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Global Offshore Lubricants Market size was valued US$ XX Bn in 2019 and the total revenue is expected to grow at XX% through 2019 to 2027, reaching US$ XX Bn.

Global Offshore Lubricants Market
 


Global Offshore Lubricants Market
Market overview:


Lube oil is the lifeblood of engines and it must be maintained clean, dry and in an appropriate chemical condition to fulfill its purpose and protect the engine. Lubricants are used for numerous offshore applications for example turbines, vessel engines, hydraulic equipment, gearboxes, and offshore machinery. Growing offshore oil & gas exploration and production activities particularly in the Gulf of Mexico, Caspian, Arabian Sea, and the Red Sea is expected to drive the global industry in the future. Asia-Pacific represents 55% of the market, consumed by oil-based marine lubricants.The report study has analyzed revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers and market disrupters in the report and same is reflected in our analysis.


The industry is characterized by a high degree of competition by integrated multinational companies. Major oil & gas companies have a presence across the value chain, so intensifying competition. Top four companies including ExxonMobil Corp., Chevron, Royal Dutch Shell, and Castrol, accounted for above 48% of the global offshore lubricants market in 2018.


Market Dynamics:


An increase in offshore exploration activities, growth in subsea installations, demand for global energy, oil & gas are key driving factors accountable for the growth of the global offshore lubricants market. Moreover, regulatory policies play a vigorous role in shaping the industry development, such as the U.S. EPA, REACH, and ECHA continuously develop, formulate and establish environmental policies associated with their usage. According to the International Energy Agency (IEA), the global oil demand in 2018 is 6.9 mb/d and is expected to reach 104.7 mb/d by 2023. The demand is estimated to rise at an average annual rate of 1.2 mb/d. Besides, other bodies like Beaches Environmental Assessment and Coastal Health (BEACH) amended acts, for example, the Clean Water Act to regulate and control petrochemicals pollution in water bodies, like oceans & seas.


Furthermore, offshore lubricants are broadly used in offshore rig units, FPSOs, and OSVs. Heavy-duty equipment used in these units consumes significant amounts of lubricants for machinery maintenance and improved operational efficiency. Growing offshore drilling activities mostly in the Gulf of Mexico, the South China Sea, Arabian Sea, and the Black Sea are expected to force the growth of the offshore lubricant industry.


However, the global offshore lubricant market is categorized by volatile raw material prices together with stringent environmental regulations for producing conventional lubricants. To control these challenges, producers have been collaborating with biotechnology companies to improve bio-based alternatives, which is further supported by governmental favors and tax incentives for employing clean technologies.


Bio-based lubricants have been gaining importance on account of their eco-friendly properties. The growing emphasis on aquatic pollution through the unregulated disposal of conventional lubricants is also a major factor in the growth of bio-based alternatives.


Market Segmentation:


The global offshore lubricant market is segmented by end-use, application, and region.


According to the application segment, the engine oil is expected to hold the largest market share of the global offshore lubricants market, thanks to the increasing usage of diesel engines to generate electricity and power. Also, floating, production, storage, and offloading vehicles hire highly efficient diesel engines to generate power which wants high amounts of lubricants to reduce the friction between the moving parts. These vessels are capable of weathervane and are capable of utilization in the mild to extreme offshore conditions.


Region-wise, Asia Pacific is the largest market share for the offshore lubricants market because of increased marine trade, a number of ships and cargo manufacturing with technical advancement. Countries like China and India together contributing to over 50% of the global oil demand. The Asia Pacific was followed by North America, which accounted for around 19.2% of the global market share in 2018. North America is characterized by severe regulations by the U.S. EPA about utilization of marine lubricants, such as the U.S. EPA has formulated vessel general permit (VGP) guidelines for vessels operating in waters of the U.S. These VGP necessities are a set of guidelines established decrease aquatic environment impact by prescribing a set list of environmentally acceptable lubricants (EAL).


Recent Development:


In Apr 2019, China’s state-owned Cosco Shipping Energy Transportation has inked a memorandum of understanding (MOU) with oil major ExxonMobil to grow their cooperation on marine lubricants buying and ship leasing.


In Sep 2018, as the run-up to stricter sulfur emissions standards continues, Chevron Marine Lubricants has developed a new range of cylinder lubricants compatible with almost all available global sulfur cap 2020 compliance options as the operation of vessels.


The objective of the report is to present a comprehensive analysis of the Global Offshore Lubricants Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by Region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by Region on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Offshore Lubricants Market dynamics, structure by analyzing the market segments and project the Global Offshore Lubricants Market size. Clear representation of competitive analysis of key players by Type, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Offshore Lubricants Market make the report investor’s guide.
Scope of the Global Offshore Lubricants Market


Global Offshore Lubricants Market, By End-use


• Offshore Rigs
• FPSOs (Floating, Production, Storage & Offloading Vessels)
• OSVs (Offshore Support Vessels)
Global Offshore Lubricants Market, By Application


• Engine Oil
• Hydraulic Oil
• Gear Oil
• Grease
• Others (turbine oil, compressor oil, circulating oil, etc.)
Global Offshore Lubricants Market, By Region


• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in the Global Offshore Lubricants Market


• BP plc.
• Royal Dutch Shell
• ExxonMobil
• Chevron Corporation
• Total S.A.
• Sinopec Limited
• Gulf Oil Marine Limited
• Lukoil Oil Company
• British Petroleum
• Idemitsu Kosan
• JXTG Nippon
• Oil & Energy Corp.
• Aegean Marine Petroleum
• Fuchs Petrolub SE
• Castrol

For More Information Visit @:https://www.maximizemarketresearch.com/market-report/global-offshore-lubricants-market/52285/

 

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