Oil & gas lubricants: Market Overview
Oil and gas exploration is an industry where machine dependability is crucial. If the machinery stops drilling, the turnover (profit) stops. Both onshore and offshore oil and gas exploration operate in remote locations. Even an hour of downtime is likely to be very expensive and the repair costs are very high too. These factors make the utilization of a reliable lubrication system essential. Employing the correct maintenance program, correct lubricant, and lubrication equipment can potentially save millions of dollars in terms of revenue.
Vibration, mechanical stress, contamination, and moisture are all threats to any machine in the oil & gas industry. All the moving parts in the equipment’s need lubrication to function optimally. Lubricating oils (engine oil, gear oil, and hydraulic oils) offer solutions for drilling operations (for crude oil and natural gas extraction). They protect the equipment from an array of challenges like friction, high temperatures, adulteration from water, leaking oil, slurry and froth formation, and oxidation due to moisture. Excessive grease can cause additional issues and difficulties. These challenges result in maintenance downtime which is undesirable. The downtime is due to decreased engine life, lack of lubrication and replacement of parts. All of these leads to decrease in production. Use of proper lubricants allows the equipment’s to run without maintenance downtime thus increasing its operational productivity.
Oil & gas lubricants Market: Dynamics and Trends
It is advisable to utilize clean lubricant in an equipment rather than employ technology to remove water, particulate matter, and other contaminants. This is easier and cost-effective. The way to prevent and eliminate contamination is a comprehensive lubricant reliability program that includes the right lubricants, suitable dependability tools, and training for key personnel involved in the operational activities. The common advantages achieved from the usage of right lubrication for a particular equipment are: reduced friction and protection from wear, oil and water separation, long seal life, foam and sludge elimination, reduced operating temperatures and working stresses, and significant reduction in replacement of bearings.
The oil & gas industry is a diverse industry with multiple heavy equipment and machinery in usage. There is no ‘one for all’ lubrication approach. Therefore, the lubricants possess qualities such as high durability and water and corrosion resistance. Modern equipment have a separate lubricating reservoir, wherein the equipment can be kept up to 12m away. This approach enables easy changing of lubricants without any maintenance downtime, thus increasing operational productivity.
Oil & gas lubricants Market Segmentation
In terms of lubricant type, the oil and gas lubricants market can be segmented into diesel engine oils, greases, hydraulic fluids, compressor oils, and others (gear lubricants, natural gas engine oils, etc.). In terms of end-user, the Oil & gas lubricants market can be segmented into onshore & offshore drilling, FPSO (Floating Point Storage and Offloading), production (offshore and onshore), refining, and others (transmission & well services). In terms of region, the global Oil & gas lubricants market can be segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Oil & gas lubricants Market: Key Players
Key players operating in the global Oil & gas lubricants market include Lubrication Engineers, Inc., Exxon Mobil Corporation, Klüber Lubrication, and Chevron.
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
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