Offshore Lubricants Market to reach US$183.5 million by 2020, Increased Investment in Offshore Exploration Projects to Catalyze Industry Growth: Transparency Market Research
Global Offshore Lubricants Market to be propelled by Increasing Drilling and Oil Exploration Activities during 2014-2020
Albany, NY, Jan. 27, 2016 (GLOBE NEWSWIRE) -- According to Research Report Published by Transparency Market Research (TMR) the global offshore lubricants market for estimating it to expand at a CAGR of 7.07% over the period from 2014 to 2020 and reach a value of US$183.5 million by the end of the forecast period. The research report, titled “Offshore Lubricants Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020”, states that the worldwide offshore lubricants market stood at US$110.86 million in 2013.
According to the market report, the increasing investments in exploration activities to raise the production of quality offshore lubricants is the key factor driving this market extensively. Apart from this, the surge in research and development activities in deepwater and ultra-deepwater reserves is also presenting massive opportunities for business growth to market participants. However, stringent rules and regulations prohibiting the usage of several lubricants for environmental reasons are likely to limit the growth of this market significantly in the coming years, states the research study.
The global market for offshore lubricants has been studied on the basis of application, end user, and its regional distribution in this market report. Based on application, the market is segmented into engine oil, gear oil, hydraulic oil, grease, and other oils such as turbine oils, circulating oils, and compressor oils. Of these, the engine oil segment leads the overall market at present. In 2013, it has accounted for a share more than 60% in the worldwide offshore lubricants market.
Offshore rigs and floating production storage and offloading (FPSO) are the key end users of the worldwide offshore lubricants market, notes the market study. In 2013, the offshore rigs segment was leading the demand for offshore lubricants, contributing a share of more than 70% in the overall revenue generated in the market that year. However, market analysts at TMR expect the FPSO segment to surpass the offshore rigs segment during the forecast period.
Regionally, the research report has segmented the global market for offshore lubricants into Asia Pacific, Europe, the Middle East, North America, and the Rest of the World. The Rest of the World led the worldwide offshore lubricants market in 2013, accounting for a share of 28%. The increasing investment in deepwater, as well as ultra-deepwater oil reserves in Brazil and West Africa allowed this regional market to occupy the leading position that year.
Other regional markets are also projected to exhibit remarkable growth in their market share during the forecast period, says the market study. Idemitsu Kosan Co. Ltd., Lukoil Oil Co., Quepet Lubricants, Gulf Oil Marine Ltd., Sinopec Ltd., ExxonMobil Corp., Chevron Corp., Royal Dutch Shell Plc, BP Plc, and Total S.A. are some of the major participants in the global offshore lubricants market, and are mentioned in this research report.
The Global Offshore Lubricants Market is segmented into:
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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(January 27, 2016 - 3:24 AM EST)
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