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Marine Lubricants Market is projected to grow from USD $ XX billion in 2017 to USD $ XX billion by 2026, at a CAGR of XX% between 2017 and 2026.
Globally, over 80% of trade is done through seaways as it is the most cost effective medium as compared to airways and roadways. Increase in the offshore drilling activity to meet growing requirement of crude & petroleum based product from refineries & chemical industries will drive marine lubricants market size. Various oil & gas manufacturers engaged in drilling projects to find offshore deep water hydrocarbons and retrofitting of old ships to keep them operational coupled with the having marine trade will drive the demand for marine lubricants.Marine Lubricants MarketMarine Lubricants Market is segmented into Mineral Oil, Synthetic, Bio-based, Grease in terms of source. Synthetic based marine lubricants market size will witness rapid growth during a forecast period as it offers benefits like better tolerance at extreme temperatures, low friction, wear & tear resistance, thermal stability, and good carrying load capacity beneficial for large shipping and commodity transport application.
Marine Lubricants Market segmented into Engine oil, Hydraulic oil, Turbine oil, Gear oil, Heat Transfer Fluids (HTFs), Compressor oil, Grease in terms of their application Engine oil has anticipated to have greater growth followed by grease and the rest. Engine oil are highly effective for four stroke and two stroke engines of large size ships such as cargo & cruise. Grease are effective solutions possessing high load carrying properties and water splash pressure and high corrosion resistance. They can also increase the machinery output by raising overall efficiency of the engines and component parts.
For more information visit: https://www.maximizemarketresearch.com/market-report/marine-lubricants-market/12715/
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