Marine Lubricant Market Comprehensive Insights and Growth Potential in the Future

REPORT DESCRIPTION:

Lubricants are used to prevent and control friction stress between two moving surfaces. In mechanical equipment, lubricants are used as engine oil, compressor oil, gear oil, and piston oil to improve functionality. Lubrication improves the lifespan of machinery and equipment. Lubricants are also used as cutting fluids to cool as well as lubricate surfaces. Various parameters are considered before choosing a lubricant, including viscosity, volatility, alkalinity, and oiliness as these fluids a vital role in managing the main engine lube oil system and its performance. 

The global marine lubricant market was valued at USD 6.25 billion in 2018 and is projected to reach a value of USD 9.05 billion by 2026, registering a CAGR of 4.2% during the forecast period, 2019–2026.

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The Major Players Covered in this Report: Aegean Marine Petroleum Network Inc., BP PLC, Chevron Corporation, Exxon Mobil Corporation, Idemitsu Kosan Co. Ltd., LUKOIL Marine Lubricants DMCC, Royal Dutch Shell Plc., Sinopec Corporation, Total S.A., and Valvoline LLC. Key players are observed to be focusing on expanding their geographical reach. & More.

By Oil Type, Mineral, Synthetic, Bio-based
By Ship Type, Commercial, Industrial, Other
By Application, Engine, Hydraulic, Compressor, Others

Years that have been considered for the study of this report are as follows:

History Year: 2015-2019
Base Year: 2019
Estimated Year: 2020
Forecast Year: 2019 to 2026

Growing Domestic Demand and Expanding Pharmaceutical Sector to Drive the Demand for Marine Lubricant in the APAC Region
Asia-Pacific region is anticipated to hold the largest market share in the global Marine Lubricant market during the forecast period 2019-2026. The growth in this region can be attributed to the presence of emerging economies like India, China, Japan, Vietnam, and Indonesia, which account for the largest share in this region. India is one of the largest producers of Marine Lubricant and a major exporter of the product to various countries across the globe. India accounts for around 80% of the world’s exports of Marine Lubricant. The favorable climatic conditions and growth of agricultural inputs and allied services like cold storage and warehousing in India are prompting higher production.

Intended Audience:
Lubricant Manufacturers and Buyers
Stakeholders From the Shipping Industry
Lubricant Dealers and Distributors
CEOs and Directors of Various Companies operating in Related Sectors
Organizations and Researchers Engaged in Environmental Studies
Suppliers of Conventional Materials for Automotive Component Manufacturers
Forming Equipment

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Key Marine Lubricant Market Trends:
- The report identifies, determines, and forecasts the Global Marine Lubricant Market segments based on their type, sub-type, technology used, applications, end-users, and regions.
- Industry to Industry Holds Largest Share in the Marine Lubricant Market
- It examines the micro-markets based on their growth trends, development patterns, future prospects, and contribution to the overall market.
- Demand from Regional / geographical is Expected to Drive the Growth
- Rising Adoption of Market Segments in this Growth
- North American, Europe is Expected to Witness Higher Growth Rate over the Forecast Period
- It studies the competitive developments such as partnerships and collaborations, mergers and acquisitions (M&A), research and development (R&D) activities, product developments, and expansions in the Global Marine Lubricant Market.

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This release was published on openPR.