Asian marine lubricants market size was close to USD 5.98 billion in 2020 and is estimated to rise at a CAGR of around 2.63% to reach USD 6.81 billion by 2025. Lubricants are the compounds which reduce the friction between any two surfaces in contact. The marine lubricants are employed in the shipping or marine business. Marine cylinder lubricant has covered a significant percentage of sales in 2018. Asian marine lubricants market is estimated to grow at a rapid rate in the coming years.
Market drivers and restraints:
The major drivers of this market are a rise in business activity in busy ports of Asia Pacific region and the increase in technological and infrastructural developments in the dockyards or ports. Some of the major restraints of the market are dropping levels of employment of ships for business. The launch of aviation in oil and goods has restrained the marine lubricants market. Less use of old ships for business, and replacing them with idle ships that require lesser lubricant replacements also constrain this business.
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Report segmented as:
• Hydraulic fluid
• Engine oil
• Compressor oil
• Turbine oil
By ship type:
• Bulk carrier ships
• Tanker ships
• Container ships
On the basis of region, the Asian marine lubricant market is categorized into India, China, North Korea, Japan, and Australia. Asia Pacific had the largest percentage of the market share in 2018 and is estimated to be the quickest expanding market, known to be the busy port network in this area.
Important market players:
Some of the key players operating in the Asian marine lubricants market include BP plc (UK), Royal Dutch Shell plc (Netherlands), Exxon Mobil Corporation (US), Chevron Corporation (US), Sinopec Corporation (China), PJSC Lukoil (Russia), Idemitsu Kosan Co., Ltd. (Japan), and Total S.A. (France).
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The Scope of the report:
This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.
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