Transparency Market Research has released a new market report, The report defines and segments the global offshore lubricants market, and analyzes and forecasts the global revenues. According to the report, the global offshore lubricants market was valued at USD 110.86 million in 2013 and is likely to reach USD 183.50 million by 2020, growing at a CAGR of 7.07% from 2014 to 2020.


Browse the full Offshore Lubricants Market report at - http://www.transparencymarketresearch.com/offshore-lubricants-market.html


Key end-user segments analyzed in the study include offshore rigs and FPSOs (Floating Production Storage and Offloading). In terms of revenue, offshore rigs was the largest segment in 2013 and accounted for more than 70% of the market. There are various types of offshore rigs such as jack-up rigs, submersible rigs, semi-submersible rigs and drillships. Each offshore rig operates at a certain depth. Some offshore rigs are equipped with dynamic positioning systems and propulsion systems. The propulsion system helps to navigate the rigs. Jack-up rigs are preferred in regions with shallow depth. Asia Pacific accounts for majority of demand for jack-up rigs. The FPSO segment is witnessing the highest growth rate as compared to the offshore rigs segment. Based on applications, the offshore lubricants market has been segmented into engine oil, hydraulic oil, gear oil, grease and others (turbine oil, compression oil and circulating oil). Engine oil was the leading segment in 2013 and accounted for more than 60% of the market. Offshore rigs and FPSOs are powered by generators that consume engine oil. The gear oil segment is witnessing higher growth rate compared to other segments. Cranes, hydraulic lifts, compressors, crown blocks, traveling blocks, hydraulic brakes, turbochargers and propeller shafts are the other equipment used in offshore rigs and FPSOs. These equipment require different types of lubricants for different parts.


RoW dominated the global offshore lubricants market in 2013. In terms of revenue, the region accounted for the largest share of 28% of the global market. This was attributed to increasing investments in deep and ultra deepwater oil reserves in Brazil and West Africa. These regions are considered the most attractive markets for offshore lubricants. Stringent environmental regulations are hampering the growth of the offshore lubricants market. These regulations deal with the quality of lubricants used in offshore facilities and encourage the use of environmentally acceptable lubricants for parts or equipment submerged in water. Abundant unexplored offshore deep and ultra deepwater oil reserves provide large opportunities for oil and gas exploration and production companies.


Key players in the offshore lubricants market include Total S.A., Royal Dutch Shell plc, BP plc, Chevron Corporation, ExxonMobil Corporation, Sinopec Limited, Gulf Oil Marine Limited and Lukoil Oil Company. These companies compete with each other for higher market share. In February 2014, Total Lubmarine announced that it would expand its presence in the Mediterranean. The company also announced the availability of key marine products at Lebanon’s major ports – Beirut and Tripoli. In December 2013, ExxonMobil commissioned a new facility in Singapore with capacity of 62,000 barrels per day. In January 2011, Chevron announced it would construct a lubricant manufacturing facility at its Pascagoula refinery.


Offshore Lubricants Market: End-user Segment Analysis
Offshore rigs
FPSO

Offshore Lubricants Market: Application Segment Analysis
Engine oil
Hydraulic oil
Gear oil
Grease
Others (turbine oil, compressor oil, circulating oil, etc.)

Offshore Lubricants Market: Regional Analysis

North America
Europe
Middle East
Asia Pacific
RoW (Rest of the World)


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