SELBYVILLE, Delaware, Feb. 19, 2020 /PRNewswire/ -- As per the report published by Global Market Insights Inc., the overall marine lubricants market size was valued at $5 billion in 2019 and is expected to surpass $7 billion by 2026, registering a CAGR of 4.5% from 2020 to 2026. The report provides a thorough evaluation of the market size and estimations, top winning strategies, key investment pockets, drivers and opportunities, competitive scenario, and wavering market trends.
Bulk demand of consumer goods and rise in commodity due to population growth as well as rising development of ports across the world is set to drive the demand for transportation ships. Shipping provides low freight costs for bulk transportation of goods and acts as strong support for manufacturing industries. Also, reduction of freight taxes majorly in China are expected to further drive the industrial shipping market. These factors will fuel the demand for marine lubricants market.
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Key reasons for marine lubricants market growth
- Rise in foreign trade owing to rapid globalization.
- Increasing demand for high performance and efficient ships.
- Use of marine lubricants in components which includes air compressor, hydraulic systems, gear systems, and gas compressors.
2026 forecasts show growing consumption of mineral oils across the industry landscape
The mineral oil segment is slated to foresee substantial gains of over 3.5% through 2026. Wide product application in components which includes turbines, stern tubes, and engines is likely to fuel the mineral oil demand.
Mineral oil helps in improving machine performance and in smooth movement of parts. Growing demand for lubricant solution with a balance between performance and cost is further expected to boost the product demand. Also, the growing frequency of ships as well as shipping related activities which includes transport and sea borne trade is slated to further push the marine lubricants market.
Europe to continue its top status in the market
Based on geography, Europe marine lubricants industry is anticipated to witness growth of over 3.5% through 2026. Beneficial industrial policies that support diversification and differentiation in marine industry coupled with bilateral trade policies are likely to favor regional growth. Initiatives by governments in both Blue Growth and Green Growth programs in ship building sector and technical expertise are expected to promote the demand for marine lubricants across the region.
Industry forecast also alludes North America marine lubricants market to witness a single-digit growth and expand at an annual compound growth rate of around 3% through 2026. The robust growth is largely attributed to the growing demand for trade activities.
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Leading market players
The key players analyzed in the overall marine lubricants industry landscape include Lukoil Marine Lubricants, Royal Dutch Shell, BP Marine, Lubmarine, Chevron, and Exxon Mobil among others. These players are primarily involved in different strategies such as R&D investment, mergers and acquisitions, partnerships, collaborations, new product launches, and others to gain a strong position in the global industry.
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.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top level categories and hundreds of industry segments within them, covering regional, company level and cross-sectional statistics that make our offering a stand-out for decision makers.
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SOURCE Global Market Insights, Inc.