January 05, 2023 10:30 ET | Source: Transparency Market Research Transparency Market Research
Albany, New York, UNITED STATES
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
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Regional Growth Dynamics
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
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