The global Marine Lubricant Market Growth is Accelerated by Increased Marine Trade Volumes
Marine lubricants are essential for ensuring smooth operation and extending the lifespan of ship engines and machinery parts by reducing friction between moving parts. The major types of marine lubricants include engine oils, hydraulic oils, grease, and other specialized lubricants. Growing international trade and expansion of the shipping industry have accelerated the demand for marine lubricants. The global Marine Lubricant Market is estimated to be valued at US$ 11,185.6 Mn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market key trends: Increased marine trade volumes is one of the key drivers fueling growth of the marine lubricant market . Expansion of the global shipping industry and rise in international seaborne trade have increased demand for marine vessels. According to the United Nations Conference on Trade and Development (UNCTAD), in 2021, the total v...