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Offshore Lubricants Market – Know the Untapped Growth Opportunities to 2030 | BP plc (U.K.), Chevron Corporation (U.S.), Exxon Mobil Corporation (U.S.), Royal Dutch Shell plc (Netherlands)

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Offshore Lubricants Market :

The offshore lubricants market has a chance to grow substantially during the forecast period of 2022 to 2030 at a 3.5% CAGR. The features of offshore lubricants would back this growth. These traits are the ability to lessen friction, provide a protective shield to prevent rusting, corrosion resistance, and others, which would help in extending product life. This ability to extend durability ensures a curb in the production cost and has a better influence on the environment, which can heighten the proliferation rate of the product.

Several countries like India, China, Mexico, the US, and others are increasing their offshore exploration activities owing to which the demand for offshore lubricants would increase. In addition, continuous improvisation in the maritime industry is expected to boost the market expansion. However, the market may suffer from dwindling raw material prices.

Competitive Landscape:

  • 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) and JXTG Nippon Oil & Energy
  • Corporation (Japan).

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Offshore Lubricants Market Segmentation:  

The global offshore lubricant market, as discussed by MRFR experts, has been segmented on the basis of application and end-use. These segments have inputs that have been shaped by forecasts based on actual data, figures, graphs, and charts. Such analyses would help in understanding the market and devising strategies that would increase the profit margin.

Offshore Lubricants Market, By Product

• Engine oil
• Gear oil
• Grease

Offshore Lubricants Market, By Application

• Offshore support vessel (OSV)
• Offshore rigs
• Floating production storage and offloading (FPSO)

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Regional Analysis:

The global market for offshore lubricants is expected to gain substantially from the Americas where North America is expected to impact the market with its offshore activities in the Mexican Gulf. China, India, and other countries are also experiencing strong growth due to their increased activities to find new petroleum sources. Among other areas, the Caspian Sea and the Red Sea are witnessing a hike in the number of activities.

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Industry News:

COVID-19 has had a huge impact on the global offshore lubricants market as the lack of demand for petroleum products triggered a huge fall in the petroleum sector. This will inspire market strategies that will focus more on using resources properly. This can impact the global market production and revenue-generation process of the offshore lubricants market.

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