December 06, 2018 - According to a report available on Radiant Insights, Inc.; the offshore lubricants market is expected to expand steadily by 2025. Growing offshore exploration and production as well as increasing investments can propel the market during the forecast period (2018 to 2025).
Increasing demand for energy and exhaustion of onshore reserves has encouraged oil and gas companies to make high investments in offshore oil and gas reserves. This rise in drilling activities and growing demand for offshore oil rigs and floating production storage and offloading (FPSO) is expected to increase demand for these lubricants. Strict regulatory framework concerning threat to aquatic species due to unregulated disposal of marine lubricants and fluctuating prices of petrochemicals has forced development of bio-based products. Manufacturers are extensively using bio-based raw materials as an alternative for petrochemicals to complete burgeoning demand for sustainable products. These raw materials help to reduce VOCs and toxicity of gases. Therefore, Bio-based and sustainable products and other energy-efficient resin systems are highly preferred in developed and emerging countries.
For instance, RSC Bio Solutions, provider of environmentally acceptable lubricants (EALs) has unveil product called ‘EnviroLogic Grease 2 WREP’. It is a water resistant, biodegradable grease and minimally toxic to aquatic life and animals. This Lithium Complex based grease contains polyalphaolefin (PAO) and hydrocarbon related type base fluids. This product is specially designed for a wide range of marine and industrial applications, such as articulated tug boats, dredging, barges, jack-up lifting systems, deck equipment, rudders, and mobile drilling rigs.
Worldwide offshore lubricants market can be segmented on the basis of product, end user/application, and region. Based on product, the market can be categorized into hydraulic oil, engine oil, gear oil, and grease. As per end user/application, the market can be bifurcated into Offshore Rigs, FPSOs, and OSVs.
Geographically, the market can be divided into North America, Europe, China, Japan, India, Southeast Asia, Central and South America and Middle East & Africa.
Emerging Asian countries including India and China are expected to show significant growth over the projected period. This growth can be attributed to growing offshore activities specially in Arabian Sea and South China Sea. In addition, improving economic conditions in these countries along with South East Asia has created several opportunities for maritime trade. This has increased the sea traffic in recent years, thereby driving the product demand.
Rise in offshore oil and gas production across Gulf of Mexico can support the growth in North America. The Environmental Protection Agency (EPA) has developed vessel general permit (VGP) policies for lubricants used in vessels operational in the U.S. maritime boundary.
Key companies operating in the market include JX Nippon Oil & Energy Corp, British Petroleum, Royal Dutch Shell, Idemitsu Kosan, and Royal Dutch Shell.
The market is highly divided due to existence of various international as well as regional companies. They are competing each other on the basis of product quality, operation cost, innovation, and price. Rising demand for oil and natural gas along with escalating oil prices has encourage companies to increase their budget for extraction and production. The small and medium offshore companies are concentrating on improvement of their facilities with advanced technologies. Major offshore companies are also widely accepting strategies like merger and acquisition to sustain in the market.
Though the small and medium offshore lubricants vendors are developing innovative capabilities, the key players dominate the transmission oil market. The key offshore drilling companies also engage in M&As to consolidate their position in this global market.
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