Selbyville, Delaware, Sept. 08, 2021 (GLOBE NEWSWIRE) -- According to the report published by Global Market Insights Inc., the global Marine Lubricants Market was estimated at $5,305 million in 2020 and is slated to exceed US$7,085 million by 2027, registering a CAGR of 3.5% from 2021 to 2027. The report provides a comprehensive analysis of the market size & estimations, major drivers & opportunities, key pockets of investment, wavering market trends, best winning strategies, and insight into the competitive outlook.
The surging demand for various heavy-duty machinery along with defense goods transport, which requires safe & low-cost transportation medium due to high transport frequency is a key factor driving transport ship demand. The rapid growth in international trade is predicted to drive the demand for transport ships, in turn, accelerating the marine lubricants market growth.
The drillships industry segment will grow at a CAGR of 3% by the end of 2027. Increasing use of drillships along with the rapid growth in the oil & gas sector is anticipated to offer wide market growth opportunities for the marine lubricants market over the next few years.
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The hydraulic oil applications segment is anticipated to reach over USD 800 million by the end of 2027. Biodegradable hydraulic oil is gaining high popularity among industrial customers and is extensively used in applications where an oil leak or spill can potentially contaminate the environment.
The transport applications segment was valued at over USD 3,320 million in 2020 owing to an increase in the trade of bulk commodities and consumer goods across the globe. Moreover, increasing foreign trade due to various bilateral trade treaties along with the development of a large number of ports, water networks & navigation facilities may act as a major contributing factor for the marine lubricants market share.
The marine lubricants market is expected to grow in Europe, reaching over USD 3,200 million by the end of 2027, and is projected to witness a 3.4% CAGR during the forecast period. High standards of living and per capita income of consumers have led to an increasing interest in leisure & recreational activities in developed European countries such as Italy, Greece, Spain, France, Ireland, Portugal, Spain, and Denmark. Furthermore, in Europe, marine transportation is a primary catalyst for economic and industrial development & prosperity. Maritime transport in the region enables contact and trade among all European countries. Shipping ensures continuous and security of supply of food, commodities & energy and is the main vehicle for European exports & imports to the rest of the world.
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Furthermore, the European Commission is focused on promoting and strengthening the position of inland waterways in the regional transport system. Inland waterway transport has emerged as a cost-effective and competitive alternative to rail & road transport as it offers an environmental-friendly alternative, in terms of noise emissions and energy consumption. The increasing trade and transportation through inland waterways in Europe are projected to drive the demand for ships.
Some of the key players operating in the marine lubricants industry are Repsol SA, Aegean Oil SA, Fuchs Lubricants Co., Lukoil Marine Lubricants DMCC, Indian Oil Corporation Ltd. (IOCL), Stanley Lubricants, Idemitsu Kosan Co., Ltd., and Lubricon.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
