Growing concerns regarding oceanic pollution caused by improper engine function and subsequent demand for fuel-efficient engines are estimated to trigger the growth of the [FURL=https://www.industryarc.com/PressRelease/1679/Marine-Lubricants-Market-Research-Analysis.html]Marine Lubricant Market[/FURL] around the globe. A rise in seaborne trade across the globe is anticipated to spur the high revenues for marine lubricants. When compared to airways and roadways approximately 80% of trade around the globe is done through seaways as it is the most cost-effective medium of transport. According to the United Nations Conference on Trade and Development (UNCTD), seaborne trade around the globe reached 10.7 billion tons in 2017. With high load carrying, water splash pressure and high corrosion resistance properties marine lubricants can increase the machinery output. A rise in demand for enhancing the overall operational efficiency of engines and component parts are the key factors impelling the growth of the marine lubricants industry. The global marine lubricants market size is valued at $6100 million as of 2018 and is anticipated to grow with a CAGR of 3.51% throughout the forecast period 2019-2025.Browse Market Report Link:
[FURL]www.industryarc.com/Research/Marine-Lubricants-Market-Research-500183[/FURL]
Asia-Pacific is anticipated to hold Prominent Position in the Global Arena Throughout the Forecast Period
The APAC held the largest share in the marine lubricant market with a 45% share of the global demand in 2018. According to the India Brand Equity Foundation (IBEF), total investment in Indian ports is expected to reach $43 billion by 2020. India has a long coastal corridor of about 7,517 with more than 200 ports and providing the abundant opportunities for the marine industry, which in turn, led the high demand for marine lubricants. Industries are opening their manufacturing units in this region due to the high availability of manpower and raw materials which are using in the manufacturing of the products. According to World Bank Data, the manufacturing sector in China was approximately 29% of the global GDP in 2018. This region has been witnessing growth in investments in the manufacturing sector due to increasing trade activities in China.
Bio-based lubricant segment is projected to grow at a CAGR of 6.22% in the global marine lubricant market through to 2025. Improved technologies along with environmental concerns are causing recovery of bio-based and synthetic marine grease. The improved version of bio-based grease demands for more compatible additives to sustain with oxygen-containing esters in the oils.
Talk to one of our sales representative about the full report by providing your details in the link below:
[FURL]www.industryarc.com/support.php?id=500183[/FURL]
About IndustryARC: IndustryARC is a research and consulting firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.