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Published Date: 2014-09-11Number of Pages: 80

Offshore Lubricants Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020

Led by increasing oil and gas exploration and production activities, the offshore lubricants market is anticipated to retain its momentum in the next few years. Due to increasing demand for energy and depleting onshore reserves, oil and gas companies are investing significantly in offshore oil and gas reserves. This would boost drilling activities and generate demand for offshore rigs and FPSOs. This, in turn, is likely to increase demand for offshore lubricants globally. Growth in offshore drilling activities across the world is expected to boost the market for offshore lubricants in the next few years.

 

Lubricant is one of the indispensable elements required for the smooth and efficient functioning of machineries. Lubricants perform various functions such as reduce wear and tear, remove friction and act as coolant. Use of appropriate lubricant increases the lifespan of a machine. Moreover, lubricants help improve the efficiency of a process. Lubricants used in offshore rigs and FPSOs are expected to perform under extreme conditions. Lubricants reduce the maintenance time, thereby saving the cost of production. A variety of lubricants is available for different machines. These include engine oil, gear oil, grease, hydraulic oil, compressor oil and turbine oil. Each type of lubricant is used in various applications and in different parts. Engine oil is used to lubricate engines, while hydraulic oil provides lubrication as well as transfers power through the hydraulic system. Equipment that are part of offshore rigs and FPSOs include cranes, hydraulic lifts, diesel engines, compressors, traveling blocks, hydraulic boost pumps and propeller shafts.

 

Engine oil was the dominant application segment in the offshore lubricants market in 2013. Offshore rigs and FPSOs are located far from the land without any connectivity from the grid lines. These use diesel engines to generate electricity and power the machinery onboard. There are approximately four to six diesel engines on every offshore rig and FPSO. These engines operate continuously and consume engine oil. This increases demand for engine oil, thereby driving the growth of the market. Gear oil and hydraulic oil are the other offshore lubricants consumed in large volumes.

 

Strict environmental regulations promote the use of environmentally acceptable lubricants (EALs). The U.S. has mandated the use of EALs in its waters for machines functioning below the surface of water. The golden triangle constituting the Gulf of Mexico (GOM), Brazil and West Africa is one of the lucrative markets for offshore lubricants. It provides higher scope for drilling activities compared to other regions in the world.  The golden triangle is rich in deep and ultra deepwater oil reserves, which have attracted high investments from large oil and gas MNCs. These investments would result in drilling of large number of wells during the forecast period. This would increase the demand for offshore lubricants in the region. Most FPSOs are expected to operate in the region.

 

Logistics is an important factor for the offshore oil and gas industry. A delay in the supply of lubricants can halt operations, resulting in financial and time loss. Key players in the offshore lubricants market include Total S.A., Royal Dutch Shell plc, BP plc, Chevron Corporation, ExxonMobil Corporation, Sinopec Limited, Gulf Oil Marine Limited and Lukoil Oil Company. These companies supply lubricants to various ports across the world for usage in offshore rigs and FPSOs. This ensures that the operations are not hampered.

 

 

 

Chapter 1 Preface

1.1 Report Description

1.2 Research Scope

1.3 Research Methodology

 

Chapter 2 Executive Summary

 

Chapter 3 Market Overview

3.1 Introduction

3.2 Market Drivers

      3.2.1 Increasing investments in offshore exploration and production activities

3.3 Market Restraint

      3.3.1 Environmental regulation prohibiting use of certain lubricants

3.4 Market Opportunities

      3.4.1 Abundant deep water and ultra-deep water reserves

3.5 Value chain analysis

3.6 Porter’s five forces analysis

      3.6.1 Bargaining power of suppliers

      3.6.2 Bargaining power of buyers

      3.6.3 Threat of substitutes

      3.6.4 Threat of new entrants

      3.6.5 Degree of competition

3.7 Market attractiveness analysis of offshore lubricants market by end-user segment

 

Chapter 4 Global Offshore Lubricants Market - By End User

4.1 Global offshore lubricants market – End-User Overview

      4.1.1 Global offshore lubricants market, volume share by end-users, 2013 – 2020

4.2 Offshore rigs

      4.2.1 Global offshore rigs lubricants market estimates and forecast, 2013 – 2020 (Kilo Tons) (USD Million)

4.3 FPSO

      4.3.1 Global FPSO lubricants market estimates and forecast, 2013 – 2020 (Kilo Tons) (USD Million)

 

Chapter 5 Global Offshore Lubricants Market - By Application

5.1 Global Offshore Lubricants Market - Application Overview

      5.1.1 Global offshore lubricants market, volume share by application, 2013 – 2020

5.2 Engine oil lubricants

      5.2.1 Global engine oil lubricants market estimates and forecast, 2013– 2020 (Kilo Tons) (USD Million)

5.3 Hydraulic oil lubricants

      5.3.1 Global hydraulic oil lubricants market estimates and forecast, 2013 – 2020 (Kilo Tons) (USD Million)

5.4 Gear oil

      5.4.1 Global gear oil lubricant market estimates and forecast, 2013 – 2020 (Kilo Tons) (USD Million)

5.5 Grease

      5.5.1 Global grease market estimates and forecast, 2013 – 2020 (Kilo Tons) (USD Million)

5.6 Others (Turbine Oils, Compressor Oils, Circulating oil, etc.)

      5.6.1 Global other offshore lubricant market estimates and forecast, 2013 – 2020 (Kilo Tons) (USD Million)

 

Chapter 6 Global Offshore Lubricants Market - By Geography

6.1 Global Offshore Lubricant Market - Geographic Overview

      6.1.1 Global offshore lubricant volume share, by geography, 2013 – 2020

6.2 North America

      6.2.1 North America offshore lubricants market volume and revenue, 2013 – 2020 (Kilo Tons) (USD Million)

      6.2.2 North America offshore lubricants market estimate and forecast, by end-user, 2013 – 2020 (Kilo tons)

      6.2.3 North America offshore lubricants market estimate and forecast, by end-user, 2013 – 2020 (USD Million)

      6.2.4 North America offshore lubricants market estimate and forecast, by application, 2013 – 2020 (Kilo tons)

      6.2.5 North America offshore lubricants market estimate and forecast, by application, 2013 – 2020 (USD Million)

6.3 Europe

      6.3.1 Europe offshore lubricants market volume and revenue, 2013 – 2020 (Kilo Tons) (USD Million)

      6.3.2 Europe offshore lubricants market estimate and forecast, by end-user, 2013 – 2020 (Kilo tons)

      6.3.3 Europe offshore lubricants market estimate and forecast, by end-user, 2013 – 2020 (USD Million)

      6.3.4 Europe offshore lubricants market estimate and forecast, by application, 2013 – 2020 (Kilo tons)

      6.3.5 Europe offshore lubricants market estimate and forecast, by application, 2013 – 2020 (USD Million)

6.4 Middle East

      6.4.1 Middle East offshore lubricants market volume and revenue, 2013 – 2020 (Kilo Tons) (USD Million)

      6.4.2 Middle East offshore lubricants market estimate and forecast, by end-user, 2013 – 2020 (Kilo tons)

      6.4.3 Middle East offshore lubricants market estimate and forecast, by end-user, 2013 – 2020 (USD Million)

      6.4.4 Middle East offshore lubricants market estimate and forecast, by application, 2013 – 2020 (Kilo tons)

      6.4.5 Middle East offshore lubricants market estimate and forecast, by application, 2013 – 2020 (USD Million)

6.5 Asia Pacific

      6.5.1 Asia Pacific offshore lubricants market volume and revenue, 2013 – 2020 (Kilo Tons) (USD Million)

      6.5.2 Asia Pacific offshore lubricants market estimate and forecast, by end-user, 2013 – 2020 (Kilo tons)

      6.5.3 Asia Pacific offshore lubricants market estimate and forecast, by end-user, 2013 – 2020 (USD Million)

      6.5.4 Asia Pacific offshore lubricants market estimate and forecast, by application, 2013 – 2020 (Kilo tons)

      6.5.5 Asia Pacific offshore lubricants market estimate and forecast, by application, 2013 – 2020 (USD Million)

6.6 RoW

      6.6.1 RoW offshore lubricants market volume and revenue, 2013 – 2020 (Kilo Tons) (USD Million)

      6.6.2 RoW offshore lubricants market estimate and forecast, by end-user, 2013 – 2020 (Kilo tons)

      6.6.3 RoW offshore lubricants market estimate and forecast, by end-user, 2013 – 2020 (USD Million)

      6.6.4 RoW offshore lubricants market estimate and forecast, by application, 2013 – 2020 (Kilo tons)

      6.6.5 RoW offshore lubricants market estimate and forecast, by application, 2013 – 2020 (USD Million)

 

Chapter 7 Company Profiles

7.1 Total S.A.

      7.1.1 Company overview

      7.1.2 Financial overview

      7.1.3 SWOT analysis

      7.1.4 Business strategy

      7.1.5 Recent developments

7.2 Royal Dutch Shell Plc

      7.2.1 Company overview

      7.2.2 Financial overview

      7.2.3 SWOT analysis

      7.2.4 Business strategy

      7.2.5 Recent developments

7.3 BP Plc

      7.3.1 Company overview

      7.3.2 Financial overview

      7.3.3 SWOT analysis

      7.3.4 Business strategy

      7.3.5 Recent developments

7.4 Chevron Corporation

      7.4.1 Company overview

      7.4.2 Financial overview

      7.4.3 SWOT analysis

      7.4.4 Business strategy

      7.4.5 Recent developments

7.5 Exxon Mobil Corporation

      7.5.1 Company overview

      7.5.2 Financial overview

      7.5.3 SWOT analysis

      7.5.4 Business strategy

      7.5.5 Recent developments

7.6 Sinopec Limited

      7.6.1 Company overview

      7.6.2 Financial overview

      7.6.3 SWOT analysis

      7.6.4 Business strategy

      7.6.5 Recent developments

7.7 Gulf Oil Marine Limited

      7.7.1 Company overview

      7.7.2 SWOT analysis

      7.7.3 Business strategy

      7.7.4 Recent developments

7.8 Lukoil Oil Company

      7.8.1 Company overview

      7.8.2 Financial overview

      7.8.3 SWOT analysis

      7.8.4 Business strategy

      7.8.5 Recent developments

7.9 Quepet Lubricants

      7.9.1 Company overview

      7.9.2 SWOT analysis

      7.9.3 Business strategy

      7.9.4 Recent developments

7.10 Idemitsu Kosan Co., Ltd.

      7.10.1 Company overview

      7.10.2 Financial overview

      7.10.3 SWOT analysis

      7.10.4 Business strategy

      7.10.5 Recent development

List of Figures 

 

FIG. 1 Global offshore lubricants market volume and revenue, 2013 – 2020 (Kilo Tons) (USD Million)

FIG. 2 Value chain analysis

FIG. 3 Porter’s five forces analysis

FIG. 4 Market attractiveness analysis of offshore lubricants market by end-user segment

FIG. 5 Global offshore lubricant market, volume share by end-user, 2013 - 2020

FIG. 6 Global offshore rigs lubricants, 2013 – 2020 (Kilo Tons) (USD Million)

FIG. 7 Global FPSO lubricants demand, 2013– 2020 (Kilo Tons) (USD Million)

FIG. 8 Global offshore lubricants market, volume share by application, 2013 - 2020

FIG. 9 Global demand for engine oil lubricants, 2013 – 2020 (Kilo Tons) (USD Million)

FIG. 10 Global demand for hydraulic oil lubricants, 2013 – 2020 (Kilo Tons) (USD Million)

FIG. 11 Global gear oil lubricant, 2013 – 2020 (Kilo Tons) (USD Million)

FIG. 12 Global demand for grease, 2013 – 2020 (Kilo Tons) (USD Million)

FIG. 13 Global demand for Other offshore lubricant, 2013 – 2020 (Kilo Tons) (USD Million)

FIG. 14 Global offshore lubricant volume share, by geography, 2013 - 2020

FIG. 15 North America offshore lubricants market volume and revenue, 2013 – 2020 (Kilo Tons) (USD Million)

FIG. 16 Europe offshore lubricants market volume and revenue, 2013 – 2020 (Kilo Tons) (USD Million)

FIG. 17 Middle East offshore lubricants market volume and revenue, 2013 – 2020 (Kilo Tons) (USD Million)

FIG. 18 Asia Pacific offshore lubricants market volume and revenue, 2013 – 2020 (Kilo Tons) (USD Million)

FIG. 19 RoW offshore lubricants market volume and revenue, 2013 – 2020 (Kilo Tons) (USD Million)

List of Tables

 

TABLE 1 Global Offshore Lubricants Market Snapshot

TABLE 2 Drivers for global offshore lubricants market: Impact Analysis

TABLE 3 Restraint of the global offshore lubricants market: Impact Analysis

TABLE 4 Opportunities for global offshore lubricants market: Impact Analysis

TABLE 5 North America offshore lubricants market estimate and forecast, by end-user, 2013-2020 (Kilo tons)

TABLE 6 North America offshore lubricants market estimate and forecast, by end-user, 2013 -2020 (USD Million)

TABLE 7 North America offshore lubricants market estimate and forecast, by application, 2013 – 2020 (Kilo tons)

TABLE 8 North America offshore lubricants market estimate and forecast, by application, 2013 – 2020 (USD Million)

TABLE 9 Europe offshore lubricants market estimate and forecast, by end-user, 2013-2020 (Kilo tons)

TABLE 10 Europe offshore lubricants market estimate and forecast, by end-user, 2013 -2020 (USD Million)

TABLE 11 Europe offshore lubricants market estimate and forecast, by application, 2013 – 2020 (Kilo tons)

TABLE 12 Europe offshore lubricants market estimate and forecast, by application, 2013 – 2020 (USD Million)

TABLE 13 Middle East offshore lubricants market estimate and forecast, by end-user, 2013-2020 (Kilo tons)

TABLE 14 Middle East offshore lubricants market estimate and forecast, by end-user, 2013 -2020 (USD Million)

TABLE 15 Middle East offshore lubricants market estimate and forecast, by application, 2013 – 2020 (Kilo tons)

TABLE 16 Middle East offshore lubricants market estimate and forecast, by application, 2013 – 2020 (USD Million)

TABLE 17 Asia Pacific offshore lubricants market estimate and forecast, by end-user, 2013-2020 (Kilo tons)

TABLE 18 Asia Pacific offshore lubricants market estimate and forecast, by end-user, 2013 -2020 (USD Million)

TABLE 19 Asia Pacific offshore lubricants market estimate and forecast, by application, 2013 – 2020 (Kilo tons)

TABLE 20 Asia Pacific offshore lubricants market estimate and forecast, by application, 2013 – 2020 (USD Million)

TABLE 21 RoW offshore lubricants market estimate and forecast, by end-user, 2013-2020 (Kilo tons)

TABLE 22 RoW offshore lubricants market estimate and forecast, by end-user, 2013 - 2020 (USD Million)

TABLE 23 RoW offshore lubricants market estimate and forecast, by application, 2013 – 2020 (Kilo tons)

TABLE 24 RoW offshore lubricants market estimate and forecast, by application, 2013 – 2020 (USD Million)

 

Lubricants are essential for the proper functioning of machines. These are used to reduce friction and wear and tear in different operating parts of machines. Lubricants offer different properties such as high viscosity index, high boiling point, corrosion prevention, low freezing point, thermal stability and high resistance to oxidation. Lubricants also remove any residual deposition over mechanical parts, thereby increasing their operating lifespan. Lubricants enable smooth operation of mechanical parts and provide higher efficiency outputs. These are manufactured from base oils. Some additives are used in base oils to attain desired properties. Offshore lubricants are predominantly manufactured from mineral oils. Synthetic lubricants are being widely used as these are compatible with the environment and offer technical benefits over conventional mineral oil-based lubricants. These lubricant products offer high performance with outstanding engine protection, require less maintenance and have greater operating efficiency. Machines and components require a specific type of lubricant as per the operating need.

 

Several machineries or equipment in offshore rigs and FPSOs require lubrication for proper functioning. Heavy equipment used in these units include cranes, diesel engines and hydraulic lifts. Increasing demand for lubricants in these units can be attributed to rise in offshore drilling and production activities.

 

The offshore lubricants market research study analyzes the global demand for offshore lubricants along with estimates and forecasts for the market in terms of consumption. The report estimates revenue (USD Million) and volume (Kilo Tons) of offshore lubricants by various end-users. The market for offshore lubricants has been segmented based on end-users (offshore rigs and FPSOs) and applications (engine oil, hydraulic oil, gear oil, grease, and others. Market data for all segments has been provided on the regional level for the period from 2013 to 2020. The report also comprises a comprehensive competitive landscape that includes market share analysis of companies. Furthermore, the report analyzes major drivers and restraints for the offshore lubricants market and highlights potential opportunities. Drivers, restraints and opportunities for the market have been provided after in-depth analysis of the oil and gas industry.

 

Key end-user segments analyzed in the report include offshore rigs and FPSOs. Offshore lubricant applications estimated and forecasted in this study include hydraulic oil, engine oil, grease, and others (turbine oil, compressor oil, etc.). The data has been provided for North America, Europe, the Middle East, Asia Pacific and Rest of the World (RoW).

 

The study analyzes market competition using Porter’s five forces model and describes the impact of buyers, suppliers, threat of substitutes, threat of new entrants and market competition. Porter’s five forces model is designed based on market dynamics along with the micro and macro economic factors that affect offshore lubricant companies operating globally. The report also includes detailed value chain analysis of the offshore lubricants market. Market attractiveness analysis prepared for end-user (offshore rigs and FPSOs) segments helps in estimating the most profitable segment for investment. Key players in the offshore lubricants market include BP plc, Royal Dutch Shell, ExxonMobil, Total Lubmarine, and Chevron Corporation. The report provides an overview of these companies along with financial revenue (subject to availability), business strategies and recent developments.

Offshore Lubricants Market: End User Segment Analysis

  • Offshore rigs
  • FPSO

Offshore Lubricants Market: Application Segment Analysis

  • Engine oil
  • Hydraulic oil
  • Gear oil
  • Grease
  • Others (turbine oil, compressor oil, circulating oil, etc.)

Offshore Lubricants Market: Regional Analysis

  • North America
  • Europe
  • Middle East
  • Asia Pacific
  • RoW (Rest of the World)