Marine Lubricants Market is Forecasted to Reach US$ 6.98 billion in 2028, Says Stratview Research

The global marine lubricants market is projected to witness a growth rate of 1.90% annually from 2023 to 2028, with an anticipated size of US$ 6.98 billion by 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global marine lubricants market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

Click here to get a free sample of the report:
https://www.stratviewresearch.com/Request-Sample/1173/marine-lubricants-market.html#form

Report Highlights:
Market Size in 2028: US$ 6.98 billion
Growth (CAGR): 1.90% during 2023-2028
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 4
Number of Tables & Graphs: 100+
Country-Level Market Assessment: 20

Segment Insights on the Marine Lubricants Market:

The global marine lubricants market is segmented based on oil type, type, product type, ship type, and region.

Based on oil type - The market is segmented as mineral oil, synthetic oil, bio-based, and grease. The mineral oil segment held the largest share of the market in 2022 and is expected to register a moderate CAGR during the forecast period. The low cost and easy availability of mineral oil from crude extracts and their easy applicability in almost every marine application are driving the growth of this segment.

Based on product type - The market is segmented into engine oil, hydraulic fluid, compressor oil, and others. The engine oil segment is expected to dominate the market during the forecast period because of the huge size of the engine, high consumption, and smaller drain intervals; the engine requires a large amount of fuels and lubricants which are the key factors driving the growth of the segment.

Based on ship type - The market is segmented as bulk carriers, tankers, container ships, and others. The bulk carrier segment is expected to dominate the marine lubricants market during the forecast period.

To know the most attractive segments, click here:
https://www.stratviewresearch.com/1173/marine-lubricants-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that Asia-Pacific is estimated to be the largest as well as the fastest-growing marine lubricants market during the forecast period. This growth outlook is majorly attributed to the following-

• Presence of the busiest ports in the region. Increasing trade activities and rising infrastructural developments in the shipping industry (in the form of increasing ports network) are responsible for the high demand for marine lubricants in the region.

Marine Lubricants Market Drivers:

Some of the key drivers listed in the report are given below.
Growth in the seaborne trade: The need for food, urbanization, and industrialization have all significantly increased as a result of the fast population rise in North America, Europe, and Asia Pacific. As trade between nations increased as a result, there was a noticeable increase in the need for carrying products across oceans. A rise in the number of vessels has been prompted by this boom in seaborne trade, and this has increased the need for marine lubricants.

Top Companies in the Marine Lubricants Market:
Stratview Research has identified the following companies as the top market players (Based on Dominance).
• BP plc
• Royal Dutch Shell plc
• Exxon Mobil Corporation
• Chevron Corporation
• Sinopec Corporation
• PJSC Lukoil
• Idemitsu Kosan Co., Ltd.
• Total S.A.

What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Marine Lubricants Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

Related Reports:
• Synthetic Lubricants Market: https://www.stratviewresearch.com/3485/synthetic-lubricants-market.html
• Aircraft Lubricants Market: https://www.stratviewresearch.com/355/Aircraft-Lubricant-Market.html

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This release was published on openPR.