The global marinelubricants market size is anticipated to reach USD 9.47 billion by 2026owing to the increasing need to protect engines from corrosion. This
information is provided by a published report by Fortune Business Insights™. The
title of the report is, “MarineLubricants Market Size, Share & Industry Analysis, By Product (Marine
Cylinder Oil, Piston Engine Oil, System Oil, and Others; By Ship Type (Bulk
Carrier, Oil Tankers, General Cargo, Container Ships, Others), and Regional
Forecast, 2019-2026.” As per this report, the market value was USD 8.01billion in 2018 and will rise at a CAGR of 2.13% during the forecast period,
2019 to 2026.
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The report provides a 360-degree overview of themarket, focusing on major growth parameters such as drivers, restraints,
challenges, trends, and opportunities. It also offers the competitive landscape
of the market and list of leading players. Segmentation of the market based on
factors such as product, ship type, and regions is discussed in the report. Apart
from this, key industry developments and other interesting insights are
provided in the marine lube market report. The report is available for sale on
the company website.
Drivers –
Rising Focus on Enhancing theOperability of Ship Engines will Drive Market
The rise in fuel prices has propelled shippingcompanies to operate engines at maximum levels by slow steaming and save fuel.
However, marine engines are incapable of operating at reduced rates
continuously and this raises the possibility of corrosion in the engine and its
associated strained components. For ensuring proper and safe functioning of
engines, marine lubricants are a necessity. The above factor stands as a major
driver for the marine lubricants market growth. Additionally, the rise in trade
relations between nations and the expansion of e-commerce overseas are also
helping the market gain impetus.
Furthermore, analysts at Fortune Business Insights™say “Focus on keeping machines and marine vessels free from corrosion will help
the market gain traction in the forecast period. This, coupled with the advent
of bio-based lubricants in the market, will create lucrative growth
opportunities for the market in the long run.”
