Offshore Lubricants Market Size, Competitive Landscape and Market Forecast - 2029

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, 2022-2029

The Global "Offshore Lubricants Market" is expected to grow at a high CAGR during the forecasting period (2022-2029).

Offshore Lubricants Market Scope and Summary

Metrics	Details
Market CAGR	High
Segments Covered	By Application, By End-use and By Region
Report Insights Covered	Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.
Fastest Growing Region	Asia Pacific
Largest Market Share	North America

 

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Offshore Lubricants Market Dynamics and Trends

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.

Offshore Lubricants Market Segmentation Analysis

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. 

Global Offshore Lubricants Market 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. 

Offshore Lubricants Market Companies and 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.

 

Frequently Asked Questions

What is the Projected CAGR value of the Offshore Lubricants Market?

Offshore Lubricants Market is expected to grow at a high CAGR during the forecasting period 2022-2029.

Who are the key players in Offshore Lubricants Market?

Major players are BP Plc, Valvoline LLC, Total SA, Chevron Group, Petronas Lubricants International, Luk Oil, Exonn Mobil Corp, Sinopec Corporation, Fuchs Petrolub SE.

 

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