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 2023 | Region: Global | 111 Pages         

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Offshore Lubricants Market

Offshore Lubricants Market is projected to be worth USD 239.8 Billion by 2030, registering a CAGR of 4.05% during the forecast period (2021-2030).

Segmentation
By Application Engine oil Hydraulic oil Gear oil Grease
By End-Use Floating Production Storage & Offloading Vessels
Key Players
Companies Profiled   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
Market Driving Forces    A growing interest in ecological issues drives the customers to demand environmentally sound operating process.
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Offshore Lubricants Market Overview


Lubricant is a major component needed for the efficient and continuous function of machinery. Lubricants have various range of functions such as reduction of wear and tear issues, friction elimination, and acts as a coolant. The lubricant improves the machinery’s lifespan. Therefore, these are highly utilized in the FPSOs, offshore rig units, and OSVs. Heavy equipment is utilized in these units; hence it uses large quantities of lubricants for supporting machine maintenance and increasing its operational effectiveness. Moreover, these lubricants enhance the operational performance of the complete process. Due to these qualities and features, the Offshore Lubricants Market is propelling at a significant growth rate in the forecast period.


The Offshore Lubricants Market Growth is chiefly driven by various growth factors. The growing rate of offshore oil and gas exploration along with the production projects is driving the market. The exploration process mostly occurs in the Gulf of Mexico, Arabian Sea, Caspian, and the Red Sea. The higher demand for lubricants for cost decline and tools strength enhancement is acting as a growth factor. The growing usage to analyze work process, rising demand in the shipping industry and offshore industry for the reduction of environmental influence, and the upsurge of issues related to the environment is propelling the Offshore Lubricants Market Size at the global level.


The manufacturers are inclining towards the usage of bio-based raw materials to meet the demand for sustainable products. Effective initiatives towards sustainability are leading to the usage of environment-friendly lubricants. This factor decreases the decreasing VOCs and the gas toxicity. The environment-friendly bio-based offshore lubricants and sustainable offshore lubricants, and other energy-saving lubricants are utilized in progressed countries. The growing demand of the industrial verticals for bio-based lubricants will be highly driving the Offshore Lubricants Market at the global level.


Due to the growth factors, the market will enhance with growth opportunities. Offshore Lubricants Market is projected to be worth USD 239.8 Billion by 2030, registering a CAGR of 4.05% during the forecast period (2021-2030).


COVID-19 Analysis


During the pandemic period, the Offshore Lubricants Market faced a reduction in growth rate due to the challenging factors developed in this period. The exploration and operational activities remained closed for a longer period, resulting in a downfall in the growth curve. This has reduced the demand for lubricants in the industrial sectors. The revenue and sales diminished, and the supply chain was disrupted. As the lockdown lifted, the market returned to its growth rate with gradual demand. In the future days, the Offshore Lubricants Market Revenue will reach its estimated growth value in the forecast period.


Chief Factors Existing In The Market


Key Market Drivers


The rise in emissions is leading to new regulations by regulatory bodies. This enhances newer technologies like slow steaming, selective catalytic reduction, air lubrication, exhaust gas recirculation, exhaust gas scrubbers, low sulfur fuel, and blending-on-board in the maritime industry. The rise in harmful nitrogen and sulfur oxide emissions is letting the shipping companies adopt advanced technologies to abide by the new regulations. Marine exhaust can remove sulfur oxides from the ship’s engine and boiler exhaust gases. Exhaust gas recirculation can reduce harmful nitrogen oxide emissions, save fuel, and lower oxygen concentration and heat absorption. These factors are driving the Offshore Lubricants Market Share. All technological advancements in the maritime industry are accelerating the market's growth. The harmful emissions reduction will lead to better performance and durability of marine lubricants. This factor is enhancing the Offshore Lubricants Market Trend.


Market Challenges


The Offshore Lubricants Market notices challenges over the last two years due to the pandemic. The halt in international trade activities and restrictions on transportation were the major challenges. Higher cost issues in development are another challenging factor in the market.


Market Opportunities


The trading activities all over the world are setting wide growth opportunities for the Offshore Lubricants Market. The market is noticing opportunities from the shipping industries. The government is also aiding the market with its initiatives.


Market Restraints


According to the Offshore Lubricants Market Analysis, lack of a skilled and expert workforce is restraining the market’s growth. The issues during the manufacture and development of the lubricants are limiting the growth. The usage of mineral oil as a lubricant leads to higher emissions of VOCs, which are hazardous to the environment. Synthetic lubricants and bio-based lubricants are environmentally friendly and are available at expensive prices. These factors are restraining the market.


Cumulative Evaluation Of The Market


The Cumulative assessments of the Offshore Lubricants Market show that it will secure its growth at a strong compound annual growth rate of 4.10 % during the forecast period. The growing demand and the presence of opportunistic factors confirm the estimated growth values. The drivers and opportunities are to accelerate the market. Despite the effects of the pandemic, the market will be recovering from losses. The industrial players and their strategies will promote the Offshore Lubricants Market worldwide by fueling regional markets. The developments of the manufacturers will boost the market. Hence, the market will successfully obtain significant USD value during the valuation period. In the future forecast period, the market will rise higher with massive product demand.


Market Segmentation


The Offshore Lubricants Market is segmented into application and end-user.


By Application


The application segment of the Offshore Lubricants Market is fragmented into the Engine oil, Hydraulic oil, Gear oil, and Grease. The engine oil segment will obtain the largest market share. The segment’s growth is propelling due to the higher rate of maritime traffic and growing international trade. The grease segment will obtain the highest CAGR in the forecast period. The growth factors of the segment are integrated with higher consumption of offshore machinery, vessels, and other oil and gas equipment. Manufacturers are managing the device performance and decreasing the overall downtime and operational costs.


By End-Use


The End-Use fragment of the market is categorized into Offshore rigs, FPSOs, which are further sub-divided into Floating, Production, Storage, and Offloading Vessels; and OSVs (Offshore Support Vehicles).


Regional Analysis


According to the geographical Offshore Lubricants Market Research it is distributed in North America, Europe, Asia Pacific, and other regions. The Asia Pacific region has a large share of the offshore lubricant market due to the growing rate of offshore projects and increased ship trade in several regions. The North American region is expected to show the second-highest growth rate due to strict regulations governing the use of marine lubricants and increased offshore activity in the region. In addition, Russia, Germany, and the United Kingdom predicted that Europe would grow moderately.


Competitive Intensity Within The Industry 


The massive competition in the Offshore Lubricants Market shows key industrial players and their development. Players are located in major regions and comprehensively promote the regional market during the forecast period. Player strategy drives the market towards improved and advanced development. Mergers, partnerships, player-to-player collaboration in new product launches, existing technology development, and other activities are driving the size of the Offshore Lubricants Market.


The key market players in the 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)

  • JXTG Nippon Oil & Energy Corporation (Japan).


Recent Market Developments


In June 2022, Dubai, United Arab Emirates: ENOC Group today announced its Strata marine lubricants arm recorded 350% sales growth during the period of 2019 to 2021.


The Group cited its expanding global footprint and supply chain and assigning distributors in key marine markets, contributing to its substantial sales growth. ENOC’s Strata marine lubricants supply network covers 126 marine ports across 20 countries and has supplied 1,700 vessels with lubricants.


Report Overview


Overall reports on the Offshore Lubricants Market Forecast show growth in historic and current forecast periods. The dynamic factors that exist and their characteristics are briefly explained in the report. Segmentation analysis and regional reports show growth based on segment and regional growth. The COVID19 Pandemic Report shows its impact on the market's growth rate. Other factors, such as competitive analytics and recent developments, are other major reasons behind the growth of the Offshore Lubricants Market. The report suggests that the market will acquire a good valuation in the forecast period


Key Industrial Segments


By Application



  • Engine oil

  • Hydraulic oil

  • Gear oil

  • Grease


By End Users



  • Offshore rigs

  • FPSO - Floating, Production, Storage, and Offloading Vessels

  • OSVs - Offshore Support Vehicles



Report Scope:

Report Attribute/Metric Details
  Market Size   2030: USD 239.8 Billion
  CAGR   4.05% (2021-2030)
  Base Year   2020
  Forecast Period   2021 to 2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Billion)
  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.


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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.