Offshore Lubricants Market - Growth in Offshore Drilling Activities Expected to Boost the Market

Lubricant is one of the indispensable elements required for the smooth and efficient functioning of machineries. Lubricants perform various functions such as reduce wear and tear, remove friction and act as coolant. Use of appropriate lubricant increases the lifespan of a machine.


Albany, NY -- (SBWIRE) -- 02/23/2016 -- Lubricants are essential for the proper functioning of machines. These are used to reduce friction and wear and tear in different operating parts of machines. Lubricants offer different properties such as high viscosity index, high boiling point, corrosion prevention, low freezing point, thermal stability and high resistance to oxidation. Lubricants also remove any residual deposition over mechanical parts, thereby increasing their operating lifespan. Lubricants enable smooth operation of mechanical parts and provide higher efficiency outputs. These are manufactured from base oils. Some additives are used in base oils to attain desired properties. Offshore lubricants are predominantly manufactured from mineral oils. Synthetic lubricants are being widely used as these are compatible with the environment and offer technical benefits over conventional mineral oil-based lubricants. These lubricant products offer high performance with outstanding engine protection, require less maintenance and have greater operating efficiency. Machines and components require a specific type of lubricant as per the operating need.

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Several machineries or equipment in offshore rigs and FPSOs require lubrication for proper functioning. Heavy equipment used in these units include cranes, diesel engines and hydraulic lifts. Increasing demand for lubricants in these units can be attributed to rise in offshore drilling and production activities.

The offshore lubricants market research study analyzes the global demand for offshore lubricants along with estimates and forecasts for the market in terms of consumption. The report estimates revenue (USD Million) and volume (Kilo Tons) of offshore lubricants by various end-users. The market for offshore lubricants has been segmented based on end-users (offshore rigs and FPSOs) and applications (engine oil, hydraulic oil, gear oil, grease, and others. Market data for all segments has been provided on the regional level for the period from 2013 to 2020. The report also comprises a comprehensive competitive landscape that includes market share analysis of companies. Furthermore, the report analyzes major drivers and restraints for the offshore lubricants market and highlights potential opportunities. Drivers, restraints and opportunities for the market have been provided after in-depth analysis of the oil and gas industry.

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Key end-user segments analyzed in the report include offshore rigs and FPSOs. Offshore lubricant applications estimated and forecasted in this study include hydraulic oil, engine oil, grease, and others (turbine oil, compressor oil, etc.). The data has been provided for North America, Europe, the Middle East, Asia Pacific and Rest of the World (RoW).

The study analyzes market competition using Porter's five forces model and describes the impact of buyers, suppliers, threat of substitutes, threat of new entrants and market competition. Porter's five forces model is designed based on market dynamics along with the micro and macro economic factors that affect offshore lubricant companies operating globally. The report also includes detailed value chain analysis of the offshore lubricants market. Market attractiveness analysis prepared for end-user (offshore rigs and FPSOs) segments helps in estimating the most profitable segment for investment. Key players in the offshore lubricants market include BP plc, Royal Dutch Shell, ExxonMobil, Total Lubmarine, and Chevron Corporation. The report provides an overview of these companies along with financial revenue (subject to availability), business strategies and recent developments.

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