Offshore Lubricants to Exhibit 7.07% CAGR from 2014 to 2020 Due to Increased Investment in Offshore Exploration Projects

Transparency Market Research (TMR), a U.S.-based market research and intelligence firm has recently published a new market research report. The report provides an in-depth analysis of the global offshore lubricants market, including the forecast and growth prospects of this market. The research report is titled “Offshore Lubricants Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020”.According to the research report, in 2013, the global offshore lubricants market stood at US$110.86 million and is anticipated to touch US$183.50 million by the end of 2020, growing significantly at a 7.07% CAGR between 2014 and 2020.

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The rising investments in offshore production and exploration activities are among the major factors anticipated to propel the global offshore lubricants market in the forecast period. In addition, the tremendous development of deepwater and ultra-deepwater reserves is providing huge opportunities for the players operating in this market. However, environmental rules and regulations that prohibit the use of certain lubricants are expected to restrain the growth of this market in the near future.On the basis of end user, the research report has segmented the global offshore lubricants market into floating production storage and offloading (FPSO) and offshore rigs. In 2013, the offshore rigs segment led the global offshore lubricants market, accounting for more than 70% of the overall market in terms of revenue. During the forecast horizon, the FPSO segment is expected to experience faster growth than the offshore rigs segment.

The research report has further segmented the global offshore lubricants market into gear oil, grease, engine oil, hydraulic oil, and others (such as circulating oil, turbine oil, and compressor oil). Among all the applications, in 2013, the engine oil segment dominated the global offshore lubricants market, accounting for more than 60 % of the overall market. The global offshore lubricants market has been geographically segmented into the Middle East, Asia Pacific, North America, Europe, and Rest of the World. In 2013, Rest of the World held the largest market share in terms of revenue, accounting for 28% of the global offshore lubricants market. The dominance of this region was due to the rising investment in deep and ultra-deepwater oil reserves in West Africa and Brazil.

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Prominent players in the global offshore lubricants market include Royal Dutch Shell plc, Chevron Corporation, Gulf Oil Marine Limited, Lukoil Oil Company, BP plc, Sinopec Limited, ExxonMobil Corporation, and Total S.A.The key market players of the global offshore lubricants market compete in order to maintain their competitive position in the global market. In February 2014, Total S.A. made an announcement that it would expand its operation in the Mediterranean region. Similarly, in December 2013, ExxonMobil finalized a new unit in Singapore with capacity of 62,000 barrels per day. In January 2011, Chevron also decided to start with a lubricant production unit at its Pascagoula refinery.

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