Offshore Lubricants Market To Reach $222.2 Billion By 2030

Offshore Lubricants Market Growth & Trends

The global offshore lubricants market size is expected to reach USD 222.2 billion in 2030 and is anticipated to grow at a CAGR of 3.6% from 2024 to 2030. Increasing deep sea exploration is expected to remain a key driving factor for global offshore lubricants market. Stringent regulations regarding threat to aquatic life on account of unregulated disposal of marine lubricants coupled with volatile petrochemicals pricing have led industry participants to develop bio-based alternatives. This trend is crucial in determining company’s product portfolio, thereby a vital determinant for market competition. 

Engine oil was the leading application segment with demand share exceeding 70% in 2014. Increasing maritime traffic coupled with rising requirement for offshore vessels is expected to drive this segment over the forecast period. Grease is expected to witness the highest growth of 3.3% from 2015 to 2022. 

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Offshore Lubricants Market Report Highlights

• The engine oil segment accounted for 72.2% of the market revenue in 2023 attributed to engine oils' critical role in maintaining the efficiency and longevity of engines used in offshore operations.

• The Offshore Support Vessels (OSVs) segment dominated the global market in 2023 as OSVs are essential for transporting supplies, equipment, and personnel to and from offshore rigs and platforms

• The Floating Production, Storage, and Offloading (FPSOs) segment is expected to grow fastest over the forecast period

• The gear oil segment is expected to grow at a CAGR of 4.3% from 2024 to 2030

• The Latin America region dominated the global offshore lubricants market with a revenue share of 29.0% in 2023

Offshore Lubricants Market Segmentation

Grand View Research has segmented the global offshore lubricants market report based on application, end use, and region:

Offshore Lubricants Application Outlook (Revenue, USD Million, 2018 - 2030)

• Engine Oil

• Hydraulic Oil

• Gear Oil

• Grease

• Others

Offshore Lubricants End Use Outlook (Revenue, USD Million, 2018 - 2030)

• Offshore Rigs

• FPSOs

• OSVs

Offshore Lubricants Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

• Asia Pacific

  • Japan

  • China

  • India

• Latin America

  • Brazil

  • Guyana

List of Key Players in the Offshore Lubricants Market

• Shell

• Chevron Corporation

• BP Plc

• Exxon Mobil

• Total S.A.

• Aegean Marine Petroleum

• Fuchs

• Gulf Oil Corporation

• Idemitsu Kosan Co. Ltd.

• JXTG Nippon Oil & Energy Corporation