Offshore Lubricants Market Growth by Industry Size, Share, Revenue and Forecast Up to 2023
Market Research Future published a raw research report Global Offshore Lubricants Market that contains the information from 2017 to 2023. The Global Offshore Lubricants Market is expected to grow at~ 3.5% CAGR from 2017 to 2023.
The offshore lubricant is a material that reduces friction and wears between the interfaces of two materials. Lubricants help reduce the friction by lessening the shear strength of the interface. The process of using substances, to reduce the abrasion and increase the smoothness of the movement of one surface over the other is called lubrication process. Lubricants can be solids, liquids or semi-solids, and gaseous, or a combination of solids, liquids, and gases.
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Offshore lubricants market 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 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.
Offshore lubricants are produced through the fractioning process over the crude oil. Mineral oil-based lubricants are the prime base to manufacture the offshore lubricants, across the globe by major players in the industry. The oil and gas industry is one of the major raw materials suppliers of global offshore lubricants market. The fluctuation in the prices of crude oil have adverse effects on raw material prices. Thus, they affect the costs of offshore lubricants, as well.
Offshore lubricants market is driven by the increase in offshore exploration and production investments across the globe. The increase in demand for energy and the depletion of onshore reserves, have made oil & gas companies diverge their business towards offshore oil & gas reserves. The growth in the drilling activities and the rise in the demand from the offshore rigs and FPSO are likely to propel the demand for offshore lubricants during the forecast period.
The global offshore lubricants market is expected to grow at ~3.5% CAGR during the forecast period.
Asia Pacific Offshore Lubricants market is expected to grow at the highest CAGR
Currently, the Asia Pacific region is the largest consumers of Offshore Lubricants. China, India, and prominent Southeast Asian countries are among the major markets of offshore lubricants, globally. Asia Pacific Offshore Lubricants market is projected to register the highest CAGR during the forecast period. The increasing offshore projects in the major Asian countries make the Asia Pacific region, lucrative for offshore lubricants market. Economic growth has facilitated the greater maritime trade and activity in the Asia Pacific region since last decade and is projected to grow at a steady pace during the forecast period. North America holds the second largest market share for offshore lubricants market. This is due to growing deep-water activities in the Gulf of Mexico along the eastern coast.
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- BP plc.
- Chevron Corporation
- Exxon Mobil Corporation
- Royal Dutch Shell plc.
- Total S.A.
- Aegean Marine Petroleum
- Fuchs Petrolub SE
- Gulf Oil Corporation
- Idemitsu Kosan Co.,Ltd.
- JXTG Nippon Oil & Energy Corporation
This research report provides insights into various levels of analysis such as industry analysis, and market share analysis for the leading players along with their profiles. It also helps in studying the target segments by providing views on emerging & high-growth segments. The market data comprises the basic assessment of the competitive scenarios & strategies in the global Offshore Lubricants market, including high-growth regions and/or countries, and political, & economic environments. The project report, further, provides views on both the historical market values and pricing & cost analysis.
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