The Offshore Lubricants market has been segmented based on Application and End-Use, and is expected to grow at 3.5% CAGR during the period 2019 to 2023.
Due to the occurrence of offshore oil extraction and production on a large scale, the market faces many technological challenges, which triggered the market to establish high-end lubricant products.
Also, regions like India, China, Singapore, and South Korea will also affect the market positively during the forecast period for their expansion of offshore oil extraction and production activities.
The Global Offshore Lubricants Market is considered to register 3.5% CAGR till 2023 concerning with service life of machines and components. To reduce the false impact on the environment by machines, the offshore lubricants market has spread the demand for an alternative and renewable method which is giving lubricants much-needed traction.
Lubricants are essential and impactful when it comes to maintaining the service life of components. The offshore lubricants producers work closely with both components manufactures and shipping equipment manufactures to maintain and increase the operational life of components. Market Research Future (MRFR) in their report stated that there are relatively small investments made in offshore lubricant market, but it is making a tremendous mark in current time and is predicted to achieve unprecedented valuation in the forecast period by 2023. The reports have a brief discussion of the factors that drove the global offshore lubricants market growth to a higher level.
Key Market Players:
The key market players of global offshore lubricants market are
• 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)
• JXTG Nippon Oil & Energy Corporation (Japan)
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Global Offshore Lubricant Market:
Various factors drive the growth of offshore lubricant market in different regions across the globe. The major factor boosting the market growth is the growth in offshore oil & gas exploration and production activities, particularly in the Gulf of Mexico, Caspian, Arabian Sea and the Red Sea. The growth in the deep sea exploration activities across the globe is expected to remain a key driving factor for the global offshore lubricants market. Stringent regulations regarding threat to flora and fauna on account of unregulated disposal of marine lubricants, coupled with volatile petrochemicals pricing have led industry key players to develop bio-based alternatives.
Global Offshore Lubricants Market has been segmented based on Application and End-Use.
Split by Application, engine oils are lubricants that are widely used in boat engines, container engines, and vessel engines and assists to increase efficiency, speed, and prevent from rust, wear, and tear.
Growing marine-related activities across the globe are expected to drive lubricants demand, hence pulling the offshore lubricants market a positive pull over the forecast period.
Split by End user, the global offshore lubricants market has a significant share by the OSVs. In 2016, OSVs end-use held the prime market share and will continue to be the same in the forecast period. The utilization of OSVs is mainly supporting offshore drilling and production sectors and helps in better maintenance. This results in higher demands for lubricants like gear oils, compressor oils, transmission oils, and hydraulic fluids.
Geographical analysis of the global offshore lubricants market includes mainly North America, Europe, Asia-Pacific and rest of the world.
The primary factor boosting the global offshore lubricants market growth is the exploration of oil and gas mainly in the Gulf of Mexico, Caspian, Arabian Sea, and the Red Sea. With gradual time, deep sea exploration activities have been seen actively due to which it has become a key driving factor for production of offshore lubricant products on a larger scale. On account of the disposal of marine lubricants have led industry key players to develop lubricant products to prevent flora and fauna.
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Table of Contents
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.3 Research Process
2.4 Market size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.2 Value Chain/Supply Chain Analysis
4 Market Dynamics
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Market Trends
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