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Rising sea-borne trade activities and travel is likely to fuel the demand of marine lubricants market. Lubrication is crucial for the effective operation of ship machinery and component, as it enables high efficacy, minimizes operating cost, reduces energy consumption and increases equipment lifespan.It not only keeps the temperature of internal components under control but also facilitates the removal of impurities or debris from ship machinery. Indeed, ship machinery produces intense heat and friction, and inadequate lubrication could result in overheating of parts.
Marine Lubricants Market | Rise in offshore drilling activities
Increasing government spending on offshore drilling activities to cater to growing energy demand is likely to provide impetus to industrial marine channels. Escalating focus on improving functioning time of drilling and semi submerged ships will fuel the demand for marine lubricants.
Generally, the industrial marine channel is segmented into semi-submerged and drill ships. The semi submerged ship segment held a share 10% of the global share and is expected to showcase exponential growth over the coming years. On the other hand, drilling ship segment is set to register CAGR of 4% over the analysis period owing to wide range of application in oil well drilling and offshore construction.
Growing inclination towards marine recreational activities
Rising per capita income along with shifting consumer preference towards leisure boating activities has augmented the marine recreational sector. With rise in personal watercraft sales, recreational marine channel segment is likely to showcase growth rate of 3.5%, which may foster marine lubricants market size over the analysis period.
The recreational segment is divided into out-board motorboats, in-board motorboats, inflatable boats, and others. Among these, the inflatable boats segment is anticipated to hold 2% market share. On the other hand, in-board motorboats segment is estimated to grow at 3.8% due to its extensive application in water sports racing, cruise and tourism. Rising spending on leisure and recreational activities across the globe will stimulate marine lubricants market growth.
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Growing significance in transportation application
Marine lubricants are experiencing heavy demand in the transportation sector. Rising cross-national trade through sea-route may bolster product demand. The marine transportation channel is divided into passenger ships, tankers, container ships, cargo ships, and others. Reportedly, the tankers segment held 7% of the global share and is likely to register considerable growth during the projected timeframe owing to increased oil transportation.
Cargo ships are deployed at large due to their efficient network & navigation capability. The segment may grow at 4% on account of increasing bilateral foreign trade as well as rise in marine-based export import activities done via these ships due to its comparatively lower freight charges. Container ships and others segment may meanwhile hold 20% and 6% of the marine lubricants market share respectively.
Crude oil exports across Middle East and Africa
Middle East & Africa marine lubricants market size is estimated to grow at 3% due to rise in exports of mineral and crude oil globally. Availability of large port network across MEA may expand trade opportunities, hence driving regional marine lubricants market expansion.
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Name: Arun Hegde
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Organization: Global Market Insights Inc.
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Website: https://www.gminsights.com/pressrelease/marine-lubricants-market-size
Release ID: 89040327
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