Offshore Lubricants Market, predicted to grow at more than 3.5% by 2023 |MRFR.

Offshore lubricant market Research Report- Forecast to 2023

Offshore Lubricants Market, predicted to grow at more than 3.5% by 2023 |MRFR.

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Copyright Š 2018 Market Research Future.

Offshore lubricant market Research Report- Forecast to 2023

1 Summary 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.

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).

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Copyright Š 2018 Market Research Future.

Offshore lubricant market Research Report- Forecast to 2023

2 Market Overview: 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.

Scope of the Report This study provides an overview of the global offshore lubricants market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the offshore lubricants market by its application, by end-use and by region.              

By Application Engine Oil Hydraulic oil Gear oil Grease

By End-Use Offshore rigs FPSO (Floating, Production, Storage and Offloading Vessels) OSVs (Offshore Support Vehicles)

By Regions North America Asia Pacific Europe Rest of the World

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Copyright © 2018 Market Research Future.

Offshore lubricant market Research Report- Forecast to 2023

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 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 2016 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.

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Copyright Š 2018 Market Research Future.

Offshore lubricant market Research Report- Forecast to 2023

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Copyright Š 2018 Market Research Future.