Marine Lubricants Market Outlook and Forecast till 2027
Global Marine Lubricants Market is projected to reach USD 6.87 Billion by 2027, at a CAGR of over 2% during the forecast period owing to increasing safety norms, growing global cargo fleets, easy availability of mineral oils and increasing investments for R&D. Based on application, the market has been categorized Engine, Compressor, Hydraulic and Others. In 2021, the engines segment dominated the global marine lubricants market and is expected to grow at the fastest CAGR during the next five years owing to its huge size, high consumption, heat transfer fluids, etc. APAC region led the global marine lubricants market in 2021, in terms of value and is expected to lead over the next five years as well owing to rising infrastructural developments in the shipping industry in the region and the availability of many manufacturers in the region like Royal Dutch Shell Plc., Indian Oil Corporation Ltd., Total S.A., among others. Some of the key players of the marine ...