Improving marine tourism industry is driving the market for marine lubricants
- Vikas Kumar
- August 13, 2022
- CHEMICAL, NEWS
- Marine lubricants market, Marine lubricants market Forecast, Marine lubricants market Growth, Marine lubricants market News, Marine lubricants market Share, Marine lubricants market Size, Marine lubricants market Trend
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The global marine lubricants market is likely to showcase a growth of around 2% during the forecast period. This can be ascribed to the large and growing number of shipping vessels, improving marine tourism industry, and increasing investment to improve marine infrastructure.
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Marine and coastal tourism are one of the fastest-growing areas within the world’s largest industry. The growth in marine tourism can be attributed to the rising consumer preference for nature-based recreational activities, growth in international tourism, and rising per capita income. Furthermore, an increase in the number of international sea passengers around the globe is also one of the prominent factors contributing to the growth of marine tourism globally. Therefore, accommodating the growing tourism sector is increasing the demand for ships as the current fleet of ships would not be able to cope with the growing requirement. This in turn increases the consumption of lubricants as ships require maintenance at a regular interval of time to operate efficiently.
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Based on the base oil, the market is categorized into mineral oil, synthetic oil, and bio-based oil. Growing environmental concern among the key government bodies is creating a market opportunity for bio-based oils. Although currently the high cost and low production capacity are two of the key challenging associated with bio-based oils.
Based on the vessel, the market is categorized into commercial vessel, offshore support vessel, and others. Among these, commercial vessel accounted for a significant share in the market owing to the presence of a large fleet of bulk carriers, container ships, and tankers, to name a few. Further, these vessels are large in size and largely used in international trade. As a result, consume a greater amount of lubricants more frequently.
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For a better understanding of the market adoption of Marine Lubricants, the market is analyzed based on its worldwide presence in the countries such as North America (the United States, Canada, Rest of North America), Europe (Germany, the United Kingdom, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and Rest of World. Asia-Pacific accounted for a significant share of the market and is expected to showcase significant growth over the forecast period. This can be ascribed to the vast marine fleet coupled with rising investments in shipbuilding and commercial freight transport in the key markets that offer high-growth opportunities for the marine lubricants market in the region.
Global Marine Lubricants Market Segmentation
Market Insight, by Base Oil
Market Insight, by Type
• Hydraulic Fluid
• Engine Oil
• Gear Oil
• Transmission Fluid
• Compressor Oil
Market Insight, by Vessel
• Commercial Vessel
• Offshore Support Vessel
Market Insight, by Region
- North America Marine Lubricants Market
- The United States
- Rest of North America
- Europe Marine Lubricants Market
- The United Kingdom
- Rest of Europe
- Asia-Pacific Marine Lubricants Market
- Rest of Asia-Pacific
- Rest of World Marine Lubricants Market
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