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.
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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.
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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.
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630 Dundee Road
Suite 430
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USA: 1-888-600-6441
sales@marketsandmarkets.com
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