Offshore Lubricants Market Size Share and Industry Outlook to 2028

Global Offshore Lubricants Market is segmented by End-use (Offshore rigs, FPSO, Offshore support vehicles), by Application (Engine oil, Hydraulic oil, Gear oil, Grease) ), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2021-2028

 

Market Overview

The Global "Offshore Lubricants Market" is expected to grow at a CAGR of 5.3% during the forecasting period (2021-2028).

Market Dynamics 

Increase in off shore exploration activities, growth in subsea installations, the growing global energy demand and increasing demand for oil and gas are key driving factors responsible for the growth of the global offshore lubricants market.

Increase in demand for oil and gas in the world is one of the primary factors promoting the growth of the global offshore lubricants market. According to the International Energy Agency (IEA), the global oil demand in 2018 is 6.9 mb/d and is expected to reach 104.7 mb/d by 2023. The demand is expected to rise at an average annual rate of 1.2 mb/d. Countries like China and India together contributing to more than 50% of the global oil demand. Owing to these factors, the global offshore lubricants market is anticipated to witness healthy growth in the future.

However, On the flip side, the high initial investments, lack of technical knowledge and harsh deep-sea environmental conditions will affect the growth of the market.

Market Segmentation

Based on the Application, the market is segmented as engine oil, hydraulic oil, gear oil, and grease. 

The engine oil segment is expected to grow as the dominant segment of the global offshore lubricants market owing to the increasing usage of diesel engines to generate electricity and power. Floating, production, storage, and offloading vehicles employ highly efficient diesel engines to generate power which needs high amounts of lubricants to reduce the friction between the moving parts. These vessels are capable to weathervane and are capable of utilization in mild to extreme offshore conditions. Increasing usage of diesel engines is expected to rise the demand for engine lubricants which is likely to propel the market growth in the forecast period. 

Geographical Analysis

The Global Offshore Lubricants Market is segmented into North America, Europe, Asia Pacific, South America, and Middle East, and Africa. The Asia Pacific region is further segmented into the countries such as China, Japan, India, South Korea, Australia, and Rest of Asia-Pacific. 

The North American region dominates the market due to the growing demand for energy, and production. According to the Global Energy Statistical Yearbook 2018, the overall energy consumption of North America increased from 2,465 Mtoe in 2015 to 2,473 Mtoe in 2016 finally reaching 2,489 Mtoe in 2017. Regulations imposed by the US is also an important factor propelling the offshore lubricants market. For instance, The U.S. EPA has formulated vessel general permit (VGP) guidelines for vessels operating in waters of the U.S. These VGP requirements are a set of guidelines established to reduce aquatic environment impact by prescribing a setlist of environmentally acceptable lubricants (EAL). Owing to these factors, the North American region is expected to dominate the global offshore lubricants market in the future. 

Competitive Analysis 

New product launches, expansion of facilities, mergers, and acquisitions, and strategic partnerships are vital strategies adopted by most companies to contribute to the growth of the company and improve their market growth rate. 

For instance, in April 2019, China’s state-owned Cosco Shipping Energy Transportation has inked a memorandum of understanding (MOU) with oil major ExxonMobil to deepen their cooperation on marine lubricants purchasing and ship leasing.

Moreover, in September 2018, as the run-up to stricter sulfur emissions standards continues, Chevron Marine Lubricants has developed a new range of cylinder lubricants compatible with virtually all available global sulfur cap 2020 compliance options as the operation of vessels

Why Purchase the Report?

• Visualize the composition of the Global Offshore lubricants Market across each indication, in terms of end-use, application, and region highlighting the key commercial assets and players.

• Identify commercial opportunities in Global Offshore lubricants Market by analyzing trends and co-development deals. 

• Excel data sheet with thousands of data points of the Global Offshore lubricants Market - level 4/5 segmentation.

• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.

• Product mapping in excel for the key products of all major market players

Target Audience:

• Equipment Suppliers/ Buyers

• Service Providers/ Buyers

• Industry Investors/Investment Bankers

• Education & Research Institutes

• Research Professionals

• Emerging Companies

• Manufacturers

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Table of Contents

1. Global Offshore lubricants Market Methodology and Scope

1.1 Research methodology

1.2 Research Objective and Scope of the Report

2. Global Offshore lubricants Market – Market Definition and Overview

3. Global Offshore lubricants Market – Executive Summary

3.1 Market Snippet by End use 

3.2 Market Snippet by Application

3.3 Market Snippet by Region

4. Global Offshore lubricants Market – Market Dynamics

4.1 Market Impacting Factors

4.2 Drivers

4.2.1 Expanding sea borne trade activities

4.2.2 Increasing marine transportation sectors

4.3 Restraints

4.3.1 Volatility in raw material prices

4.3.2 Stringent trade regulations

4.4 Opportunities

4.5 Impact Analysis

5. Global Offshore lubricants Market – Industry Analysis 

5.1 Porter's Five Forces Analysis 

5.2 Regulatory Analysis

6. Global Offshore lubricants Market – by End use

6.1.1 Introduction 

6.1.2 Market Size Analysis, and Y-o-Y Growth Analysis (%), by End use 

6.1.3 Market Attractiveness Index, by End use

6.2 Offshore rigs

6.2.1 Introduction

6.2.2 Market Size Analysis, and Y-o-Y Growth Analysis (%)

6.3 FPSO

6.4 Offshore support vehicles

7. Global Offshore lubricants Market – By Application

7.1.1 Introduction 

7.1.2 Market Size Analysis, and Y-o-Y Growth Analysis (%), by Application

7.1.3 Market Attractiveness Index, by Application

7.2 Engine oil 

7.2.1 Introduction

7.2.2 Market Size Analysis, and Y-o-Y Growth Analysis (%)

7.3 Hydraulic oil

7.4 Gear oil

7.5 Grease

8. Global Offshore lubricants Market – By Region

8.1 Introduction 

8.1.1 Market Size Analysis, and Y-o-Y Growth Analysis (%), By Region

8.1.2 Market Attractiveness Index, By Region

8.2 North America

8.2.1 Introduction

8.2.2 Key Region-Specific Dynamics

8.2.3 Market Size Analysis, and Y-o-Y Growth Analysis (%), by End use

8.2.4 Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application

8.2.5 Market Size Analysis, and Y-o-Y Growth Analysis (%), By Countries 

8.2.5.1 U.S.

8.2.5.2 Canada

8.2.5.3 Mexico

8.3 Europe

8.3.1 Introduction

8.3.2 Key Region-Specific Dynamics

8.3.3 Market Size Analysis, and Y-o-Y Growth Analysis (%), by End use

8.3.4 Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application

8.3.5 Market Size Analysis, and Y-o-Y Growth Analysis (%), By Countries 

8.3.5.1 Germany

8.3.5.2 U.K.

8.3.5.3 France

8.3.5.4 Italy

8.3.5.5 Spain

8.3.5.6 Rest of Europe

8.4 South America

8.4.1 Introduction

8.4.2 Key Region-Specific Dynamics

8.4.3 Market Size Analysis, and Y-o-Y Growth Analysis (%), by End use

8.4.4 Market Size Analysis, and Y-o-Y Growth Analysis (%), by Application

8.4.5 Market Size Analysis, and Y-o-Y Growth Analysis (%), by Countries 

8.4.5.1 Brazil

8.4.5.2 Argentina

8.4.5.3 Rest of South America

8.5 Asia Pacific

8.5.1 Introduction

8.5.2 Key Region-Specific Dynamics

8.5.3 Market Size Analysis, and Y-o-Y Growth Analysis (%), by End use

8.5.4 Market Size Analysis, and Y-o-Y Growth Analysis (%), by Application

8.5.5 Market Size Analysis, and Y-o-Y Growth Analysis (%), by Countries 

8.5.5.1 China

8.5.5.2 India

8.5.5.3 Japan

8.5.5.4 Australia

8.5.5.5 Rest of Asia Pacific

8.6 Middle East and Africa

8.6.1 Introduction

8.6.2 Key Region-Specific Dynamics

8.6.3 Market Size Analysis, and Y-o-Y Growth Analysis (%), by End use

8.6.4 Market Size Analysis, and Y-o-Y Growth Analysis 

(%), by Application

9. Global Offshore lubricants Market – Competitive Landscape

9.1 Competitive Scenario

9.2 Competitor Strategy Analysis

9.3 Comparative Product Portfolio Analysis

9.4 Market Positioning/Share Analysis

9.5 Mergers and Acquisitions Analysis

10. Company Profiles

10.1 Royal Dutch Shell

10.1.1 Company overview

10.1.2 Product portfolio and description

10.1.3 Key highlights

10.1.4 Financial overview

10.2 BP Plc

10.3 Valvoline LLC

10.4 Total SA

10.5 Chevron Group

10.6 Petronas Lubricants International

10.7 Luk Oil

10.8 Exonn Mobil Corp

10.9 Sinopec Corporation

10.10 Fuchs Petrolub SE

11. Global Offshore lubricants Market – Premium Insights

12. Global Offshore lubricants Market – DataM 

12.1 Appendix

12.2 List of Tables and Figures

12.3 About Us and Services

12.4 Contact Us