As per recent analysis done by Fact.MR- a market research firm, the global marine lubricants market is estimated to surpass the valuation of USD 7.1 billion by 2032 end, and to expand at a significant CAGR of 1.5% by value over the assessment period.
The rising international trade activities and shipbuilding developments are flourishing the growth of the marine lubricants market. International trading through seaborne contribute to almost 30% of global transportation and is still increasing. As a result, the biodegradability of marine lubricants is highlighted owing to its benefits including improved safety, constant viscosity and low emission rates.
Additionally, the development in the lubricants industry and shift from use of additives which includes heavy metals such as antimony and lead towards environmental friendly additives drive the growth of bio-based marine lubricants. Also, improvement in ship size to upsurge the marine carriers and high demand for ultra-large container ships with the rise in trade volume spur the demand for marine lubricants.
Marine lubricants protect and enhance the efficiency of engines and equipment in shipping industry. They protect components at high temperatures, allows optimum performance in operations, like extending shelf life, enhancing protection against mechanical wear and reduces cold corrosion.
Additionally, stringent government regulations regarding limited use of sulphur and nitrogen in automotive lubricants provide attention to bio-based lubricants, which further helps heighten the growth of oil-based marine lubricants engines. Also, adoption of four-stroke engines in the marine industry, which require highly efficient lubricants, will drive demand for marine lubricants.
How is the Asia Pacific Marine Lubricants Market Progressing?
“East Asia Market Lucrative, Led by China and Japan”
The Asia Pacific marine lubricants market holds 29.6% of the global market share in 2022. Deep-dive into different economies unveils that East Asia occupies 67.1% of the Asia Pacific market however, South Asia & Oceania offer a recessive market, and occupies 32.9% of Asia Pacific.
This difference is owed to increasing industrialization in Japan and China. Boosted trade value is another key contributor to the dominance of East Asia in the Asia Pacific regional market
Explore Fact.MR’s Coverage on the Chemical and Materials Domain-
Anticoagulant Rodenticides Market- The global Anticoagulant rodenticides Market is estimated at US$ 720.4 Mn in 2022 and is projected to reach a valuation of US$ 1.4 Bn by 2032, expanding at a CAGR of 3.3% through the forecast period of 2022-2032.
Aroma Chemicals Market- The market for aroma chemicals is expected to grow at a CAGR of 4.7% between 2022 and 2032, from US$ 5,127 Million in 2022 to reach US$ 8,115.52 Million in 2032.
Demulsifiers Market- Demulsifiers Market Value is projected to reach US$ 3.25 Bn by 2032-end, increasing at a CAGR of around 3.4% over the decade. Global demand for demulsifiers increased year-on-year (YoY) at 1.7% in 2021 to reach a market valuation of US$ 2.28 Bn at the end of 2021.
Abrasives Market- The global abrasives market was valued at US$ 54.03 Bn in 2020. Consumption of abrasives is expected to increase at a CAGR of 5.5% to reach a market valuation of US$ 97.7 Bn by the end of 2031.
Biodiesel Market- The global biodiesel market reached a valuation of US$ 90.4 Bn in 2020. Demand for biodiesel is slated to rise at a CAGR of 6.9% to reach US$ 187.6 Bn by the end of 2031.
Flock Adhesives Market- The global Flock Adhesive market is projected to reach a valuation of US$ 4.6 Bn by 2032, expanding at a CAGR of 5.5% through the forecast period of 2022-2032.
Bonded Magnet Market- The global bonded magnet market is estimated at US$ 5.1 Bn in 2022, and is forecast to reach a valuation of US$ 10.9 Bn by 2032, expanding at an impressive CAGR of 7.8% from 2022 to 2032.
Super Absorbent Polymers Market- The global super absorbent polymers (SAP) market saw steady growth at 3.5% CAGR over the past half-decade and is set to be valued over US$ 6 Bn in 2022. Detailed industry analysis reveals that worldwide super absorbent polymer consumption is predicted to increase at 4.9% CAGR to reach a valuation of US$ 9.7 Bn by 2032.
Agricultural Fumigants Market- The global Agricultural Fumigants Market is estimated at US$ 1 Bn in 2022 and is projected to reach a valuation of US$ 1.4 Bn by 2032, expanding at a CAGR of 2.8% through the forecast period of 2022-2032.
Cryogenic Ethylene Market- Worldwide consumption of cryogenic ethylene is estimated at US$ 4.78 Bn in 2022. Detailed industry analysis has revealed that, the global cryogenic ethylene market is forecast to reach a valuation of US$ 11.53 Bn by 2032, expanding at a CAGR of 9.2% during 2022-2032.
