Marine Lubricants Market to exceed $10 bn by 2032

Marine lubricants market size is projected to reach USD 10 billion by 2032, as per a recent research report announced by Global Market Insights Inc.
 

Growing demand for bio-based lubricants in North America and Europe will propel product sales between 2023 and 2032. These lubricants are made from natural vegetable-sourced base oils like palm, coconut, canola, soybean, and sunflower and can be used in various applications, including two-stroke engines and chainsaw bars. Bio-based lubricants are low-cost, biodegradable, less toxic, and require less maintenance. Strict environmental regulations have led to innovative and eco-friendly solutions, further driving the demand for bio-based lubricants.
 

Growing focus toward lower maintenance costs to fuel synthetic oil segment expansion

Marine lubricants market from synthetic oil segment is anticipated to surpass USD 1.5 billion in 2032, owing to the rise in demand for high-performance marine lubricants. Although costlier, synthetic oil-based lubricants offer reduced maintenance costs, making them more suitable to work for long durations.
 

Rapid industrial growth to propel industry landscape

Grease oil segment is projected to grow at 5% CAGR between 2023 and 2032, given the rise in marine transport due to rapid global industrialization. Having a wide range of applications, grease oil is used in wire rope protection, folding propellers, bearings, deck gear, and other parts in a marine vessel. With the rise in waterways transportation, demand for grease oil is slated to rise as well for better performance, especially in emerging and growing economies like India and China.
 

Browse key industry insights spread across 368 pages with 553 market data tables & 45 figures & charts from the report, “Marine Lubricants Market Size, By Product (Mineral Oil, Synthetic Oil, Bio-based marine lubricants), By Application (Engine Oil, Hydraulic Oil, Grease Oil), By Marine Channel (Recreational, Industrial, Transport) Industry Analysis Report, Covid-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Landscape & Forecast, 2023 – 2032” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/marine-lubricants-market
 

Flourishing global sea trade to expand transport segment share

Transport segment is slated to register more than USD 6 billion by 2032. The shipping industry is an important method of foreign trade, where transport plays an important role. This will see the use of ships and similar vessels rise due to the rise in trade of consumer goods and bulk commodities worldwide. Bilateral trade treaties will also play a favorable role to drive growth in the segment, as they will lead to the development of ports, water networks, and navigation services.
 

Rising number of ports to augment industry expansion in the Latin America

Latin America marine lubricants market segment is poised to register over 5% CAGR between 2023-2032, with maritime logistics deemed to be the backbone of the region’s industrial trade. For effective distribution of goods, like food and medical aid, the region saw a rise in the number of shipping ports in recent years.
 

Strategic alliances to shape marine lubricants market outlook

Key players in the market are Exxon Mobil Corporation, Chevron Marine Products, Gulf Oil International Limited, Indian Oil Corporation Ltd (IOCL), Castrol Limited, and Royal Dutch Shell. The industry has been witnessing a rise in alliances and partnerships by firms in order to strengthen their offerings and expand their footprint.