Marine Lubricants Market Study with Competitive Landscape, Market Insights, and Growth Prospects to 2027
Stratview Research delivers key insights on the global Marine Lubricants Market. According to Stratview Research, the market is estimated to grow at a decent CAGR of 5.1% during the forecast period to reach a value of US$ 310 Million in 2027.
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The present report can be of high utility for the key decision-makers and growth strategists in terms of precise market insights, forthcoming growth opportunities, and key success factors. Especially, the report also analyses and mentions the possible impact of COVID-19 on the market dynamics. This will not only help in mitigating the uncertain business environment, but also help in rearranging the strategies and future- decisions in a fruitful manner.
Key Players
The following are some of the key players in the Marine Lubricants Market:
BP plc
Royal Dutch Shell plc
Exxon Mobil Corporation
Chevron Corporation
Sinopec Corporation
PJSC Lukoil
Idemitsu Kosan Co., Ltd.
Total S.A.
Growth drivers and Market Value:
This report, from Stratview Research, studies the Marine Lubricants Market value and growth drivers over the trend period of 2022-27. According to the report -
Marine Lubricants Market is likely to witness a moderate CAGR of 1.9% during the forecast period. The major factors contributing towards the increasing growth of the marine lubricants market are surge in world trade, new shipbuilding abilities and dry-docking activities.
Segment Analysis:
Based on Oil Type:
Based on the oil type, the market is segmented as mineral oil, synthetic oil, bio-based, and grease. The mineral oil segment held the largest share of the market in 2021, and is expected to register a moderate CAGR during the forecast period. The low cost and easy availability of mineral oil from crude extracts and their easy applicability in almost every marine application is driving the growth of this segment.
Based on Region:
In terms of regions, Asia-Pacific is estimated to be the largest as well as the fastest-growing marine lubricants market during the forecast period, because of the presence of the busiest ports in the region. Increasing trade activities and rising infrastructural developments in the shipping industry (in the form of increasing ports network) are responsible for the high demand for marine lubricants in the region.
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FREQUENTLY ASKED QUESTIONS
The report answers several questions related to the market. The user can get to know the answers to the following questions…
- What is the global demand for Marine Lubricants Market in terms of revenue?
- Which are the prominent players in the market?
- At what CAGR is the market projected to grow within the forecast period?
- What are the driving factors fuelling the growth of the market?
- Which region accounted for the largest share in the market?
- How did the Covid19 impacted the market?
- How long will it take to recover from the Covid impact?
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