Global Offshore Lubricants Market (Business Opportunities - Home Business)

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Global Offshore Lubricants Market

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Global Offshore Lubricants Market size was valued US$ XX Bn in 2019 and the total revenue is expected to grow at XX% through 2019 to 2027, reaching US$ XX Bn.

Global Offshore Lubricants Market
Market overview:

Lube oil is the lifeblood of engines and it must be maintained clean, dry and in an appropriate chemical condition to fulfill its purpose and protect the engine. Lubricants are used for numerous offshore applications for example turbines, vessel engines, hydraulic equipment, gearboxes, and offshore machinery. Growing offshore oil & gas exploration and production activities particularly in the Gulf of Mexico, Caspian, Arabian Sea, and the Red Sea is expected to drive the global industry in the future. Asia-Pacific represents 55% of the market, consumed by oil-based marine lubricants.The report study has analyzed revenue impact of COVID -19 pandemic on the sales revenue of market leaders, market followers and market disrupters in the report and same is reflected in our analysis.

The industry is characterized by a high degree of competition by integrated multinational companies. Major oil & gas companies have a presence across the value chain, so intensifying competition. Top four companies including ExxonMobil Corp., Chevron, Royal Dutch Shell, and Castrol, accounted for above 48% of the global offshore lubricants market in 2018.

Market Dynamics:

An increase in offshore exploration activities, growth in subsea installations, demand for global energy, oil & gas are key driving factors accountable for the growth of the global offshore lubricants market. Moreover, regulatory policies play a vigorous role in shaping the industry development, such as the U.S. EPA, REACH, and ECHA continuously develop, formulate and establish environmental policies associated with their usage. According to the International Energy Agency (IEA), the global oil demand in 2018 is 6.9 mb/d and is expected to reach 104.7 mb/d by 2023. The demand is estimated to rise at an average annual rate of 1.2 mb/d. Besides, other bodies like Beaches Environmental Assessment and Coastal Health (BEACH) amended acts, for example, the Clean Water Act to regulate and control petrochemicals pollution in water bodies, like oceans & seas.

Target Nation: All Nations
Target City : All Cities
Last Update : 26 September 2020
Number of Views: 46
Item  Owner  : ashwini
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2020-11-25 (0.074 sec)