Worldwide Offshore Lubricants Market Size, Share, Future Growth, Leading Players Updates and CAGR of 3.5% by Foresight to 2023

“Worldwide Offshore Lubricants Market”
Offshore Lubricants Market Report: by Application (Engine oil, Hydraulic oil, Gear oil, and Grease), End-Use (Offshore rigs, FPSO (Floating, Production, Storage and Offloading Vessels) and OSVs (Offshore Support Vehicles)) and Region – Forecast to 2023

Market Overview:

The high demand for offshore lubricants is due to the growth in the offshore drilling. The offshore lubricant is a substance that eases wear and tears at the interface of the two constituents. It helps in decreasing the abrasion and reducing the adhesive friction. Offshore machinery is used in exploration and drilling of offshore resources. These lubricants aids to improve reliability, efficiency and performance of offshore machinery and equipment. These lubricants improve the efficiency of hydraulic machinery, engines, gears, turbines and other machines. Offshore equipment improves the operational efficiency and extends the life of equipment. Lubricants are widely used in vessel engines, boat engines, and container engine. These oils are required specifically for speed and stoke cycle of engines. Growing maritime activities across the globe are expected to drive offshore lubricants demand over the forecast period. However, reducing the stream of mineral oil-based lubricants entering the oceans, harbours and inland waters from standard operational practices acts as a barrier for the growth of global offshore lubricants market.

The offshore lubricants market is completely dependent on the offshore drilling. Thus, the increasing or decreasing demand of the offshore lubricants directly has an impact on the market. The factor responsible for the increase in offshore lubricants is the growth in deep-water exploration and production activities. This is the primary factor that drives the growth of the global offshore lubricants market and has gained prevalence in the recent times, with increase in demand for energy and the depletion of onshore reserves. Thus, the growth of the offshore lubricants market is expected to go hand in hand with the growth of offshore drilling.

The offshore drilling as a whole is a capital intensive industry. The investment in a lubricant may be look small, but it can make a big difference. The evolution in drilling activities such as offshore rigs and FPSO (Floating, Production, Storage and Offloading Vessels) are likely to bolster the demand for offshore lubricants. Additionally, the rise in demand for energy have made the oil & gas companies to significantly invest in the offshore oil & gas reserves

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In the current scenario, offshore lubricants manufacturers work simultaneously with component manufacturers and shipping industry equipment manufacturers to improve the life span of the components. Reducing the environmental impact is essential in the shipping and offshore industry. Additionally, a growing interest in ecological issues leads to growing demand in environmentally sound operating process.

Major Key Players:

BP plc. (U.K.), Chevron Corporation (U.S.), Exxon Mobil Corporation (U.S.), Royal Dutch Shell plc. (Netherlands), Total S.A. (France), Aegean Marine Petroleum (Greece), Fuchs Petrolub SE (Germany), Gulf Oil Corporation (U.S.), Idemitsu Kosan Co. Ltd. (Japan) and JXTG Nippon Oil & Energy Corporation (Japan) and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Offshore Lubricants Market.

Industry/ Innovation/ Related News:

December, 2017 – ExxonMobil combined the refining and marketing division into a single company, ExxonMobil Fuels and Lubricants Company. The combination improve the needs of its customer and compete more effectively.

September, 2017 – Total S.A. launched the new ANAC Indus oil analysis to evolve the oil technology.

Market Segmentation:

The Global Offshore Lubricants Market is segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;

Segmentation by Application: Comprises Engine Oil, Hydraulic Oil, Gear Oil and Grease

Segmentation by End-Use: Comprises Offshore Rigs, FPSO, OSVs

Segmentation by Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.

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Regional Analysis:

Asia-Pacific market is dominating the market of Global Offshore Lubricants Market due to increase in offshore projects. Development of offshore projects in developing economies such as India, Indonesia, Malaysia and China are driving the market for global offshore lubricants market. The market in the developing countries is largely driven by economic growth and ongoing industrialization.

North America is referred to as the second-largest offshore lubricants market due to factors such as rise in maritime trade and sea traffic have fuelled the demand for offshore lubricants in the country.

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