In terms of value, the marine lubricants market is estimated to grow from USD 6.3 billion in 2022 to USD 6.9 billion by 2028, at a CAGR of 1.5%

The mounting demand of bio-derived marine lubricants is also driving the demand for marine lubricants. Manufacturers are incorporating technologies to improve the quality of marine lubricants. Synthetic oil is expected to be the fastest-growing oil type of the marine lubricants market, in terms of value, during the forecast period.

New York, June 09, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Marine Lubricants Market by Oil Type, Product Type, Ship Type, & Region - Global Forecast to 2028" - https://www.reportlinker.com/p04221304/?utm_source=GNW The mounting demand of bio-derived marine lubricants is also driving the demand for marine lubricants. Manufacturers are incorporating technologies to improve the quality of marine lubricants.Synthetic oil is expected to be the fastest-growing oil type of the marine lubricants market, in terms of value, during the forecast period.The synthetic oil type segment is estimated to behold the fastest growth in terms of value and volume during the forecast period.Synthetic oil have several benefits such as reduced friction at start-up, stable viscosity for a wide range of temperatures, and extended oil life.Along with its benefits it have properties such as high performance in extreme conditions, better viscosity index, higher shear stability, and chemical resistance compared to other oil types.Synthetic oils are engineered to provide superior performance characteristics compared to mineral oils.They have excellent thermal and oxidative stability, which helps them maintain their viscosity and lubricating properties under high temperatures and prolonged usage. This stability results in reduced oil breakdown, extended oil change intervals, and improved overall lubricant performance.Asia Pacific is largest and projected to be the fastest growing region for marine lubricants market, in terms of value, during the forecast periodDue to increasing population and improving living standards, the Asia Pacific marine lubricants market is projected to grow at highest CAGR during the forecast period.Additionally, the accessibility of raw materials and rapid industrialization will promote demand for marine lubricants market.The Asia Pacific region is home to some of the busiest shipping routes in the world, including the Malacca Strait, South China Sea, and Pacific Ocean.These routes serve as vital conduits for international trade, with a significant volume of goods transported through these waters.The high volume of shipping traffic necessitates the use of marine lubricants to ensure efficient and reliable vessel operations.• By Company Type: Tier 1 - 69%, Tier 2 - 23%, and Tier 3 - 8%• By Designation: C-Level - 23%, Director Level - 37%, and Others - 40%• By Region: North America - 32%, Europe - 21%, Asia Pacific - 28%, South America and Middle East & Africa - 12%, South America – 7%The key players profiled in the report include Exxon Mobil Corporation (US), Shell plc (UK), BP p.l.c. (UK), TotalEnergies SE (France), Chevron Corporation (US), Lukoil (Russia), Petronas (Malaysia), Idemitsu Kosan Co., Ltd. (Japan), ENEOS Holdings, Inc. (Japan), China Petroleum & Chemical Corporation (China), Gazprom Neft (Russia), and among others.Research CoverageThis report segments the market for marine lubricants based on oil type, product type, ship type, and region and provides estimations of volume (kiloton) and value (USD million) for the overall market size across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, services, key strategies, associated with the market for marine lubricants.Reasons to Buy this ReportThis research report is focused on various levels of analysis — industry analysis (industry trends), market share analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the marine lubricants market; high-growth regions; and market drivers, restraints, and opportunities.The report provides insights on the following pointers:• Analysis of key drivers (infrastructural developments strengthening the shipping industry,emerging emission abadement technologies, growth in maritime tourism), restraints (Shift towards synthetic lubricants), opportunities (Increased demand for bio-based marine lubricants, shift from Group I to Group II base stocks) and challenges (Stringent environmental norms, volatility in raw material prices)influencing the growth of marine lubricants market• Market Penetration: Comprehensive information on marine lubricants offered by top players in the global market• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the marine lubricants market• Market Development: Comprehensive information about lucrative emerging markets — the report analyzes the markets for marine lubricants across regions• Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global marine lubricants market• Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the marine lubricants marketRead the full report: https://www.reportlinker.com/p04221304/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. 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