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Global Offshore Lubricants Market to Exhibit 7.07% CAGR from 2014 to 2020, Rising Exploration of Deepwater Oil Reserves Propels Market
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Lubricants are used to ensure proper functioning of various machines. They are used to reduce wear and tear and friction in the functional components of machines. Lubricants impart properties such as high viscosity index, prevention against corrosion, thermal stability, high boiling point, low freezing pint, and high resistance to oxidation.
Increasing investments in offshore oil and gas explorations, which includes shale gas exploration as well, are the major factor driving the global offshore lubricants market until the end of the forecast period. Moreover, large-scale governmental undertakings for the development of deepwater and ultra-deepwater oil and gas wells will open tremendous opportunities for companies involved in the offshore lubricants market. However, environmental concerns associated with the use of certain lubricants will restrain the market’s growth.
By end use, the report segments the global offshore lubricants market into offshore rigs and floating production storage and offloading (FPSO). In 2013, offshore rigs held a revenue share of more than 70% in the global market. Nevertheless, in the 2014-2020 period, FPSO will display faster growth in the overall market.
The research report segments the global market into the application segments of gear oil, engine oil, grease, hydraulic oil, and others (circulating oil, compressor oil, and turbine oil). Of all, in 2013, engine oil led the market and accounted for a share of more than 60% in the global market. The report segments this market into the regional segments of Asia Pacific, the Middle East, North America, Europe, and Rest of the World. The regional segment of the Rest of the World dominated the market in 2013; the region held a revenue share of more than 28% in the global offshore lubricants market. Increasing investments in large-scale projects for the development of offshore reserves in Brazil and West Africa are the reason for this.
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Key players in the global offshore lubricants market are Royal Dutch Shell plc, Gulf Oil Marine Limited, BP plc, ExxonMobil Corporation, Chevron Corporation, Lukoil Oil Company, Sinopec Limited, and Total S.A. The report also includes a snapshot of business expansion strategies of top players aimed at maintaining their competitive positions in the overall market. For instance, In February 2014, Total S.A. announced plans for expansion of its operations in the Mediterranean region. In December 2013, ExxonMobil finalized plans for the development of a new unit in Singapore with a production capacity of 62,000 barrels per day.
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