Offshore Lubricants Market Size, Key Factors, Major Players, Growth Strategies, Trends, Forecast Till 2030
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.
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 lubricants market Size 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 4.05% CAGR during the forecast period.
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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 supply vessels lubricants 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 2022 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.
Scope of the Report
This study provides an overview of the global offshore lubricants market size, 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
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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