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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Report On Offshore Lubricants Market Analysis:
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 At: www.grandviewresearch.com/industry/petrochemicals-and-downstream-derivatives
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
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/