027

  The global digitally printed wallpaper market size in 2022 is estimated at USD 4.7 billion and is projected to reach USD 13.1 billion by 2027, at a CAGR of 22.4% from 2022 to 2027. The major drivers for the market include an growth in urbanization and increasing construction activities. However, rivalry from paint & coating producers limits the market growth. Moreover, the ever-increasing growth in commercial and marketing sectors is projected to boost the market for digitally printed wallpaper. Browse 162 market data Tables and 28 Figures spread through 152 Pages and in-depth TOC on  "Digitally Printed Wallpaper Market by Printing Technology (Inkjet, Electrophotography), Substrate (Nonwoven, Vinyl, Paper), End-Use Sector (Non-Residential, Residential, Automotive & Transportation) and Region - Global Forecast to 2027 " Request Report Sample @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=81489419 Key companies such as A.S. Création T...
Post a Comment
Read more