The global Brazil marine lubricant market size is expected to reach USD 15.01 million by 2027 while exhibiting a CAGR of 1.9% between 2020 and 2027. This is attributable to the growing demand for eco-friendly Brazil marine lubricant products in the forthcoming years. This information is published by Fortune Business Insights, in its latest report, titled, “Brazil Marine Lubricant Market Size, Share & Industry Analysis, By Product Type (Marine Cylinder Oil, Piston Engine Oil, System Oil, and Other), By Ship Type (Bulk Carrier, Oil Tankers, General Cargo, Container Ships, and Others) Forecast, 2020-2027.” The report mentions that the market stood at USD 14.17 million in 2019 and is likely to gain momentum during the forecast period.
High Demand for Lubricant amid COVID-19 to Augment Growth
The lockdown imposed by Brazil in March 2020 owing to the widespread effects of the global pandemic brought a complete halt to industrial operations. This led to the economy being stagnant in the country. However, active efforts by the Government of Brazil to resume operations and every possible support to the Brazil marine lubricant manufacturers is expected to bode well for the market amid the COVID-19 in the near future.
Increasing Demand for Eco-Friendly Lubricants to Augment Growth
The stringent government regulations to produce low-sulfur content fuels had led the manufacturers to produce eco-friendly Brazil marine lubricant products. The bio-based lubricants are derived from polyalkylene glycols, animal fats, synthetic esters, and vegetable oils. Additionally, they offer excellent thermal stability and better performance leading to reduced operational costs, along with improved fuel efficiency. Owing to their superior abilities, the growing demand for eco-friendly lubricants is likely to favor the global Brazil marine lubricant market growth during the forecast period.
Marine Cylinder Oil Segment Held the Highest Market Share in 2019
The marine cylinder oil segment, based on product, held the highest global market for Brazil’s marine lubricant share in terms of revenue in 2019 and is expected to showcase exponential growth during the forecast period. This is ascribable to factors such as the increasing adoption of this type of oil to protect against corrosion and abrasion.
Eminent Companies Focus on Product Launches to Strengthen Their Market Positions
The global Brazil marine lubricant market is consolidated by the presence of prominent companies that are focusing on launching advanced Brazil marine lubricant products to strengthen their positions. Other key players are adopting strategies such as partnership, merger, and acquisition, and collaboration to gain a competitive edge over their rivals in the fiercely competitive global marketplace.
Information source: https://www.fortunebusinessinsights.com/brazil-marine-lubricant-market-104286