MARINE CHEMICALS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Marine Chemicals Market, By Product Type (Fuel Oil Additives, Lubricants, Water Treatment Chemicals, Cargo Additives, and Others), By Application (Shipping, Shipyards, Offshore Oil and Gas, and Others), By Geography (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa)

Published In : Aug 2024
Code : CMI7292
Pages :136
Formats :
Excel and PDF
Industry : Bulk Chemicals

Regional Analysis

Marine Chemicals Market Regional Insights

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North America dominates the global marine chemicals market currently. The region is expected to account for 37.6% of the market share in 2024. The region accounts for the largest share due to presence of majority of leading chemical manufacturers and suppliers. Several new transport projects such as dredging of Panama Canal has further augmented product demand from the shipping industry. Also, trade activities in Great Lakes and waterways support market growth. Stringent environmental regulations regarding ballast water treatment have boosted the demand for biocides and other disinfectants.

Asia Pacific is recognized as the fastest growing regional market for marine chemicals. Rapid expansion of shipping fleet along with increase in overseas trade drives the chemical consumption. Major economies like China and India are investing heavily in port infrastructure development which spurs opportunities. Additionally, policy initiatives by governments in the region towards facilitating coastal trade would benefit the adoption of marine treatment products. Growing maritime tourism industry, especially in Southeast Asian countries is another factor fueling the APAC market expansion.