Offshore Lubricants Market 2019 Top Manufacturers, Industry Share, Future Scope, Growth and Regional Forecast 2023
The offshore lubricant is a material that reduces friction and wears between the interfaces of two materials. Lubricants help reduce the friction by lessening the shear strength of the interface. The process of using substances, to reduce the abrasion and increase the smoothness of the movement of one surface over the other is called lubrication process. Lubricants can be solids, liquids or semi-solids, and gaseous, or a combination of solids, liquids, and gases.
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Offshore lubricants market is predominantly driven by the increasing offshore exploration and production investment across the world. The rise in demand for energy and the depletion of onshore reserves have made the oil & gas companies significantly invest in the offshore oil & gas reserves. The evolution in drilling activities and the rise in the demand from the offshore rigs and FPSO (Floating, Production, Storage and Offloading Vessels) are likely to boost the demand for offshore lubricants.
Global Offshore lubricants market has been segmented based on application, end-use, and region. Engine oil segment by application currently holds the largest share and is expected to hold its dominance in the offshore lubricants market during the forecast period. Engine oils are widely used in vessel engines, boat engines, and container engines. Engine oils play a crucial role in assisting engines to ideal efficiency in their output. These oils are used for speed and stoke cycle of the engines. Engine oils prevent engines from rust, wear and tear. Growing maritime activities across the globe are expected to drive engine oils demand over the forecast period. Whereas, the OSVs by end-use held the largest market share in 2016; expected to hold the largest share during the forecast period. OSVs are largely used as support systems for offshore drilling and production sectors. The increase in OSV utilization due to rising deepwater reserves exploration, and production, will lead to better maintenance, resulting in higher demand for lubricants such as engine oils, compressor oils, transmission oils, gear oils and hydraulic fluids.
Currently, the Asia Pacific region is the largest consumers of Offshore Lubricants. China, India, and prominent Southeast Asian countries are among the major markets of offshore lubricants, globally. Asia Pacific Offshore Lubricants market is projected to register the highest CAGR during the forecast period. The increasing offshore projects in the major Asian countries make the Asia Pacific region, lucrative for offshore lubricants market. Economic growth has facilitated the greater maritime trade and activity in the Asia Pacific region since last decade and is projected to grow at a steady pace during the forecast period. North America holds the second largest market share for offshore lubricants market. This is due to growing deep-water activities in the Gulf of Mexico along the eastern coast.
The key 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), and JXTG Nippon Oil & Energy Corporation (Japan).
Scope of the Report
This research report provides insights into various levels of analysis such as industry analysis, and market share analysis for the leading players along with their profiles. It also helps in studying the target segments by providing views on emerging & high-growth segments. The market data comprises the basic assessment of the competitive scenarios & strategies in the global Offshore Lubricants market, including high-growth regions and/or countries, and political, & economic environments. The project report, further, provides views on both the historical market values and pricing & cost analysis.
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