Marine Lubricants Market To Register Incremental Dollar Opportunity Of Us$ 7.1 Bn During 2022 - 2031 : Fact.MR
The study also provides the dynamics that are responsible for influencing the future status of the market over the forecast period. A detailed assessment of value chain analysis, business execution, cost structure analysis, and supply chain analysis across regional markets has been covered in the report.
A list of prominent companies manufacturing marine lubricants, along with their product portfolios, key strategies, and SWOT analysis, enhances the reliability of this comprehensive research study.
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Marine Lubricant Industry Analysis by Category
Marine Lubricant Market by Oil Type :
Oil-based Marine Lubricants
Synthetic Marine Lubricants
Bio-based Marine Lubricants
Marine Lubricant Market by Product Type :
Other Product Types
Marine Lubricant Market by Region :
South Asia & Oceania
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Which Oil Type Holds Dominance in the Marine Lubricants Market?
"Synthetic Marine Oil Gaining More Popularity"
The marine lubricant market under oil type is segmented into oil-based, synthetic, and bio-based marine lubricants. The synthetic marine lubricants segment dominates the market with 51.1% of the overall market share, and is projected to register a CAGR of 1.6% over the forecast period.
This high market share is due to its high efficiency under low or high temperatures, environment-friendly nature, and durability in water. Additionally, with rising government demand for the reduction of sulphur and nitrogen emissions, sales of synthetic marine oil is rising faster as compared to other variants.
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Which Product Type Will Bring in Decent Sales for Market Players?
"Sales of Engine Oil & Hydraulic Fluid to Increase"
Engine oil holds 43.5% of the market share in 2022. This high market share is due to its capacity for engine sealing and cleaning power.
Hydraulic fluid is anticipated to gain rapid traction over the forecast period and grow 1.2X in demand by 2032, followed closely by compressor oil.
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