The global offshore lubricants market is expected to reach USD 428.8 million by 2022, according to a new report by Grand View Research, Inc. Increasing deep sea exploration is expected to remain a key driving factor for global offshore lubricants market. Stringent regulations regarding threat to aquatic life on account of unregulated disposal of marine lubricants coupled with volatile petrochemicals pricing have led industry participants to develop bio-based alternatives. This trend is crucial in determining company’s product portfolio, thereby a vital determinant for market competition.
Engine oil was the leading application segment with demand share exceeding 70% in 2014. Increasing maritime traffic coupled with rising requirement for offshore vessels is expected to drive this segment over the forecast period. Grease is expected to witness the highest growth of 3.3% from 2015 to 2022.
North America offshore lubricants market revenue by application, 2012-2022, (USD Million)
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Further key findings from the report suggest:
- Global offshore lubricants market demand was 98.8 kilo tons in 2014 and is expected to grow at a CAGR of 2.7% from 2015 to 2022.
- Offshore support vessels (OSVs) were the leading end-users for offshore lubricants and accounted for 57.0% of total market volume in 2014. Increasing deepwater exploration, OSVs along with other offshore support systems is expected to drive lubricants demand in OSVs. FPSOs are expected to witness significant gain in its market size on account of their increasing adoption for deepwater exploration and production.
- Asia Pacific was the largest consumer and accounted for over 27% of total market volume in 2014. The region is characterized by increasing offshore projects in Arabian Sea and South China Sea. Economic growth in Asia Pacific facilitated for greater maritime trade thereby increasing sea traffic.
- Increasing offshore oil & gas production along Gulf of Mexico is expected to drive North America growth. The region is bound by U.S. EPA regulations regarding marine lubricants usage. EPA has established VGP (vessel general permit) guidelines for lubricants used in vessels operating within the U.S. maritime boundary.
- Top four companies including ExxonMobil Corp., Chevron, Royal Dutch Shell and Castrol, accounted for over 45% of global offshore lubricants market in 2014. The industry is characterized by high degree of competition by integrated multinational companies. Major oil & gas companies have presence across the value chain, thereby intensifying competition.
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