Pune, India, April 12, 2018/MRFR Press Release/- Market Research Future published a raw research report Global Offshore Lubricants Market that contains the information from 2018 to 2023. The Global Offshore Lubricants Market is expected to grow at~ 3.5% CAGR from 2018 to 2023.
The offshore lubricant is a substance that eases friction and wears at the interface of the two constituents. It helps in decreasing the abrasion by dropping the shear strength of interface. Lubrication is a process of using resources to increase the evenness of the drive of one surface over other. It helps in reducing the adhesive friction by lowering the shear strength of the interface. Lubricants can be solid, liquid or semi-liquid, and gas, or a combination of solid, liquid, and gas. Offshore machinery is used in exploration and drilling of offshore resources. These lubricants help improve reliability, efficiency and performance of offshore machinery and equipment. These lubricants improve the performance of hydraulic machinery, engines, gears, turbines and other machines. Offshore equipment improves operational efficiency and extends the life of equipment.
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The report focuses on the top players in global market & they are as follow: –
- 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)
- JXTG Nippon Oil & Energy Corporation (Japan).
Market Research Analysis
Engine oil and OSVs (Offshore Support Vehicles) are, expected to grow at the highest CAGR and hold the largest market share.
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 2018 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.
This research report provides insights, on various levels of analysis such as industry analysis, and market share analysis for the leading players along with their profiles. It also helps in studying the target segments by providing views on emerging & high-growth segments. The project report, further, provides views on both the historical market values and pricing & cost analysis.
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