Marine lubricants are used to keep parts lubricated and prevent wear and tear between contacting surfaces. Marine lubricants are biodegradable and are used to protect marine equipment such as inflatable boats, outboard motorboats, drill ships, semi-submerged ships, tankers, and other vessels. These are made in such a way that they can withstand high pressure and provide the rugged performance required in marine applications
The global marine lubricants market is estimated to be valued at US$ 11,185.6 million in 2021 and is expected to exhibit a CAGR of 6.1% over the forecast period (2021-2028).
Low-cost operations and improved fuel efficiency of marine lubricants will increase demand for them in the long run. Biodegradability, low toxicity, and low maintenance characteristics will drive demand for marine lubricants even higher. Rising demand for marine transportation in the Asia-Pacific and European regions is creating new opportunities for the marine lubricants market. The rise and expansion of the shipping industry, as well as shipbuilding activities, will drive demand for marine lubricants even higher.
However, the presence of sulphur and nitrogen in marine lubricants is toxic to aquatic animals. A decrease in trading activity and an increase in the number of inactive ships will pose a significant challenge to market growth. Rising economic instabilities in shipbuilding economies will further impede market growth.
The marine lubricants market is divided into five segments: product type, lubricant type, application, operation type, and marine channel. The growth of the various segments assists you in gaining knowledge of the various growth factors expected to be prevalent throughout the market and developing different strategies to help identify core application areas and the difference in your target market.
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