Global Offshore Lubricants Market 2017-2021

Overview of the global offshore lubricants market

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.

Competitive landscape and key vendors

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.

The leading vendors in the market are -

• BP
• Chevron
• ExxonMobil
• Shell
• Total

The other prominent vendors in the market are AEGEAN MARINE PETROLEUM NETWORK, FUCHS, GULF OIL, Idemitsu Kosan, JX Nippon Oil & Energy, Klüber Lubrication, LUKOIL, PANOLIN, Petroliam Nasional Berhad, (PETRONAS), PLUSCO, Quepet Lubricants, RS Clare & Co, Sinopec, Unimarine, and BENJN R. VICKERS & SONS.

Segmentation by application and analysis of the offshore lubricants market

• Engine oil
• Gear oil
• Grease

The engine oil segment accounted for the major shares of the offshore lubricants market during 2016. The use of diesel engines in FPSO and offshore rigs to generate electricity and power the machinery located onboard will be a major factor fueling the market's growth prospects in this segment.

Segmentation by end user and analysis of the offshore lubricants market

• Offshore support vessel (OSV)
• Offshore rigs
• Floating production storage and offloading (FPSO)

The growing demand for oil and natural gas and the rising oil prices will encourage the oil companies to increase their extraction and production spending budget. In addition to offering support services to offshore drilling, pipe laying, and oil producing assets, OSVs also supply and support offshore construction projects. This industry research report estimates that the OSV segment will be the major user to the drilling industry lubricants market throughout the next four years.

Key questions answered in the report include

• What will the market size and the growth rate be in 2021?
• What are the key factors driving the global offshore lubricants market?
• What are the key market trends impacting the growth of the global offshore lubricants market?
• What are the challenges to market growth?
• Who are the key vendors in the global offshore lubricants market?
• What are the market opportunities and threats faced by the vendors in the global offshore lubricants market?
• Trending factors influencing the market shares of the APAC, Europe, North America, and ROW.
• What are the key outcomes of the five forces analysis of the global offshore lubricants market?

Technavio also offers customization on reports based on specific client requirement.

Lubricants are used in vessel engines, turbines, hydraulic equipment, offshore machinery, and gearboxes. It reduces the wear and tear of equipment and improves the complete operational efficiency. This industry research report on the global offshore lubricants market by Technavio is an integral part of the chemicals and materials portfolio and offers insights into the major trends and evolving drivers inducing the growth of the specialty chemicals industry. Our reports also follow a thorough procedure of data collection methodology and present an analysis of fast growing market subdivisions.

Our market research analysis includes qualitative and quantitative research techniques like vendor analysis, drivers, challenges, and trend analysis. Additionally, an analysis of the market share and market size using statistical models is also carried out to help clients develop active growth strategies and keep pace with the frequently changing market landscape. The market research experts at Technavio also take into account the market forecast, market size, and increasing demand for various specialty chemicals products and services and also offers an all-inclusive picture of the global offshore lubricants market for the estimated period of 2017-2021.

According to our market research experts, growing offshore oil and gas exploration and production activities may influence the demand for offshore lubricants in the coming years. This upcoming market research report on the global offshore lubricants market also covers vendors like Chevron, Castrol, Total, Shell, and Exxon Mobil. Furthermore, to offer clients the scope to identify potential market opportunities and expand in niche markets, this market report on the global offshore lubricants market also covers geographies like the Americas, APAC, MEA, and Europe.

The upcoming industry report on the global offshore lubricants market also offers insights into fast-growing segments within the chemicals and materials industry, including sectors like textile, fiber, and composites and agrochemicals and fertilizers. Furthermore, this report also presents insights into the varying competitive landscape and gives clients a realistic picture of the future direction of the industry.

Our market research methodology for the offshore lubricants market

Technavio also offers clients the option to customize every report to suit their specific requirements and offers attractive discounts on all upcoming reports and future purchases.