ALBANY, N.Y.--(BUSINESS WIRE)--An abundance of deep and ultra-deep water reserves carries an enormous opportunity for the growth of the global offshore lubricants market, observes a latest report by Transparency Market Research. The market’s growth will be redefined by regulations mandating the use of environmentally acceptable lubricants (EALs) in certain offshore regions. In view of these favorable factors, the growth rate of the global offshore lubricants market will remain steady. According to TMR’s report, the global offshore lubricants market will reach US$183.50 million by 2020, up significantly from its 2013 market valuation of US$110.86 million. This translates to a healthy CAGR of 7.07% through the report’s forecast period. The report is titled, ‘Offshore Lubricants Market - Global Industry Analysis 2014–2020.’
The report segments the global offshore lubricants market on the basis of end user, application, and geography. Using application as a criteria, the report segments the offshore lubricants market into engine oil lubricants, gear oil lubricants, hydraulic oil lubricant, grease, and others. The demand for engine oils was the highest in 2013, with an appreciable 60% of the market globally.
Likewise, by end user, the report segments the market into offshore rigs and FPSO. The former led in 2013, accounting for over 70% of the global offshore lubricants market in revenue terms. However, there is much revenue potential in the FPSO segment as it is projected to outpace the offshore rigs segment in terms of growth rate.
From the geographical perspective, the report segments the offshore lubricants market into: North America, Europe, Middle East, Asia Pacific, and Rest of the World. The largest share of revenue (28%) came from the Rest of the World region in 2013.
Other Research Reports:
- Lubricants Market: http://www.transparencymarketresearch.com/lubricants-market.html
- FPSO Vessels and Equipment Market: http://www.transparencymarketresearch.com/fpso-vessels-equipments-market.html
- Bio lubricants Market: http://www.transparencymarketresearch.com/biolubricants-market.html
- Lubrication Systems Market: http://www.transparencymarketresearch.com/lubrication-systems-market.html
Transparency Market Research is a market intelligence company driven by high-pedigree consultants and researchers. TMR leverages its Syndicated Research, Custom Research, and Market Consulting expertise to help businesses make accurate decisions. TMR’s exclusive blend of quantitative forecasting and trends analysis draws on proprietary data sources and techniques, while their data repository is continuously updated to reflect the latest trends.