Marine Lubricants Market Regional Analysis:
North American Market Insights
The North America marine lubricants market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035, on the back of the increasing production of crude oil and increasing value of import and export of oil products in the region. It was observed that, as of July 2022, the import and export of crude oil accounted for 6352 thousand barrels per day of crude oil in the United States. Also, the high dependency on maritime trade in the region is expected to increase the utilization rate of ships and cargo, which in turn, is projected to bring positive sales in the market.
APAC Market Insights
On the other hand, the market in the Asia Pacific is also estimated to remain a major consumer of marine lubricants during the forecast period. The presence of major sheep fleet companies along with the high number of dry docks is the major factor estimated to fuel the market growth in the region. In addition, the increasing sea trade in emerging economies such as India, China, and Taiwan and their trade activities are anticipated to fuel market growth. Moreover, the high number of naval combat vessels in the region is also projected to support marine lubricants market growth in the region.
