Offshore lubricant market Research Report- Forecast to 2023
OFFSHORE LUBRICANT
MARKET GROWTH REPORT | GLOBAL SURVEY & TREND
Page |1
Copyright © 2018 Market Research Future.
Offshore lubricant market Research Report- Forecast to 2023
1 Summary The industry is expected to have a huge number of product developments over the forecast period, owing to continuous developments in maritime industry coupled with growing consumer preferences for high lubricating features. The market is also expected to have high expansion activities by multinationals and well-established companies. Mergers and acquisition activities are expected to be seen over 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).
Page |2
Copyright Š 2018 Market Research Future.
Offshore lubricant market Research Report- Forecast to 2023
2 Market Overview 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. The global attention towards reducing the stream of mineral oil-based lubricants entering the oceans, harbours and inland waters from standard operational practices, is a major challenge for marine operators. According to U.S. Environmental Protection Agency, several million litres more are projected to be discharged other on-deck and through stern tube leakage alone. Additionally, millions of litres more are estimated to be discharged through other on-deck and hull machine elements such as cranes, winches stabilizers, and bow thrusters.
OFFSHORE LUBRICANT MARKET 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 engines. Engine oils prevent engines from rusting, wear and tear. Growing maritime activities across the globe are expected to drive engine oils demand over the forecast period. The OSVs segment by end-use held the largest market share, in 2018 and is expected to hold the largest share over the forecast period. OSVs are largely used as support systems for offshore drilling and production sectors. Increasing utilization of OSVs due to rising deep water reserves exploration, and production will give rise to greater maintenance, resulting in higher demand for lubricants such as engine oils, compressor oils, transmission oils, gear oils and hydraulic fluids.
Page |3
Copyright Š 2018 Market Research Future.
Offshore lubricant market Research Report- Forecast to 2023
Page |4
Copyright Š 2018 Market Research Future.
Offshore lubricant market Research Report- Forecast to 2023
Page |5
Copyright Š 2018 Market Research Future.