According to Stratistics MRC, the Global Offshore Lubricants Market accounted for $300 million in 2015 and is expected to reach $436.8 million by 2022 growing at a Compound Annual Growth Rate (CAGR) of 5.5% during the forecast period. The market is estimated to have a significant growth rate due to huge gas and oil production and deep sea exploration projects. Stringent regulations regarding threat to aquatic life due to unregulated disposal of marine lubricants and petrochemicals have led industry participants to build up bio-based alternatives. Regulatory agencies such as the US Environmental Protection Agency, BEACH (Beaches Environmental Assessment and Coastal Health) and ECHA (The European Chemicals Agency) constantly set up environmental policies related to their usage. Technological developments have led to the production of biological offshore lubricants with efficient performance machines and environmental protection.
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Engine oil was the leading application segment with a share around 72% in 2015. Grease is estimated to register the highest growth rate owing to growing consumption in offshore machinery and oil & gas equipment. Offshore Support Vessels (OSVs) were the leading end-user segment holding a share of more than 50% of total volume in 2015 due to increasing deepwater exploration. Floating Production, Storage and Offloading (FPSOs) are estimated to have highest CAGR owing to their rising adoption for deepwater exploration and production. Asia Pacific is the largest consumer accounting for more than 25% of the global market in 2015. Growing offshore oil & gas production along Gulf of Mexico is estimated to drive growth in North American region.
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Some of the key players in the global offshore lubricants market include Total S.A., Chevron Corporation, Idemitsu Kosan Co., Ltd, Quepet Lubricants, Sinopec Limited, Exxon Mobil Corporation, Royal Dutch Shell Plc, Gulf Oil Marine Limited, JX Nippon Oil & Energy Corp., British Petroleum, Lukoil Oil Company, and Castrol.
FPSOs (Floating, Production, Storage & Offloading Vessels)
OSVs (Offshore Support Vessels)
o New Zealand
o Rest of Asia
Rest of the World
o Latin America
o Middle East
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