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.
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Technavio has published a new report on the global offshore lubricants market from 2017-2021. (Graphic: Business Wire)
The market study covers the present scenario and growth prospects of the global offshore lubricants marketfor 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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