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Development in Marine and Shipping Industries to Boost Marine Lubricants Sales at US$ 7.1 Bn by 2032
NEW YORK , May 24, 2022 /PRNewswire/ -- The global marine lubricants market was valued at US$ 6 Bn in 2021. Sales of marine lubricants are anticipated to reach US$ 7.1 Bn in 2032 and exhibit a CAGR of 1.5% over the forecast period of 2022 to 2032.
Growth in the shipping industry and infrastructural development in marine industry is one of the key factors driving the demand in the market. According to the report, the marine lubricants market accounted for 4% of share in the global lubricants market.
Rising international sea borne trade and development of shipping industry, especially in the developed economies such as the U.S. and others will boost the market. According to the U.S. Department of Transportation, in November 2021 , decision to increase the investments in the U.S.'s ports, freight networks and waterways was announced.
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Moreover, as marine lubricants are significant for the maritime supply chain, with increasing fuel cost, the demand for these lubricants is expected to surge over the upcoming decade. Subsequently, stringent regulations by International Maritime Organization (IMO) to limit the use of crude oil will boost the consumption of marine lubricants.
As marine engines are prone to corrosion due to the hazardous effect of marine environment, marine lubricants act as a protection for engines against the risk of corrosion. Also, according to the IMO, the sulphur content is expected to be not more than 0.5%. Hence, to reduce the sulphur content will improve the adoption of marine lubricants over the upcoming decade.
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The global marine lubricants market companies are competing with each other on the basis of the quality of products offered. They are also focusing on developing new technologies and products to cater to the high demand from marine and shipping industries.
Meanwhile, other key players are striving to develop sustainable solutions to keep up with emission standards implemented by regulatory bodies. They are also trying to gain competitive advantage through production capacity expansion.
For instance,
In the latest study, Fact.MR offers a 360-degree view of the global marine lubricants market for the forecast period of 2022 to 2032. This report also provides key factors such as recent developments and growth drivers influencing the sales in marine lubricants market through detailed segmentation as follows:
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