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Technavio's market study identifies the increase in offshore exploration and production investments to be one of the primary growth factors for the offshore lubricants market. Oil and gas companies are investing significantly in offshore oil and gas reserves to cater to the increasing demand for energy and the depletion of onshore reserves. This increase in drilling activities and the rising demand from offshore oil rigs and floating production storage and offloading (FPSO), will contribute to the demand for offshore lubricants market. Our market research analysts estimate that this market will grow steadily at a CAGR of around 4% by 2021.
Manufacturers are increasingly opting to use bio-based raw materials to fulfill the increasing demand for sustainable products. Several initiatives launched towards sustainability are encouraging the use of environment-friendly lubricants such as bio-based lubricants that help in reducing VOCs and the toxicity of gases. Bio-based offshore lubricants and green and sustainable offshore lubricants and other energy-saving resin systems are increasingly preferred in developing and developed countries. According to this market research and analysis, the rise in demand for bio-based lubricants will be one of the key trends that will gain traction in the offshore lubricants market.
The offshore lubricants market is highly fragmented due to the presence of several international and regional vendors competing based on product quality, operation cost, innovation, and price. Though the small and medium offshore lubricants vendors are developing innovative capabilities, the key players dominate the transmission oil market. The key offshore drilling companies also engage in M&As to consolidate their position in this global market.
PART 01: Executive summary
PART 02: Scope of the report
PART 03: Research Methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by application
PART 07: Market segmentation by end-user
PART 08: Geographical segmentation
PART 09: Decision framework
PART 10: Drivers and challenges
PART 11: Market trends
PART 12: Vendor landscape
PART 13: Key vendor analysis
PART 14: Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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