Marine Lubricants Market to Reach $7.15Bln by 2026
The Marine Lubricants Market, which was USD 6.14 Billion in 2018, is expected to grow CAGR of 1.9% to reach USD 7.15 Billion by 2026.
According to a new report by Reports and Data the key factors driving the market are the increase in world trade, new shipbuilding abilities and dry-docking activities which tend to stimulate the market globally.
The predominance of yacht and cruise ships for leisure time is also adding to the growth of the market, it said.
The improvement in the shipping industries is growing very swiftly across the world that propels the growth of the marine lubricants market. Sea-borne navigation is an essential source of transportation.
The growing transportation and Shipbuilding activity across Europe and Asia Pacific region is expected to increase the growth of marine lubricants market. Also, ongoing improvements in alternative technologies such as bio-based marine lubricants are anticipated to contribute to the growth of the market. However, economic difficulties in shipbuilding are hindering the growth of the market.
Europe is anticipated to grow at the highest rate of 2.7% during the forecast period. APAC accounts for the largest share of 31.3% of the market in 2018. The growing commercial investments in the developing countries of the APAC region are anticipated to benefit from the growth of the market in the upcoming years.
Presence of significant players of the marine lubricants market such as ExxonMobil, Shell, Total S.A., and many others in the Europe region accelerate the growth of marine lubricants in this region.