Surgical Navigation Systems Market Size Worth $1.44 Billion By 2027

The global surgical navigation systems market size is expected to reach USD 1.44 billion by 2027, exhibiting a 7.2% CAGR during the forecast period, according to a new report published by Grand View Research, Inc. Growing geriatric population along with rising prevalence of brain cancer, orthopedic degenerative and ENT among other target disorders and diseases is expected to propel the demand for surgical navigation systems (SNSs).

Aging is considered as the greatest risk factor for the development of degenerative disorders of joints; such as osteoporosis. Rising geriatric population is expected to serve as a high-impact rendering driver for the market. Osteoarthritis and osteoporosis are the most common disorders in the population aged over 65 years. Growing prevalence of these disorders possesses increasing economic burden on many countries. As per International Osteoporosis Foundation, total number of hip fractures is expected to reach 5,395 million by 2050.

According to the Central Brain Tumor Registry of the United States (CBTRUS), the incidence of all non-malignant brain, primary malignant, and other CNS tumors was 22.64 cases per 100,000 in 2016. In U.S., over 78,980 new cases of non-malignant brain, primary malignant, and other CNS tumors were anticipated to be diagnosed in 2018. This factor is anticipated to propel the demand for surgical navigation systems in the forthcoming years.

The demand for minimally invasive procedures is increasing across the world. Surgical navigation systems are instrumental in providing better accuracy and precision in diagnosis and determining correct implementation of plans during surgery, thereby aiding in minimally invasive procedures with improved patient outcome. They offer visual imaging at every stage of the surgery thereby allowing modification of plan during the surgical procedure according to intra-operative findings. It is also cost-effective in joint replacement procedures as very few patients require revision after a one-time procedure. These associated advantages are expected to boost the product demand over the forecast period.

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https://www.grandviewresearch.com/industry-analysis/surgical-navigation-systems-market

Further key findings from the study suggest:

Neurology segment held the largest market share of 36.67% in 2019, owing to the early implementation of surgical navigation in this branch and the advantages associated with SNSs that aid the surgeons to perform complex surgeries with increased accuracy
ENT segment is expected to expand at a lucrative CAGR of 8.2% over the forecast period, owing to the rising prevalence of ENT disorders along with increasing adoption in ENT surgeries
On the basis of technology, the electromagnetic SNSs segment held the largest market share in 2019, owing to low cost and ease of use of the technology
Optical SNSs segment is expected to witness an exponential CAGR of 8.1% owing to its advantages over electromagnetic SNSs such as precise and accurate navigation
Key players in surgical navigation systems market are engage in various strategies such as new product developments for better market penetration. In September 2019, Brainlab declared FDA clearance for Cirq robotics. The device is being used in U.S. for spinal application. Cirq is designed to help increase precision in navigated spinal surgery procedures, thereby, strengthening their product portfolio.

Ferrous Scrap Recycling Market Size Worth $111.9 Million By 2027

The global ferrous scrap recycling market size is anticipated to reach USD 111.9 million by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 1.7% from 2020 to 2027. Increasing secondary metal production is anticipated to augment market growth.

Scrap metal recycling plant and crane-Loading scrap in a truck

Crude steel is produced through basic oxygen converter and electric arc furnace (EAF), where the former follows the conventional method of production that includes raw materials, such as iron ore, metallurgical coal, limestone, and very less amount of scrap. However, in the EAF, scrap is the key raw material along with less energy consumption. According to the World Steel Association, crude steel production through the EAF process increased by 10.1% from 2017 to 2018. Growing steel production through the EAF process is a key driving factor for the market.

Ferrous scrap recycling is a market with lots of growth potential owing to increasing concerns over sustainability and depleting non-renewable resources. As a result, recycling is the most viable and efficient option to continue the production of metals owing to rapidly accelerating demand and at the same time causing minimal impact on the environment.

The recycling process involves certain steps, which are, scrap metal collection at yards, sorting, passing through radiation detector, shearing, shredding, separation of ferrous materials, media separation, and baling. After passing through all processing steps, the obtained blocks of ferrous scrap are transported to steel mills for further processing and are used in production.

Ferrous scrap is collected through various sources, where the key markets include construction, automotive, consumer goods, and industrial goods. The construction industry is the major contributor towards scrap generation as ferrous products recovered from the sector can be used directly if the quality is not impacted or else are sent for recycling.

Automotive is the second major sector in the market, as the recovery rate of scrap from vehicles often lies between 95-100%. Over 25 million vehicles are recycled across the world annually generating a large amount of scrap. The car recycling industry is a large market as it not only helps in reducing carbon footprint but also provides thousands of jobs and generates revenue for the economy. Over 80% of materials in a vehicle are recyclable, of which, metal is most accessible. In the U.S., around 18 million tons of steel is reused that helps in reducing air pollution by 86% and water pollution by 76%.

Based on region, Europe held the largest share in the market owing to the technological advancements, coupled with the presence of various recyclers in the region. As a result, the region is the largest exporter of ferrous scrap in the world, helping developing nations, which are still under the process to organize their scrap and recycling markets.

The competitive scenario of the market is high owing to the extremely unorganized nature of the market. Integration across various stages of the value chain is witnessed, for instance, automotive players setting up their own shredding units. In 2019, Maruti Suzuki and Toyota Tshusho Group announced a joint venture to set up a vehicle dismantling and recycling unit in Noida, Uttar Pradesh, India by 2020-21.

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https://www.grandviewresearch.com/industry-analysis/ferrous-scrap-recycling-market

Further key findings from the report suggest:

Asia Pacific anticipated registering the highest growth rate of 2.6%, in terms of revenue, across the forecast period, owing to increasing developments in scrap recycling in developing economies, like India
Europe held the largest volume share of 42.5% in 2019 owing to rapid development in the recycling industry of the region
The construction sector held the largest revenue share of more than 46.0% in 2019 due to increasing consumption of ferrous materials, such as steel, in the industry owing to its phenomenal properties
The consumer goods sector is anticipated to register the fastest growth rate of 2.1% in terms of revenue, during the forecast period, owing to rapid production of electronics and their short lifespan
The market is hit by the covid-19 pandemic, which can be indicated with low demand and declining prices of scrap because of restricted manufacturing and transportation across the globe as of 2020.

Non-ferrous Scrap Recycling Market Worth $308.5 Million By 2027

The global non-ferrous scrap recycling market size is anticipated to reach USD 308.5 million by 2027, expanding at a CAGR of 2.8%, according to a new report by Grand View Research, Inc. The growth of the market is attributed to increasing consumer awareness pertaining to recycling coupled with the rising production of secondary metals.

The primary production of metals is a capital intensive procedure and consumes lots of energy. Usage of scrap in metal production reduces manufacturing costs and energy consumption, making secondary metal production both economically and environmentally friendly. This compels the manufacturers to opt for secondary production, giving rise to more demand for scrap metal.

Based on metal, the market has been segmented into aluminum, copper, lead, and others. There are various types of non-ferrous metals of which aluminum and copper account for a higher share owing to their phenomenal properties. Such properties propel their use in various applications including construction, automotive, and consumer goods industries. As a result, these three sectors are the major contributors to the generation of non-ferrous metal scrap.

Aluminum is extensively used in the construction industry owing to its lightweight characteristics in various structures such as roofing, walls, door and window frames, and even handles. Its usage is increasing in the automotive industry as well in vehicle body frames. The metal has a high recovery rate from both the construction and automotive sectors, which makes its largest segment, in terms of volume, of the global market.

Non-ferrous accounts for a higher revenue share than ferrous scrap in the overall market owing to their high prices. However, the spread of the covid-19 pandemic has caused the prices of the metals to decline drastically. In India, prices of aluminum and copper dropped by 5% in February 2020 from January 2020. The pandemic caused the shutting down of manufacturing operations and restricting transportation, which resulted in low demand for these metals, resulting in a decline in prices.

Construction and automotive are major shareholding sectors in terms of scrap generation; however, their growth rate is less when compared to consumer goods. Household appliances and other consumer goods have a short lifespan than structures and vehicles, owing to which these products tend to turn into scrap faster than products of the other sectors.

Asia Pacific accounted for the largest volume share in 2019 and this trend is anticipated to continue over the forecast period. The growth is augmented towards Japan, India, and Southeast Asian countries, which are taking efforts in improvising their recycling industry. The nations are inviting investments for the industry to propel market growth. For instance, in 2019, Jiangxi Copper Co. announced its plan to build a plant for producing refined copper in Malaysia, where scrap shall be used as a key raw material.

The growth of the non-ferrous scrap recycling industry is expected to be further propelled by government initiatives. For instance, on March 27, 2020, the Indian Ministry of Mines released a Draft National Non-Ferrous Metals Scrap Recycling Policy for emphasizing on the underdeveloped non-ferrous scrap recycling sector in the country. India is a huge hub of scrap generation; however, due to unorganized nature and less consumer awareness towards recycling, the country majorly relies on imports for its consumption. Such policies are expected to address the issues pertaining to recycling in the country.

The market is both highly competitive and unorganized in nature. The COVID-19 pandemic has largely impacted market growth and players of the industry as of 2020. Factors like shortage of workers, no demand from manufacturing plants, no inflow of scrap in yards owing to social distancing, and transport restrictions have led to the shutdown of many recycling centers. As of March 2020, non-ferrous scrap processors in China reduced their operating capacity to 40-50% owing to declining orders.

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https://www.grandviewresearch.com/industry-analysis/non-ferrous-scrap-recycling-market

Further key findings from the report suggest:

Asia Pacific held the highest revenue share of over 45.0% in 2019 owing to increasing investments and initiatives towards generation and processing of non-ferrous scrap in the region
Automotive is anticipated to witness a CAGR of 2.9%, in terms of revenue, over the forecast period owing to the rise in the number of discarded vehicles every year across the globe
Copper held the largest revenue share of over 56.0% in 2019 owing to its high price compared to other metals and its increasing demand from construction and consumer goods sectors
Construction held the largest volume share of 36.0% in 2019 owing to high consumption of non-ferrous metals like aluminum, copper, and zinc in infrastructural developments and high recovery rate of these metals
Considering the increasing demand for non-ferrous metals, investments in the industry are evident. For instance, in March 2018, Meldgaard opened its facility in Denmark for recycling ash and heavy metal processing.

Base Oil Market Size Worth $30.8 Billion By 2027

The global base oil market size is projected to reach USD 30.8 billion by 2027, expanding at a CAGR of 5.1%, according to a new report by Grand View Research, Inc. Rising demand for the product from the global automotive sector to formulate various oils is projected to remain the key factor driving industry growth.

Increasing demand for group II base oil among various end-use industries such as the automotive and industrial sectors is expected to drive market growth significantly over the forecast period. The rising popularity of base oils is majorly due to their high wear and tear resistance, improved thermal stability, low friction, and enhanced load carrying capacity. This is projected to increase product demand over the foreseeable future across the globe.

Research and development and production of new cutting-edge technologies such as ester-based fire-resistant oils are being commonly incorporated in a variety of industries and are used with hydraulic battery packs so as to sustain high pressures and temperatures. Additionally, numerous large-scale OEMs have implemented food lubrication NSF standards with the purpose of utilizing PAO food grade products in the food, beverage, and nutrition sectors. This, in turn, is expected to open new opportunities for the industry over the projected period.

Further, in terms of industry opportunity, over the past couple of decades, there has been a significant surge in interest towards bio-based lubricants and for base oils obtained particularly from vegetable sources. This is attributed to increasing awareness among global manufacturers and consumers towards environmental degradation which eventually led to a demand surge for sustainable alternative feasible products with reduced carbon footprints. Advanced economies of Asia Pacific and Europe have made it mandatory to replace conventional products with biodegradable counterparts.

Companies operational in the ecosystem has been constantly striving to adapt to the changing dynamics of the global market space, in-lining their products with formulated government policies and consumer preferences. For instance, ExxonMobil introduced Environmental Awareness Lubricants hydraulic fluids line. These innovations are likely to reflect the positive growth trend of the market over the forecast period.

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https://www.grandviewresearch.com/industry-analysis/base-oil-market

Further key findings from the report suggest:

Group II base oil is expected to witness a CAGR of 1.6%, in terms of volume, from 2020 to 2027 due to steady growth in the lubricant industry
Industrial application accounted for a market share of 15.0% in 2019, in terms of revenue, owing to rising demand from emerging economies and growing automation in operations
Asia Pacific is expected to register the fastest growth rate of 5.5%, in terms of revenue from 2020 to 2027 owing to increasing industrial activities across key countries and rising investments in manufacturing facilities
Companies such as ExxonMobil Corporation, Royal Dutch Shell, and British Petroleum are the market leaders with their worldwide brand presence, catering to an array of industries such as automotive and industrial manufacturing
The market is concentrated with multinational brands presence globally with established long-term contracts with key end-user groups, thereby limiting the entry of new industry participants.

Compound Semiconductor Materials Market Worth $46.9 Million By 2027

The global compound semiconductor materials market size is expected to reach 46.9 million by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.8% from 2020 to 2027. The market is expected to be driven by an increase in product demand from the end-use industries due to its ability to consume less power, along with the broad temperature range and high electron mobility.

The expansion of China’s integrated circuit production is expected to have a positive impact on market growth. China is expected to witness substantial growth of over 10% in the production by 2023, thereby becoming one of the largest manufacturers in Asia. However, the drop in the production of the semiconductor industry across the globe due to the COVID-19 outbreak is expected to have an adverse impact on the demand for compound semiconductor materials.

Manufacturers are largely dependent on reliable suppliers having high goodwill on account of past product procurement, making it difficult for new entrants to penetrate into the market. In addition, the market exhibits the presence of several well-established players with a strong financial base, thereby limiting the entry of new market players.

The market exhibits high industry rivalry owing to the presence of a large number of manufacturing firms in the marketspace. However, there is an ongoing struggle among these players to capitalize on the novel avenues for growth. The presence of a number of companies in the market results in a high level of competition, which, in turn, has elevated the competitive rivalry.

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https://www.grandviewresearch.com/industry-analysis/compound-semiconductor-materials-market

Further key findings from the report suggest:

By product, group III-V compound semiconductor materials are estimated to reach USD 25.1 million by 2027 owing to their higher power efficiency and unique optical properties, including excellent mobility and photon-electron conversion efficiency
The telecommunication application segment dominated the market in 2019 and is expected to witness significant growth over the forecast period owing to the extensive product use for communication devices
Asia Pacific is estimated to register the fastest CAGR in terms of revenue owing to the surge in demand for semiconductors for electronic devices, driven by an increase in per capita income and rapid industrialization in the region
Taiwan is expected to emerge as a key consumer over the forecast period owing to the presence of some of the few largest integrated circuit manufacturers in the region
Key players are focused on the expansion of production capacity in order to cater to the rising product demand.

Glass Curtain Wall Market Worth $79.0 Billion By 2027

The global glass curtain wall market size is expected to reach USD 79.0 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 7.0% over the forecast period. Growing product adoption in the construction of modern buildings and improvements in the installation technology is anticipated to drive the market over the forecast period.

Rapid urbanization and increasing employment opportunities in emerging economies of China, India, Vietnam, and Indonesia are driving the commercial construction industry. Moreover, the growing adoption of modern architectural designs and a rising preference for building structures with modern looks are expected to boost product demand in the Asia Pacific.

Growing investment in the construction of green buildings is one of the major factors driving the adoption of a glass curtain wall system. Furthermore, improvements in glass glazing technology and the growing adoption of Building Integrated Photovoltaics (BIPV) systems are anticipated to positively impact market growth over the forecast period.

Manufacturers are actively working on improving the thermal and energy efficiency of the glass curtain wall systems. Moreover, the advancements in glassmaking technology have enabled the production of large-sized glass panes, thereby providing a seamless and minimalistic look to the building structure and reducing the probability of leakage owing to minimal seam joints.

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https://www.grandviewresearch.com/industry-analysis/glass-curtain-wall-market

Further key findings from the study suggest:

The stick system type segment is expected to witness a revenue-based CAGR of 5.9% over the forecast period on account of its rising adoption in the construction and renovation of shopping centers, office buildings, and low rise structures
In 2019, the revenue for the public end-use segment in Europe stood at USD 3.3 billion owing to its wide-ranging adoption in the construction of various government and institutional buildings such as offices, libraries, auditoriums, and train stations
In China, the residential end-use segment is anticipated to witness a revenue-based CAGR of 9.4% over the forecast period on account of growing product installation in the construction of residential structures such as apartment complexes and single-family homes
Unitized system type segment in Europe is expected to witness a revenue-based CAGR of 6.0% over the forecast owing to the growing demand for the energy-efficient facade systems and rising adoption of BIPV in the region
Manufacturers are continually engaged in expanding their product portfolio along with introducing new and advanced technologies and provide installation services and after-sales support to the clients.

Water Heater Market Size Worth $37.52 Billion By 2027

The global water heater market size is expected to reach USD 37.52 billion by 2027, accelerating at a CAGR of 4.0% over the forecast period, according to a new report by Grand View Research, Inc. The augmenting residential housing sector coupled with rising disposable income is anticipated to bolster the global market growth.

Increasing urban migration coupled with propelling demand for a diversified array of water heaters across the real estate sector is anticipated to drive the market growth in the forthcoming years. In addition, stringent building standards are likely to encourage the adoption of star rated water heaters, thereby augmenting the product demand over the forecast period.

The availability of water heaters with wide-ranging capacity is anticipated to drive the product demand in various end-use industries. Increasing demand for 30 – 100 liters capacity water heaters across small businesses in the residential sector is projected to complement the product demand over the forecast period.

Timely availability of hot water supply coupled with growing need to address the hot water demands at peak hours across various commercial infrastructures is expected to augment the demand for water heaters over the forecast period. Furthermore, competitive and flexible product pricing along with new features and product assortments are likely to drive market growth.

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https://www.grandviewresearch.com/industry-analysis/water-heaters-market

Further key findings from the report suggest:

North America accounted for 21.5% of the revenue share in 2019 on account of elevated refurbishment activities and rising demand for high-efficiency water heaters in the region
The demand for solar water heaters is estimated to witness a CAGR of 4.7%, over the forecast period owing to the growing demand for sustainable and cost-effective water heating technology to decrease the overall electricity consumption
Tankless water heaters accounted for 34.3% of the global revenue share in 2019 on account of the increasing adoption of the product across a wide array of residential and commercial end-user applications
Germany dominated the Europe market by accounting for 20.4% of the revenue share in 2019, owing to the technological advancements coupled with government regulations driving the demand for energy-efficient products
Eminent market players such as A.O. Smith, Bajaj Electricals, Ltd., Rheem Manufacturing Company, and Rinnai Corporation are focusing on product innovation and mergers and acquisitions as their key growth strategies

LNG Market Demand To Reach 560.19 Million Tons By 2027

The global liquefied natural gas market demand is expected to reach 560.19 million tons by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.8% from 2020 to 2027. Growing focus on expansion and development of gas pipeline infrastructure and rising demand for NG across downstream industries are the main propelling factors for the liquefied natural gas (LNG) market.

Decline in liquefied natural gas prices, along with implementation of supportable government regulations and guidelines, which are attracting tax schemes and FDIs, is also beneficial for the market growth. Collective prominence of adequate support for infrastructure in various countries is projected to augment product demand across the construction segment as the product is being used for building equipment.

However, inadequate infrastructure is augmenting demand for small-scale projects to source NG for key customers located in remote areas, precisely in the industrial manufacturing and power generating verticals. Rapid industrialization, urbanization, and projects supportive of gas and petrochemicals and power distribution are likely to provide a stimulus to the market growth.

Power generation accounted for the largest volume share in 2019 and is anticipated to witness significant growth from 2020 to 2027. Power generation plants are steadily shifting from other feedstock to liquefied natural gas in order to offer enhanced delivery and cost-competitiveness while getting support in the form of promising regulations that are encouraging the trends.

Asia Pacific remains the chief center of demand and altogether it accounted for over 50% of the global liquefied natural gas imports in 2018. 2019 was recorded as the year of low price and was driven by growing NG production, limited demand response, and the commissioning of new export infrastructure across the APAC market.

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https://www.grandviewresearch.com/industry-analysis/liquefied-natural-gas-lng-market

Further key findings from the report suggest:

Asia Pacific is projected to grow at a substantial rate throughout the forecast period. India is expected to witness the fastest growth in the Asia Pacific region
By application, the power generation segment dominated the industry, accounting for 47.1% share of the total volume in 2019
North America is likely to witness moderate growth during the projected period.

Flywheel Energy Storage Systems Market Worth $552.1 Million By 2027

The global flywheel energy storage system market size is expected to reach USD 552.1 million by 2027, escalating at a CAGR of 7.4% over the forecast period, according to a new report by Grand View Research, Inc. Increasing demand for energy storage systems across various industries along with the implementation of favorable regulatory policies regarding clean power generation and reducing dependence on fossil-fuel based power sources is likely to drive the market over the forecast period.

Flywheel serves as a reliable energy storage solution in developing areas with less reliable grid infrastructure and high electricity costs, and in island areas where grids are reliant on biofuels and diesel generators. In these remote areas, flywheel storage is set up in integration with renewable wind and solar power, thereby combating the intermittent nature of renewable power while providing a continuous power supply to the grid or other facilities.

The technology offers several advantages over batteries to store energy. Some of the advantages include unlimited daily cycling capacity, no chemical reaction, zero capacity degradation, and high round-trip efficiency. However, parameters such as high cost and short duration of flywheel power are among the critical factors expected to hamper market growth over the forecast period.

Industry participants are heavily investing in research and development activities in order to find a solution to the high maintenance cost incurred by technology. Manufacturers are focusing on optimizing the geometry and metallurgical properties of flywheel rotor including the chemical composition and processing refinement of low-carbon steel alloy. Moreover, large market players are tying up with small regional companies in order to enhance their foothold in the market globally.

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https://www.grandviewresearch.com/industry-analysis/flywheel-energy-storage-market

Further key findings from the report suggest:

Others segment occupied the largest market share in 2019 in terms of revenue. Flywheel energy storage providing frequency regulation in grid balancing operations is set to be driving the market across this segment
The distributed energy generation segment is anticipated to be the fastest-growing application segment owing to the rising demand for isolated grids across remote communities and remote industrial operations
The data centers segment occupied a significant market share and is projected to witness a high growth rate over the forecast period. This growth can be attributed to the large number of IT companies deploying the technology at their massive data centers
North America accounted for the largest regional market share in terms of revenue, owing to the growing number of projects to reserve power across the region, mainly the U.S.
In Asia Pacific, the market is expected to witness significant CAGR over the forecast period owing to the growing demand for continuous power supply along with government efforts to supply clean power across end-use markets.

Marine Grease Market Size Worth $348.4 Million By 2025

The global marine grease market size is expected to reach USD 348.4 million by 2025, expanding at a CAGR of 4.4%, according to a new report by Grand View Research, Inc. Increasing demand from the various end-use segments is a key factor driving the growth. The robust growth from shipping industry in Asia Pacific is expected to boost the market further over the forecast period.

Marine grease is a semi-solid substance, used in various vessels such as bulk carrier ships, cargo ships, tankers, passenger vessels as it provides enhanced lubrication under salty water conditions. In addition, it has numerous applications in high temperature and pressure conditions. The market is mainly driven by the demand for the bulk carriers and cargo vessels, as they are exposed to the complex operating environment during transportation of industrial and consumer goods.

In terms of revenue, lithium complex thickener accounted as the largest segment in 2016 and is anticipated to continue its trends with a growth rate of 4.7% over the forecast period. Increasing need for environmentally compatible and multi-purpose grease are the factors anticipated to propel the growth.

The demand is expected to surge owing to the development of new ports in the Asia Pacific region. Different grades as classified by the National Lubricating Grease Institute (NLGI) are used in various end-use areas as they provide the required properties such as resistance to water wash out, and corrosion prevention. Various types of NLGI graded greases are available to cater the requirement of the different types of vessels.

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https://www.grandviewresearch.com/industry-analysis/marine-grease-market

Further key findings from the report suggest:

Lithium complex based thickener segment is expected to experience fastest growth in terms of value at a CAGR of 4.7% from 2017 to 2025 due to its property to serve as multipurpose grease
Bulk carrier & cargo ships are expected to continue its dominance as the largest end-use segment in terms of revenue and is anticipated to reach USD 150.9 million by 2025. Rising purchasing power parity among emerging economies is expected to boost the growth of operation and maintenance of passenger ship segment which in-turn would boost the marine grease, expanding at a CAGR of 5.2% between the period from 2017 to 2025
Asia Pacific marine grease market was valued at USD 88.2 million in 2016 and is projected to reach USD 139.8 million by 2025. Asia Pacific is expected to experience a surge in demand over the next eight years owing to new ports constructed in this region. In terms of revenue, the regional market is expected to grow at a CAGR of 5.3% between 2017 to 2025
Key players including ExxonMobil Corporation, Chevron Lubricants, Shell Plc, Total Lubmarine, Lukoil Marine, Gulf Oil Marine, Penrite Oil are expected to hold significant share in the global market