Marine Lubricants Market Share 2021-2027

1. Marine Lubricants Market Analytical Overview, Comprehensive Analysis, Segmentation, Competitive Landscape and Industry Poised for Rapid Growth 2027

2. The marine lubricants market is set to grow exponentially by 2027 owing to the proliferating tourism industry across the globe. Additionally, surging recreational boating activities worldwide is expected to further support market growth over the forecast period. • Lubricants reduce friction and engine wear, remove debris from piston rings and crowns, and balance acidity in the fuel mix. Increasing R&D undertaken by leading market players for developing biodegradable and sustainable marine lubricants to reduce ship emissions in order to meet stringent environmental regulations worldwide has propelled market adoption in recent years. • Notably, key industry players are implementing lucrative strategies to fortify their market presence, which has positively altered overall business dynamics. For instance, in August 2021, Royal Dutch Shell subsidiary Sarawak Shell Berhad announced its FID (final investment decision), along with its partners Brunei Energy and PETRONAS CarigaliSdnBhd, on the Timi Gas project in Malaysia. which would be powered by wind and solar energy. The strategic investment decision strengthened Shell's goals of deliver as part of its plan to attain net-zero emissions by 2050.

3. The marine lubricants market has been categorized based on application, product, marine channel, and region. In terms of application, the market has further been divided into hydraulic oil, grease oil, engine oil, and others. The others segment is expected to be valued at more than USD 1,730 million by end of 2027. • Based on marine channel, the market has been segregated into industrial (semi submerged ship and drill ships), recreational (out board motor boats, in board motor boats, inflatable boats, and others), and transport (container ships, tankers, passenger ships, cargo ships, and others). • Under recreational marine channel, the in board motor boats segment is anticipated to expand at a CAGR of around 3.2% through the review period. Prevalent product usage across a wide range of applications, including traveling and other water activities like swimming, fishing, duck hunting, water skiing, and skin diving, is likely to boost segmental growth in the coming years. • Browse key industry insights spread across 365 pages with 314 market data tables and 45 figures & charts from the report, “Marine Lubricants Market” in detail along with the table of contents @ https://www.gminsights.com/industry-analysis/marine-lubricants-market

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