The global marine lubricants market revenue is expected to expand at a lucrative CAGR over the forecast period. Growing demand for shipping services on account of increasing international trade is expected to drive revenue growth of the market over the forecast period.
The global marine lubricants market report has been segmented on the basis of product, and ship type, and region.
On the basis of product, the global marine lubricants market has been segmented into engine oil, hydraulic oil, turbine oil, grease, gear oil, and others (compressor oil and heat transfer fluids). The hydraulic oils segment is expected to witness steady growth over the forecast period. Hydraulic oils are used to extending pump life under severe conditions, reliable air release filterability, and cleanliness.
On the basis of the ship type, the global marine lubricants market has been segmented passenger ships, tankers, bulk carrier & cargo ships, and others (service vessels, special purpose vessels, offshore vessels, and yachts). Passenger ship segment is expected to witness higher growth rate over the forecast period. Growing number of passenger ships owing to increasing adoption of marine transportation is expected to drive segment growth over the forecast period.
Request for the Sample Report Here: https://marketresearch.biz/report/marine-lubricants-market/request-sample/
On the basis of region, the global marine lubricants market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America market is expected to grow at a rapid pace over the forecast period. Rising export of crude oil to others countries in the region is expected to augment North America marine lubricants market.
Key players operating in the global marine lubricants market include Royal Dutch Shell plc, Chevron Lubricants Co. Ltd., Exxon Mobil Corporation, Lucas Oil Products Inc., Total Group, Gulf Oil Marine Ltd., Penrite Oil Co., Ltd., OLD WORLD INDUSTRIES, LLC, Warren Oil Company, LLC, and Castrol Limited.