Marine Lubricants Market was valued at USD 5.85 billion in 2017 and is projected to reach USD 6.66 billion by 2023, at a CAGR of 2.17% during the forecast period.
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Browse 106 market data Tables and 40 Figures spread through 141 Pages and in-depth TOC on “Marine Lubricants Market”
Increasing demand for bio-based marine lubricants
The regulatory bodies, such as MARPOL, EPA, and SOLAS, have imposed rules to limit the emission of nitrogen oxide and sulfur oxide from ships to protect the environment from greenhouse gases. These regulatory bodies have limited the use of mineral and synthetic oils that release toxic wastes and gases. Instead of using mineral oil lubricants in ships, the shipping companies are using biodegradable lubricants that do not affect the environment with the emission of hazardous gases. This has led to the rise in demand for environment-friendly and bio-based marine lubricants, as they are non-toxic, partially biodegradable, and non-bioaccumulative. They are formulated with renewable and biodegradable base stocks and are an ideal choice for use in emission control areas (ECA) where low sulfur levels are required.
Therefore, the increasing demand for bio-based marine lubricants provides opportunities for the market growth.
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Shift from Group-I to Group-II base stocks
There is an ongoing shift, globally, from the production of Group-I to Group-II base stocks due to technical obsolescence and high sulfur content in Group-I oils. The rising supply of high-performance Group-II base stocks and their technical superiority over Group-I oils are changing the market dynamics. Despite its higher production cost, Group-II is the preferred base stock because they offer low sulfur emission and more fuel economy. In addition, it is widely preferred due to its enhanced solvency levels in the composition blend, better oxidation, and enhanced viscosity control. These factors offer opportunities to the marine lubricants manufacturers.
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