Offshore Lubricants Market Global Leader Insight - BP plc (U.K.), Chevron Corporation (U.S.).

Market Scenario

Lubricants have a major impact on maintenance costs and the service life of components. Offshore lubricants producers across the world, work in close coordination with both, component manufacturers and shipping industry equipment manufacturers to increase service intervals and life of components while increasing the operational reliability. The investment in a lubricant may be relatively small, but it can make a big difference. Reducing the environmental impact is essential in the shipping and offshore industry. As a shipping operator, it has become essential to be aware of the expanding body of environmental regulations affecting their business. Additionally, a growing interest in ecological issues drives the customers to demand environmentally sound operating process.

Reducing the stream of mineral oil-based lubricants entering oceans, harbors and inland waters from standard operational practices, is a major challenge for marine operators. According to U.S. Environmental Protection Agency, several million litres are estimated to be discharged through other on-deck and stern tube leakage, alone. Additionally, millions of litres more are estimated to be discharged through other on-deck and hull machine elements such as cranes, winches stabilizers, and bow thrusters.

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Market Research Analysis

Global Offshore lubricant market has been segmented based on application, end-use, and region. Engine oil segment by application currently holds the largest share and is expected to dominate the offshore lubricants market during the forecast period. Engine oils are widely used in vessel engines, boat engines, and container engine. Engine oils play a crucial role in assisting engines to ideal efficiency in their output. These oils are required specifically for speed and stoke cycle of engines. Engine oils prevent engines from rusting, wear and tear. Growing maritime activities across the globe are expected to drive engine oils demand over the forecast period. The OSVs segment by end-use held the largest market share, in 2016 and is expected to hold the largest share over the forecast period. OSVs are largely used as support systems for offshore drilling and production sectors. Increasing utilization of OSVs due to rising deep water reserves exploration, and production will give rise to greater maintenance, resulting in higher demand for lubricants such as engine oils, compressor oils, transmission oils, gear oils and hydraulic fluids.

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Key Players

The key players of global offshore lubricants market are BP plc (U.K.), Chevron Corporation (U.S.), Exxon Mobil Corporation (U.S.), Royal Dutch Shell plc (Netherlands), Total S.A. (France), Aegean Marine Petroleum (Greece), Fuchs Petrolub SE (Germany), Gulf Oil Corporation (U.S.), Idemitsu Kosan Co.,Ltd. (Japan), and JXTG Nippon Oil & Energy Corporation (Japan).

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