Offshore Lubricants Market – Top 3 Drivers by Technavio

September 4, 2017

LONDON–(BUSINESS WIRE)–#OffshoreLubricants—Technavio
market research analysts forecast the global
offshore lubricants market to grow at a CAGR of close to 4% during
the forecast period, according to their latest report.

The market study covers the present scenario and growth prospects of the
global offshore lubricants market for 2017-2021. The report also
lists engine oil, gear oil, and grease as the three major application
segments, of which the engine oil segment accounted for more than 75% of
the market share in 2016.

The global growth of the market during the forecast period can be
attributed to the increasing demand for offshore lubricants from
different end-use industries such as OSV, drilling rigs, and FPSO
vessels. The increase in the deepwater and ultra-deepwater exploration
in countries such as the US, Brazil, Norway, and Mexico will also drive
the demand for offshore lubricants.

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Technavio analysts highlight the following three market drivers that are
contributing to the growth of the global offshore lubricants market:

Increase in offshore exploration and production investments
Increase in deep and ultra-deepwater exploration
Growing involvement of emerging economies in offshore drilling
activities

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Increase in offshore exploration and production investments

The increase in demand for energy and the depletion of onshore reserves
has 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 will foster the demand for offshore
lubricants.

“The global offshore oil and gas production is mainly concentrated in
few countries such as the US, Saudi Arabia, Brazil, Norway, and Mexico.
The growing offshore activities owing to the rise in consumption of oil
and gas will drive the demand for offshore lubricants, and subsequently,
will foster the growth of the global offshore lubricants market in the
coming five years,” says Hitesh Bhatia, a lead analyst at Technavio
for specialty
chemicals research.

Increase in deep and ultra-deepwater exploration

Most of the offshore oil extraction and production mainly occurs in
shallow waters. This is because of the low cost and technological
challenges. However, nowadays, vendors are venturing into deepwater
projects for oil exploration and production owing to the maturity of the
shallow water projects. The increase in demand for fuel consumption is
expected to increase the deep and ultra-deepwater exploration to meet
the demands.

“The advances in the drilling technology, floating production,
dynamic positioning equipment, and drilling units have made exploration
in deepwater viable. The majority of deepwater or ultra-deepwater
projects occur in the US, Brazil, Norway, and Angola. Brazil and the US
accounted for more than 90% of the global ultra-deepwater oil and gas
production. The ultra-deepwater exploration in both the countries is
expected to further increase during the forecast period,” says
Hitesh.

Growing involvement of emerging economies in offshore drilling
activities

The growth in the offshore drilling activities by emerging economies
such as Brazil, Indonesia, Russia, and Mexico is expected to drive the
demand for offshore
lubricants, and subsequently, foster the growth of the market.

Also, the expected expansion of the offshore oil extraction and
production activities in India, China, Singapore, and South Korea will
also positively affect the market during the forecast period. Many OEMs
of offshore lubricants are shifting their manufacturing operations to
these countries owing to the availability of raw materials, cheap labor,
low transportation costs, and less stringent government norms.

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