Offshore Lubricants Market Expected To Trigger A Revenue Increase To USD 428.8 Million By 2022:Key Participant ExxonMobil Corp., Chevron, Royal Dutch Shell and Castrol

San Francisco, 26 December 2018,  Offshore Lubricants Market Analysis, By Application (Engine Oil, Hydraulic Oil, Gear Oil, Grease), By End-Use (Offshore Rigs, FPSOs, OSVs) and Segment Forecasts To 2022

The global offshore lubricants market is expected to reach USD 428.8 million by 2022, according to a new report by Grand View Research, Inc. Increasing deep sea exploration is expected to remain a key driving factor for global offshore lubricants market. Stringent regulations regarding threat to aquatic life on account of unregulated disposal of marine lubricants coupled with volatile petrochemicals pricing have led industry participants to develop bio-based alternatives. This trend is crucial in determining company’s product portfolio, thereby a vital determinant for market competition. 

Engine oil was the leading application segment with demand share exceeding 70% in 2014. Increasing maritime traffic coupled with rising requirement for offshore vessels is expected to drive this segment over the forecast period. Grease is expected to witness the highest growth of 3.3% from 2015 to 2022. 

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Further key findings from the report suggest:

·         Global offshore lubricants market demand was 98.8 kilo tons in 2014 and is expected to grow at a CAGR of 2.7% from 2015 to 2022.

·         Offshore support vessels (OSVs) were the leading end-users for offshore lubricants and accounted for 57.0% of total market volume in 2014. Increasing deepwater exploration, OSVs along with other offshore support systems is expected to drive lubricants demand in OSVs. FPSOs are expected to witness significant gain in its market size on account of their increasing adoption for deepwater exploration and production.

·         Asia Pacific was the largest consumer and accounted for over 27% of total market volume in 2014. The region is characterized by increasing offshore projects in Arabian Sea and South China Sea. Economic growth in Asia Pacific facilitated for greater maritime trade thereby increasing sea traffic.

·         Increasing offshore oil & gas production along Gulf of Mexico is expected to drive North America growth. The region is bound by U.S. EPA regulations regarding marine lubricants usage. EPA has established VGP (vessel general permit) guidelines for lubricants used in vessels operating within the U.S. maritime boundary.

·         Top four companies including ExxonMobil Corp., Chevron, Royal Dutch Shell and Castrol, accounted for over 45% of global offshore lubricants market in 2014. The industry is characterized by high degree of competition by integrated multinational companies. Major oil & gas companies have presence across the value chain, thereby intensifying competition. 

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Grand View Research has segmented the global offshore lubricants market on the basis of application, end-use and region:

Offshore Lubricants Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)

·         Engine Oil

·         Hydraulic Oil

·         Gear Oil

·         Grease

·         Others

Offshore Lubricants End-Use Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)

·         Offshore Rigs

·         FPSOs (Floating, Production, Storage & Offloading Vessels)

·         OSVs (Offshore Support Vessels)

Offshore Lubricants Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)

·         North America

·         Europe

·         Asia Pacific

·         Middle East

·         RoW

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www.grandviewresearch.com/press-release/global-offshore-lubricants-market

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For more information: www.grandviewresearch.com/

Synthetic Lubricants Market Expected To Trigger A Revenue Increase To 23.45 Billion By 2024:Key Participant British Petroleum, Valvoline

San Francisco, 28 November 2018,  The global synthetic lubricants market is expected to reach USD 23.45 billion by 2024, according to a new report by Grand View Research, Inc. The rapidly expanding automotive industry, coupled with rising popularity of synthetic lubricants for automobile applications is projected to propel the market especially in countries such as South Korea, Brazil, and China. 

Synthetic lubricants provide numerous benefits when used for automotive applications such as excellent thermal stability and low friction. Rising awareness regarding the advantages of the product, as opposed to its mineral counterparts, will augment industry growth over the forecast period. A major application of synthetic lubricants is their use as heat transfer fluids in heavy machinery and heat exchangers. Rising industrial sector in Asia Pacific countries will propel product demand over the forecast period. 

Increasing R&D investment by companies for the introduction and development of improved grades is expected to fuel demand over the next eight years. However, low cost of mineral oils may reduce synthetic oil demand thus hampering industry development over the forecast period. Technological innovations related to anti-slip and flow properties of these products is expected to have a positive impact on the market over the forecast period.  

Access Full Research Report On  Synthetic Lubricants Market Analysis:
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Further key findings from the report suggest:

·         The global synthetic lubricants market demand was around 3,821.8 kilo tons in 2015 and is projected to reach 4,900.1 kilo tons by 2024 growing at a CAGR of 2.8% from 2016 to 2024.

·         PAO (Group IV) based synthetic lubricants was estimated at over 2,000.0 kilo tons. The compatibility of other mineral oils with synthetic oils is anticipated to be a major driver propelling the market. Although ester and PAG-based oils offer significantly better properties in comparison to PAO based oils, they are relatively more expensive which has thus resulted in lower market demand.

·         Engine oil was the largest application segment valued over USD 6,000.0 million in 2015. Rising need for high fuel economy coupled with growing demand for high-quality gear and motor oils is expected to have a positive impact on the market over the forecast period.

·         Asia Pacific is expected grow at a CAGR of over 3.0% from 2016 to 2024 on account of the growing industrial and automobile markets in the region. Furthermore, the European region witnessed the highest growth over the past few years on account of its large automotive manufacturing base in Germany.

·         The synthetic lubricants market is fragmented with few manufacturers investing heavily in R&D to gain a greater share of the market. Rising expenditure on the development and introduction of fire-resistant type hydraulic fluids and food grade oils is expected to be one of the critical success factors over the forecast period. Prominent market players include British Petroleum, Valvoline, Chevron, Shell, Exxon Mobil and Total.

Browse More Reports Of This Category By Grand View Research At:   www.grandviewresearch.com/industry/petrochemicals-and-downstream-derivatives

Grand View Research has segmented the global synthetic lubricants market on the basis of product, application and region:

Synthetic Lubricants Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)

·         PAO

·         Esters

·         PAG

Synthetic Lubricants Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)

·         Engine Oil

·         Heat Transfer Fluids (HTF)

·         Transmission Fluids

·         Metalworking Fluids

·         Others

Synthetic Lubricants Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2013 - 2024)

·         North America

o    U.S.

·         Europe

o    Germany

o    UK

·         Asia Pacific

o    China

o    India

·         Latin America

o    Brazil

·         MEA

o    U.A.E

Access Full Press Release of this Report:
www.grandviewresearch.com/press-release/global-synthetic-lubricants-market

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For more information: www.grandviewresearch.com/