Marine Lubricants Market Trends Share Analysis

Marine Lubricants Market Trends, Share & Analysis Report,
2032

Marine lubricants market value is projected to be worth $10
billion by 2032, as per a recent research report announced by Global Market
Insights Inc.

According to the report, the 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.

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

Marine lubricants market is
classified into mineral oil, synthetic oil, and bio-based marine lubricants.
The 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. According to Sea and Shore
Logistics Group, sea shipping can take anywhere between 15 to 65 days, helping
synthetic oil emerge as a  preferred
marine lubricant over the coming years.

Rapid industrial growth to
propel growth in the grease oil segment

On the basis of application, the
market is divided into engine oil, hydraulic oil, and grease oil. The grease
oil marine lubricants market 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.

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research report @ https://www.gminsights.com/industry-analysis/marine-lubricants-market

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

The 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. According to UNCTAD,
maritime trade in Latin America and the Caribbean region in 2021 saw a 3% rise
year-on-year to 2 billion tons, including both goods loaded and discharged.
Coupled with the rapid growth in the shipping industry, the region will witness
high growth in the future.

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.

About Global Market Insights

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U.S., is a global market research and consulting service provider, offering
syndicated and custom research reports along with growth consulting services.
Our business intelligence and industry research reports offer clients with
penetrative insights and actionable market data specially designed and
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via a proprietary research methodology and are available for key industries
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