Offshore Lubricants Market is extensively utilized across Floating, Production, Storage and Offloading Vessels (FPSO), Offshore Support Vehicles (OSVs), and offshore rig units. Furthermore, as various industries shift toward more sustainable alternatives, offshore lubricants market players frequently choose to use bio-based raw materials to meet the growing demand for environmentally friendly products. As a result, the market is expected to grow at a faster rate.
Global offshore lubricants market was valued at USD 162.60 million in 2021 and is expected to reach USD 214.11 million by 2029, registering a CAGR of 3.50% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.
Market Definition
The offshore lubricant is a material that reduces wear and friction where the two components meet. By reducing the interface's shear strength, it aids in reducing abrasion. Utilizing resources to promote the evenness of one surface's drive over another is the process of lubrication. Lowering the interface's shear strength aids in minimizing adhesive friction. Gas, liquid or semi-liquid, solid, or a combination of solid, liquid, and gas can all be used as lubricants. These lubricants aid in enhancing the performance, effectiveness, and dependability of offshore machinery and equipment.
Recent Development
In December 2020, Gulf Oil International inked a contract to buy the lubricant blending facility and network created by Ocean Tankers Ltd, a Singapore company with its headquarters in Tuas. These assets give Gulf Oil International a corporate strategy incentive to expand in the lubricants industry.
Offshore Lubricants Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
Surge in Offshore and Production Activities
The increase in offshore oil and gas exploration and production projects is a major factor driving the rapid expansion of the global offshore lubricants market. The expansion of offshore oil and gas exploration and production projects, particularly in the Gulf of Mexico, Caspian, Arabian, and Red Seas, is the primary driver of the global offshore lubricants market.
Additionally, the rising demand for lubricants to reduce costs, the improvement of tool strength and the utilization of process analysis will further propel the offshore lubricants market growth rate. Additionally, the growth in maritime tourism, growing demand by the ship as well as offshore industry to reduce the environmental influence and the various infrastructural developments will also drive market value growth. The increasing number of applications from developing economies and several other industries are also projected to bolster the market's growth.
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Opportunities
Usage of Bio-based Lubricants
Furthermore, growing usage of bio-based raw materials to meet the rising demand for sustainable products further extends profitable opportunities to the market players in the forecast period of 2022 to 2029. Numerous sustainability-focused efforts encourage using environmentally friendly lubricants such as bio-based lubricants, which reduce VOCs and gas toxicity. In developing and advanced nations, bio-based offshore lubricants, green and sustainable offshore lubricants, and other energy-saving resin systems are usually preferred.
Emerging Emission Abatement Technologies
Additionally, the emerging emission abatement technologies will further expand the future growth of the offshore lubricants market.
Competitive Landscape and Offshore Lubricants Market Share Analysis
The Offshore Lubricants market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to offshore lubricants market.
Some of the major players operating in the offshore lubricants market are
BP Plc. (U.K.)
Chevron Corporation (U.S.)
ExxonMobil Corporation (U.S.)
Shell Plc (Netherlands)
TotalEnergies (France)
Valvoline (U.S.)
Petroliam Nasional Berhad (PETRONAS) (Malaysia)
Lukoil (Russia)
Idemitsu Kosan Co. Ltd (Japan)
China Petrochemical Corporation (China)
JX Nippon oil & Energy Corporation (Japan)
Gulf Oil Corporation Ltd. (U.S.)
ENOC Company (UAE), ENI SPA (Italy)
Indian Oil Corporation Ltd (India)
PetroChina Company Limited (China)
SK INC. (South Korea)
Cepsa (Spain)
ADDINOL (Germany)
Calumet Branded Products, LLC (U.S.)
Morris Lubricants (U.K.)
Penrite Oil (Australia)
Liqui Molly GmbH (Germany)
Dyade Lubricants (Netherland)
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Offshore Lubricants Market Regional Analysis/Insights
The offshore lubricants market is analyzed and market size insights and trends are provided by country, end-use and application as referenced above.
The countries covered in the offshore lubricants market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the rapid economic development along with rising trend of manufacturing companies expanding their facilities within the region.
North America on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the high usage of bio based offshore lubricants along with rising offshore activities in the region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
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