Offshore Lubricants Market Research Report - Forecast to 2030

Offshore Lubricants Market Report Information, by Application (Engine oil, Hydraulic oil, Gear oil, and Grease), by End-Use (Offshore rigs, FPSO (Floating, Production, Storage and Offloading Vessels), and OSVs (Offshore Support Vehicles)) and by Region - Global Forecast to 2030.

ID: MRFR/CnM/4073-HCR | February 2021 | Region: Global | 111 pages         

Offshore Lubricants Market

Offshore Lubricants Market is projected to be worth USD 199.8 Billion by 2030, registering a CAGR of 3.05% during the forecast period (2021-2028).

Segmentation

By Application Engine oil Hydraulic oil Gear oil Grease
By End-Use Floating Production Storage & Offloading Vessels

Key Players

  • 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)
  • JXTG Nippon Oil & Energy Corporation (Japan)

Drivers

  • A growing interest in ecological issues drives the customers to demand environmentally sound operating process.
Speak to Analyst Request a Free Sample

Market Scenario:


Offshore Lubricants Market is expected to grow at 4.10%% CAGR during the forecast period.


The offshore lubricant is a substance that eases friction and wears at the interface of the two constituents. It helps in decreasing the abrasion by dropping the shear strength of interface. Lubrication is a process of using resources to increase the evenness of the drive of one surface over other. It helps in reducing the adhesive friction by lowering the shear strength of the interface. Lubricants can be solid, liquid or semi-liquid, and gas, or a combination of solid, liquid, and gas. Offshore machinery is used in exploration and drilling of offshore resources. These lubricants help improve reliability, efficiency and performance of offshore machinery and equipment. These lubricants improve the performance of hydraulic machinery, engines, gears, turbines and other machines. Offshore equipment improves operational efficiency and extends the life of equipment.


Lubricants have a major impact on maintenance costs and the service life of components. Offshore lubricants producers across the world, work in close coordination with both, component manufacturers and shipping industry equipment manufacturers to increase service intervals and life of components while increasing the operational reliability. The investment in a lubricant may be relatively small, but it can make a big difference. Reducing the environmental impact is essential in 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 drives the customers to demand environmentally sound operating process.


Reducing the stream of mineral oil-based lubricants entering oceans, harbors and inland waters from standard operational practices, is a major challenge for marine operators. According to U.S. Environmental Protection Agency, several million litres are estimated to be discharged through other on-deck and 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.


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.


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.


The global offshore lubricants market is expected to grow at ~ 3.5% CAGR during the forecast period.


Market Segmentation:


 Offshore Lubricant Market


Global Offshore Lubricant Market:


Various factors drive the growth of offshore lubricant market in different regions across the globe. The major factor boosting the market growth is the growth in offshore oil & gas exploration and production activities, particularly in the Gulf of Mexico, Caspian, Arabian Sea and the Red Sea.  The growth in the deep sea exploration activities across the globe is expected to remain a key driving factor for the global offshore lubricants market. Stringent regulations regarding threat to flora and fauna on account of unregulated disposal of marine lubricants, coupled with volatile petrochemicals pricing have led industry key players to develop bio-based alternatives.    


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).



Report Scope:
Report Attribute/Metric Details
  Market Size   2030: Significant value
  CAGR   (2020-2030): 4.10% CAGR
  Base Year   2021
  Forecast Period   2020 to 2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Million)
  Report Coverage    Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   By Application, OSVs, End-Use Industry and Region
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   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).
  Key Market Opportunities   The growth in the deep sea exploration activities across the globe
  Key Market Drivers   A growing interest in ecological issues drives the customers to demand environmentally sound operating process.


Speak to Analyst Ask for Customization

Frequently Asked Questions (FAQ) :

The global offshore lubricants market to attain a 4.10% CAGR between 2020 to 2030

Major players to inspire growth for the offshore lubricants market Chevron Corporation (U.S.), BP plc (U.K.), Royal Dutch Shell plc (Netherlands), Exxon Mobil Corporation (U.S.), Aegean Marine Petroleum (Greece), Total S.A. (France), Idemitsu Kosan Co, Ltd. (Japan), Gulf Oil Corporation (U.S.), Fuchs Petrolub SE (Germany), and JXTG Nippon Oil & Energy Corporation (Japan).

Engine oil segment to lead the global offshore lubricants market growth.

The offshore support vehicle or OSV segment would dominate the global offshore lubricants market.

Ability to reduce cost, curb carbon emission, increase tool durability, simplifying the work process, and others would ensure a better intake of offshore lubricants and inspire growth for the market.