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Offshore Lubricants Market size is expected to be valued at US$7.1 billion by the end of the year 2026 and is set to grow at a CAGR of 3.1% during the forecast period from 2021-2026. The increase in the growth of the offshore lubricants market is due to the increase in demand from the marine industry for hydraulic oil for their hydraulic equipment. Offshore lubricants are extensively used in the vessel engines, and gearboxes of the ships which is hugely driving the offshore lubricants market. The growing maritime traffic on account of the expanding international trade is also contributing to the growth of the offshore lubricants industry. The increase in offshore drilling activities is also a major factor driving the growth of the offshore lubricants market. The offshore drilling market continues to grow as demand for energy increases worldwide, driven by population growth and increased urbanization. Whereas, the surging demand for Biodegradable lubricant that compile with the environment regulations also contribute to the offshore lubricant market growth.
COVID-19 impact
Amid the covid-19 pandemic, the offshore lubricants industry, has been affected in various ways. The operation of the offshore lubricants market has been brought to a standstill during the beginning of the pandemic. The production was disturbed and the lost their market in many countries, following the lockdown and restrictions. It gradually improved during the end of the year 2020. The marketing activities of the offshore lubricants market has also been restricted and stopped due to the global lockdown following the pandemic. The restrictions during the economic lockdown has laid down a lot of limitations on the offshore lubricants market, which is slowing down the business of the offshore lubricants industry.
Offshore Lubricants Market Segment Analysis – By Lubricant Type
Cylinder Lubricant segment held the largest share of more than 48% in the offshore lubricants market in the year 2020. A cylinder lubricant has a wider scope of application and is used in various kinds of vessel engines and system (2-stroke or 4-stroke engines). A cylinder lubricant helps in controlling the corrosion and in cleaning the cylinder liner which helps in preventing the malfunction and damage caused by combustion and neutralization residues. Offshore lubricants are extensively used in the gearboxes of the vessels in the marine industry. The increase in demand for marine activities coupled with the increase in the marine trade has eventually contributed to the growth of the cylinder lubricants for use in ships. According to the UNCTAD handbook of statistics, in 2020 volume of commercial ships amounted to 81.49 million cgt (Compensated Gross Tonnage), eventually driving the offshore lubricants market.
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Offshore Lubricants Market Segment Analysis – By Grade
Mineral Grade segment held the largest share of more than 35% in the offshore lubricants market in the year 2020. Mineral grade is commonly used more than the other grades, one of the main factors being the cost-effectiveness of the grade. Mineral grade lubricants are available in light grade and heavy grade as well, which makes it convenient for the users and allows use according to their needs and requirements. Mineral grade lubricants can be used for various activities including drilling activities, in gearboxes and others. The market size of the oil drilling and gas extraction industry in the U.S as on December 2020 amounted to US $243 billion, which eventually contributes to the demand for mineral grade lubricants.
Offshore Lubricants Market Segment Analysis – By Marine Channel
Recreational ships segment held the largest share of more than 40% in the offshore lubricants market in the year 2020. The increase in the growth of recreational ships is due to the increase in the number of recreational activities, leisure activities and leisure sports across the globe. The growing tourism sector is also one of the significant reasons which led to the increase in the number of activities such as sailing, campaigning, fishing, boat racing and water sports games. There were 12 million registered boats in the US, approximately one registered boat for every ten households in the year 2019, which is also one of the factors driving the recreational ship segment.
Offshore Lubricants Market Segment Analysis – By Application
Off-Shore Support Vehicles (OSVs) held the largest share of more than 55% in the offshore lubricants market in the year 2020. Offshore support vehicles are extensively used for offshore drilling and production activities. The rising deep-water reserves exploration and production is further increasing the need for offshore support vehicles. The offshore support vehicle industry will see growth due to the rising crude oil production. For instance, according to the global energy statistical yearbook 2020 report, the total production of crude oil in the US amounted to 745 metric tons in the year 2019, which eventually leads to the growth of offshore lubricants industry.
Offshore Lubricants Market Segment Analysis – By Geography
Asia-Pacific region is projected to witness the highest CAGR of 5.3% in the offshore lubricants market during the forecast period. The increase in offshore activities owing to the increase in offshore projects, like drilling for resources, installation of structures and facilities and others, are driving the offshore lubricants market in countries like India, China and Japan. Another significant factor driving the offshore lubricants industry in the Asia-Pacific region is the expansion of the shipbuilding and fleet market in the region which is contributing to the growth of the offshore lubricants market. The market size of gas and drilling in China amounted to US $152 billion and the oil refining capacity of India stood at 249.9 million metric tonnes (MMT) in India as on October 2020, which boosts the growth of offshore lubricants market.
Offshore Lubricants Market Drivers
Government investments and regulations
The increase in government regulations is contributing to the growth of offshore lubricants market. For instance, the US Department of Energy (DOE), funded for the additional improvements in safety and environmental sustainability in offshore energy exploration and production, to the Operation and Maintenance of the Ocean Energy Safety Institute. These kinds of investments and initiatives are encouraging the offshore activities, which in turn fuels the growth of the offshore lubricants industry.
Increasing demand for bio-based lubricants and The rising marine trade/activities
To reduce the pollution and spillages of oil and other toxic substances in the sea, there are many associations and controlling bodies imposing regulations for maintaining the water quality and to save the marine lives. For instance, the International Convention for the Prevention of Pollution from Ships (MARPOL), includes six special annexes with strict controls on discharges and spillages, which is driving the need for bio-based lubricant, which is further driving the offshore lubricants market.
The increase in marine trades and activities in the recent days is also driving the offshore lubricants market. The total revenue from marine related trade in India for the year 2019 amounted to US $810,309. The increase in marine trade and other activities is thus one of the huge factors driving the growth of the offshore lubricants market.
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Offshore Lubricants Market Challenges
Stringent regulations and hazardous effect of lubricants
There are stringent regulations regarding the disposal of lubricants into the sea which is a threat to the life of flora and fauna underwater. For Instance, in India, according to the National Law Part XI of the M. S. Act, 1958 gives effect to the International Convention for the prevention of pollution of the sea by oil, 1954, as amended in 1962. Safety of Life at Sea (SOLAS), a marine treaty has various rules and regulations regarding the usage of lubricants and oils which pollute the sea and ultimately causing danger to the sea lives. These are some challenges faced by the offshore lubricants industry. These regulations have to be followed in order to not pollute the sea with oil, and the failure of which is punishable by the government.
Offshore Lubricants Market Landscape
Expansion, investments, acquisitions and mergers, collaborations, and new product launches are some of the key strategies adopted by players in the Offshore Lubricants Market. Major players in the Offshore Lubricants Market include:
Acquisitions/Technology Launches
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Key Takeaways
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