Offshore Lubricants Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 – 2023
Market Highlights Lubricants have a vital impact on the maintenance costs and the service life of the components. The investment in lubricant may be relatively small, but it can make a great difference. Lubricants producers across the world work in close cooperation with manufacturers of important components and shipping industry equipment to extend service intervals and components life while increasing operational reliability. Reducing the impact on the environment is important to the shipping and offshore industry. As a shipping operator, it has become essential to be aware of the expanding body of environmental regulations affecting their business. Additionally, a growing interest in ecological issues is propelling the customers to demand environmentally sound operating process. 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 to 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. The Global Offshore Lubricants Market is expected to grow at ~ 3.5% CAGR during the forecast period. Key Players 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).
Market Research Analysis Engine oil and OSVs (Offshore Support Vehicles) are, expected to grow at the highest CAGR and hold the largest market share. Global Offshore lubricant 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 dominate the offshore lubricants market during the forecast period. Engine oils are widely used in vessel engines, boat engines, and container engine. Engine oils play a crucial role in assisting engines to ideal efficiency in their output. These oils are required specifically for speed and stoke cycle of