Press release
Marine Lubrication System Market lucrative opportunities by 2026 examined in new market research report
A marine lubrication system is a vital part of vessels engine system which deliver appropriate amount of lubricant for the smooth and efficient operation of the engine. The system consists of a pump, cooler, cylinder lubrication box, filter and cylinder lubrication oil service tank. It helps in maintaining the temperature of the engine, thickness of oil film and reduces downtime caused by improper lubrication. This system also helps in reducing the corrosion of the engine, cut down energy consumption, increase the safety of workers, controls the amount of lubricant dispensed and thus increase the lifespan of the engine. Therefore, marine lubrication system is utilized in various sea vessels such as inflatable boats, drill ships, cargo ships and container ships.The market for marine lubrication system is expected to reach rise at a CAGR of 2.1 percent during the forecast period. Increasing growth of shipbuilding industry is one of the major factors driving the growth of marine lubrication system market.
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MARINE LUBRICATION SYSTEM MARKET SEGMENTATION:
By Oil Type
Mineral Oil,
Synthetic
Bio-based
Grease
By Product Type:
Engine oil
Hydraulic fluid
Compressor oil
By Ship Type:
Bulk Carrier
Tanker
Container
By Region:
North America
South America
Europe
Asia Pacific
Middle East & Africa
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REGIONAL INSIGHT:
Asia Pacific is likely to be the most profitable region during the forecast period. This is due to the presence of large shipbuilding companies in the region such as China Shipping Container Lines, Mitsui O.S.K lines and China Ocean Shipping Company. According to the report of United Nation Conference on Trade and Development, around 50% ships across the globe are owned by Asia Pacific which, in turn contributes towards the growth of marine lubrication system market. Also, increasing trade relation between developing nation such as Taiwan, China and India along with surge in number of naval vessels are expected to propel the growth of the market during the forecast period.
On the other hand, Europe holds the second largest share of the market after Asia–Pacific. This is attributed to the factors such as significant share in the global trade, presence of multiple numbers of ports and dry docks in the region. Germany and U.K is the prominent consumer of the marine lubrication system in this region.
The marine lubrication market in Middle East & Africa is driven by the increasing consumption of lubricants in oil tankers. However, turmoil in the political conditions of the regions such as sanction on Iran may hamper the market growth during the forecast period. However, GCC countries and Turkey holds more than half of the regional marine lubricant demand.
FEW KEY PLAYERS IN OXYTOCIN MARKET:
Lubrication Technologies, Inc.
Wartsila Corporation
Caterpillar Inc.
Forum Energy Technologies
SKF Group
Martechnic GmbH
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