About Offshore Lubricants
The offshore lubricant is a substance that reduces friction and wears at the interface of the two materials. It helps in reducing the friction by lowering the shear strength of interface. Lubrication is a process of using materials to improve the smoothness of the movement of one surface over other. A lubricant reduces the wear and friction at the interface of two materials. It helps in reducing the adhesive friction by lowering the shear strength of the interface. Lubricants can be solids, liquids or semi-liquids, and gases, or a combination of solids, liquids, and gases.
Technavio’s analysts forecast the global offshore lubricants market to grow at a CAGR of 3.86% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global offshore lubricants market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Offshore Lubricants Market 2017-2021
Technavio recognizes the following companies as the key players in the global offshore lubricants market: BP, Chevron, ExxonMobil, Shell, and Total.
Other Prominent Vendors in the market are: AEGEAN MARINE PETROLEUM NETWORK, FUCHS, GULF OIL, Idemitsu Kosan, JX Nippon Oil & Energy, Klüber Lubrication, LUKOIL, PANOLIN, Petroliam Nasional Berhad, (PETRONAS), PLUSCO, Quepet Lubricants, RS Clare & Co, Sinopec, Unimarine, and BENJN R. VICKERS & SONS.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is growth of bio-based lubricants. The use of environment-friendly lubricants such as bio-based lubricants helps in reducing VOCs and toxicity of gases. This helps in maintaining the environmental balance. In developed countries, such as Canada, the US, and Germany, bio-based offshore lubricants are preferred, which are environment-friendly.”
According to the report, one driver in the market is increase in offshore exploration and production investments. The increase in demand for energy and the depletion of onshore reserves have made oil and gas companies invest significantly in offshore oil and gas reserves. The growth of drilling activities and the rise in the demand from offshore rigs and FPSO are likely to foster the demand for offshore lubricants. Between 2010 and 2015, the global offshore oil production was at the highest level in 2015 and accounted for around 30% of the global oil production. In 2015, the offshore oil production was recorded at more than 27 million barrels in more than 50 countries.
Further, the report states that one challenge in the market is fluctuation in crude oil prices. Offshore lubricants are mainly manufactured from crude oil by the process of fractioning. Mineral oil-based lubricants accounted for more than 70% share of the global offshore lubricants market. The oil and gas industry is one of the major suppliers of raw materials for the global offshore lubricants market. The fluctuations in the prices of crude oil have severe effects on the prices of the raw materials. Thus, they affect the costs of offshore lubricants as well. In 2016, the price of crude oil per barrel decreased at a rate of nearly 60% as compared to the previous year.
BP, Chevron, ExxonMobil, Shell, Total, AEGEAN MARINE PETROLEUM NETWORK, FUCHS, GULF OIL, Idemitsu Kosan, JX Nippon Oil & Energy, Klüber Lubrication, LUKOIL, PANOLIN, Petroliam Nasional Berhad, (PETRONAS), PLUSCO, Quepet Lubricants, RS Clare & Co, Sinopec, Unimarine, and BENJN R. VICKERS & SONS.