Global Offshore Lubricants Market, By Application (Engine Oil, Hydraulic Oil, Gear Oil, Grease), End-Use (Offshore Rigs, Floating, Production, Storage and Offloading Vessels (FPSO), Offshore Support Vehicles (OSVs)) – Industry Trends and Forecast to 2029
Market Analysis and Size
The offshore lubricants are 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.
Report Scope and Market Segmentation
2022 to 2029
2020 (Customizable to 2014 - 2019)
Revenue in USD Million, Volumes in Units, Pricing in USD
Application (Engine Oil, Hydraulic Oil, Gear Oil, Grease), End-Use (Offshore Rigs, Floating, Production, Storage and Offloading Vessels (FPSO), Offshore Support Vehicles (OSVs))
U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa
Market Players Covered
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), and Dyade Lubricants (Netherland)
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.
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:
- 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.
- 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.
- Fluctuating Prices Of Petrochemicals
The volatile petrochemicals pricing will create hindrances for offshore lubricants' growth.
- Stringent Regulations
The improper disposal of marine lubricants, which further threatens aquatic life (such as flora and fauna), has largely created various concerns regarding the offshore lubricants. This has further led to imposition of various strict guideline and regulations regarding the offshore lubricants. These regulations pose as a major challenge for the offshore lubricants market growth rate.
This offshore lubricants market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the offshore lubricants market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Offshore Lubricants Market
The recent outbreak of coronavirus had a negative impact on the offshore lubricants market as it was affected due to disruptions in the supply chain across the globe and fall in the oil prices. The reduction in ship movement further lowered the demand for offshore lubricants. The temporary shutdown of production facilities and units has affected trends in demand and production. In order to build reliable revenue sources, manufacturers are concentrating on critical applications including engine oil marine lubricants, turbine oils, and hydraulic oil offshore lubricants. Businesses maintain a healthy connection with their suppliers and ecosystem partners to keep projects going.
However, on the brighter side, it is anticipated that governmental organizations in various nations may loosen the lockdown limitations, opening up profitable opportunities for market participants. Additionally, easing lockdown limitations will be a key factor in recovering the market growth for offshore lubricants. Businesses maintain a healthy connection with their suppliers and ecosystem partners to keep projects going.
- 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.
Global Offshore Lubricants Market Scope
The offshore lubricants market is segmented on the basis of end-use and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
- Engine Oil
- Hydraulic Oil
- Gear Oil
- Offshore Rigs, Floating, Production, Storage and Offloading Vessels (FPSO)
- Offshore Support Vehicles (OSVs)
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.
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)
Research Methodology: Global Offshore Lubricants Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The stage includes the obtainment of market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
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