According to a recent market research report published by Transparency Market Research, the global offshore lubricants market is poised to grow at a remarkable pace due to the increasing oil exploration activities. The report, titled “Offshore Lubricants Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020”, answers questions pertaining to the strengths, weaknesses, opportunities, and threats faced by this market.
Browse the full Offshore Lubricants Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020 report at https://www.transparencymarketresearch.com/offshore-lubricants-market.html
According to the market research report, the global offshore lubricants market was valued at US$110.8 mn in 2013 and is expected to reach US$183.5 mn by the end of 2020, growing at an impressive CAGR of 7.07% from 2014 to 2020.The global offshore lubricants market has been thriving on the increasing amount of investment in offshore production and exploration activities. This market is also receiving an impetus from ongoing developments in deepwater and ultra-deepwater reserves. The only drawback for the global offshore lubricants market is the restriction on the usage of certain lubricants due to environmental reasons.
The global offshore lubricants market is segmented on the basis of end user, application, and geography. End users of offshore lubricants are offshore rigs and FPSO. The application of these lubricants is seen in hydraulic oil, engine oil, gear oil, grease, and others such as compressor oil, turbine oil, and circulating oil. Geographically, this market is segmented into Asia Pacific, the Middle East, North America, Europe, and Rest of the World.
Out of all the applications, the engine oil segment held the leading position in 2013, accounting for over 60 % of the total market. Amongst the end users, the offshore rigs segment led the global offshore lubricants market, contributing more than 70% of the total revenue earned by the overall market. In the coming five years, the FPSO segment is likely to grow at a fast pace due to growing investments in this segment. According to research analysts, Rest of the World dominated the global offshore lubricants market in 2013 with a market share of 28%. This position is mainly attributable to the growing investment in ultra-deepwater and deepwater oil reserves in regions such as Brazil and West Africa.
Some of the important players studied in this report are Royal Dutch Shell plc, Gulf Oil Marine Limited, Chevron Corporation, BP plc, ExxonMobil Corporation, Sinopec Limited, Lukoil Oil Company, and Total S.A. Most of these players are constantly trying to improve their logistics as even a minor delay can bring the operations to a halt, which can translate into a huge loss in terms of finances and time.
The report offers a valuable insight into the competitive landscape of the global offshore lubricants market. Furthermore, it also gives details about the financial outlook of the major companies, their investment plans, research and development activities, and an outlook for the future.
The global offshore lubricants market is segmented in the following ways:
Offshore Lubricants Market: End User Segment Analysis
- Offshore rigs
Offshore Lubricants Market: Application Segment Analysis
- Engine oil
- Hydraulic oil
- Gear oil
- Others (turbine oil, compressor oil, circulating oil, etc.)
Offshore Lubricants Market: Regional Analysis
- North America
- Middle East
- Asia Pacific
- RoW (Rest of the World)
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