Materials & Chemicals Market Research News

Offshore lubricants market growing at a CAGR of 5.5% examined in new market research report

The different marketing channels, marketing strategies, raw materials, raw material sourcing and key vendors of raw materials is studied under the scope of the market study for the period 2017-2022.

- Advertising -

Global Offshore Lubricants Market accounted for $300 million in 2015 and is expected to reach $436.8 million by 2022 growing at a Compound Annual Growth Rate (CAGR) of 5.5% during the forecast period. The market is estimated to have a significant growth rate due to huge gas and oil production and deep sea exploration projects.

Stringent regulations regarding threat to aquatic life due to unregulated disposal of marine lubricants and petrochemicals have led industry participants to build up bio-based alternatives. Regulatory agencies such as the US Environmental Protection Agency, BEACH (Beaches Environmental Assessment and Coastal Health) and ECHA (The European Chemicals Agency) constantly set up environmental policies related to their usage.

- Advertising -

Technological developments have led to the production of biological offshore lubricants with efficient performance machines and environmental protection.

Engine oil was the leading application segment with a share around 72% in 2015. Grease is estimated to register the highest growth rate owing to growing consumption in offshore machinery and oil & gas equipment.

Offshore Support Vessels (OSVs) were the leading end-user segment holding a share of more than 50% of total volume in 2015 due to increasing deepwater exploration. Floating Production, Storage and Offloading (FPSOs) are estimated to have highest CAGR owing to their rising adoption for deepwater exploration and production.

Asia Pacific is the largest consumer accounting for more than 25% of the global market in 2015. Growing offshore oil & gas production along Gulf of Mexico is estimated to drive growth in North American region.

Access Report: www.researchbeam.com/offshore-lubr…/purchase-enquiry

Some of the key players in the global offshore lubricants market include Total S.A., Chevron Corporation, Idemitsu Kosan Co., Ltd, Quepet Lubricants, Sinopec Limited, Exxon Mobil Corporation, Royal Dutch Shell Plc, Gulf Oil Marine Limited, JX Nippon Oil & Energy Corp., British Petroleum, Lukoil Oil Company, and Castrol.

End-Users Covered:
FPSOs (Floating, Production, Storage & Offloading Vessels)
Offshore Rigs
OSVs (Offshore Support Vessels)

Request For Sample Report: www.researchbeam.com/offshore-lubr…et/request-sample

Applications Covered:
Compressor oil
Engine Oil
Gear Oil
Grease
Hydraulic Oil
Turbine oil
Others

News From

Research Beam - precise market researchResearch Beam
Category: Market Research Publishers and RetailersCompany profile: We have a large database of quality and precise market research reports that will be very beneficial for your organization. Reports that we sell our authentic in nature and from reputed publishers, hence it can definitely help you with your growth opportunities. In order to survive the fierce competition and locate different avenues, one must be privy to high end and quality market information. So, we try and provide you with latest market information by getting high market research reports fro ...