Global Oil & Gas Lubricants Market - Growth, Trends, and Forecast (2022 - 2030)
By 2040, the global demand for energy is expected to increase by 28% from the 2015 level. Despite the increasing share of renewables in the primary energy mix, oil & gas is expected to cater approximately half the increased demand. Despite concerns hovering around the oil prices, the uptake of more upstream, midstream, and downstream based projects is necessary to meet up with the increased demand, resulting in increased usage of mechanical equipment. Like any mechanical system, moving parts in pumps, compressors, generators, fans and blowers, cranes, shakers, thrusters, valves, amongst others equipment used in the oil & gas industry requires proper lubrication to function optimally. As the oil & gas industry shifts its focus towards more complex offshore locations, and unconventional resources recovery, the risk associated with the system failures also increases, resulting in increased demand for specialized lubricants. Furthermore growing pipeline network for oil & gas coupled with an increased number of refinery and petrochemical projects across the globe is also expected to supplement the demand for oil & gas lubricants during the forecast period, 2018-2023.
Offshore Oilfield Development Offers Increasing Opportunity for the Market
With fewer remaining easy-to-access oilfields and maturing production from existing basins, in both onshore and shallow-water, development of deep-water reserves has become increasingly vital. Moreover, advancements in technology have made deepwater drilling safer and economically viable. With the rebound of oil & gas prices to a sustainable level from witnessing a record low in January 2016, the uptake of offshore oil & gas projects is expected to witness a significant increase during the forecast period. Most of North American land-based and shallow water oil fields have reached their maturity, and there is little scope for a new field discovery in these areas. However, prospects are bright for offshore deepwater oil field exploration and production. To meet up with the global demand for oil in future, opportunities lie in the deep offshore seabed, where oil & gas operators continue to discover new reserves in the North American region. In a bid to ensure energy security by boosting domestic oil & gas production, countries across the Asia-Pacific region are expected to increase offshore oil & gas development activities. Similar interests are also expected to increase across the Middle East, Africa, and the South America region, to capture growing demand for oil & gas. Increasing investment to develop offshore oil & gas fields is expected to be the major factor driving the global offshore lubricants segment during the forecast period.
Unconventional Recovery Fueling Demand in North America
The exploration and production activities for unconventional resources, such as shale oil/gas, oil sands, and tight gas, are expected to remain high during the forecast period in the North America region. The GOM production in 2016 set an annual high of 1.6 million barrels per day (b/d), surpassing the previous record established in 2009, by 44,000 b/d. Market conditions are improving significantly amid rising oil prices, coupled with the support of a new and favorable administration with pro-energy policies that understand the strategic importance of a healthy oil & gas industry, exploration and production activities are expected to further increase in the United States. Furthermore, Exxon Mobil has already pledged a USD 20 billion investment to improve chemical sector across the US Gulf Coast. All factors combined is expected to supplement the demand for oil & gas lubricants in the region.
India to Register High Demand
For a long time, India has been dependent on other countries to satisfy its oil & gas needs. However, to ensure energy security, the Indian government plans to ramp up domestic oil & gas production. India is expecting a USD 40 billion investment in next five years for exploration and production activities. Furthermore, LNG and downstream sectors including petrochemical plants are also expected to attract similar investments, which in turn, would supplement the demand for oil & gas lubricants during the forecast period.
Key Developments in the Market
• December 2017: ExxonMobil to merge Refining and Marketing Divisions in Q1 2018, Forms ExxonMobil Fuels & Lubricants Company.
• August 2017: ENOC and Chevron explored long-term collaboration across various aspects of downstream operations, ranging from lubricants marketing to aviation refueling.
The major players include – Chevron Corporation, Royal Dutch Shell plc, Exxon Mobil Corporation, BP plc, Dow Corning Corporation, Total SA, SK Lubricants Co., Ltd., amongst others.
Reasons to Purchase this Report
• Current and future oil & gas lubricants market outlook in the developed and emerging countries
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Countries that are expected to witness fastest growth during the forecast period
• Identify the latest developments, market share, and strategies employed by the major market players.
• 3 months analyst support along with the Market Estimate sheet (in excel).
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs.
Offshore Oilfield Development Offers Increasing Opportunity for the Market
With fewer remaining easy-to-access oilfields and maturing production from existing basins, in both onshore and shallow-water, development of deep-water reserves has become increasingly vital. Moreover, advancements in technology have made deepwater drilling safer and economically viable. With the rebound of oil & gas prices to a sustainable level from witnessing a record low in January 2016, the uptake of offshore oil & gas projects is expected to witness a significant increase during the forecast period. Most of North American land-based and shallow water oil fields have reached their maturity, and there is little scope for a new field discovery in these areas. However, prospects are bright for offshore deepwater oil field exploration and production. To meet up with the global demand for oil in future, opportunities lie in the deep offshore seabed, where oil & gas operators continue to discover new reserves in the North American region. In a bid to ensure energy security by boosting domestic oil & gas production, countries across the Asia-Pacific region are expected to increase offshore oil & gas development activities. Similar interests are also expected to increase across the Middle East, Africa, and the South America region, to capture growing demand for oil & gas. Increasing investment to develop offshore oil & gas fields is expected to be the major factor driving the global offshore lubricants segment during the forecast period.
Unconventional Recovery Fueling Demand in North America
The exploration and production activities for unconventional resources, such as shale oil/gas, oil sands, and tight gas, are expected to remain high during the forecast period in the North America region. The GOM production in 2016 set an annual high of 1.6 million barrels per day (b/d), surpassing the previous record established in 2009, by 44,000 b/d. Market conditions are improving significantly amid rising oil prices, coupled with the support of a new and favorable administration with pro-energy policies that understand the strategic importance of a healthy oil & gas industry, exploration and production activities are expected to further increase in the United States. Furthermore, Exxon Mobil has already pledged a USD 20 billion investment to improve chemical sector across the US Gulf Coast. All factors combined is expected to supplement the demand for oil & gas lubricants in the region.
India to Register High Demand
For a long time, India has been dependent on other countries to satisfy its oil & gas needs. However, to ensure energy security, the Indian government plans to ramp up domestic oil & gas production. India is expecting a USD 40 billion investment in next five years for exploration and production activities. Furthermore, LNG and downstream sectors including petrochemical plants are also expected to attract similar investments, which in turn, would supplement the demand for oil & gas lubricants during the forecast period.
Key Developments in the Market
• December 2017: ExxonMobil to merge Refining and Marketing Divisions in Q1 2018, Forms ExxonMobil Fuels & Lubricants Company.
• August 2017: ENOC and Chevron explored long-term collaboration across various aspects of downstream operations, ranging from lubricants marketing to aviation refueling.
The major players include – Chevron Corporation, Royal Dutch Shell plc, Exxon Mobil Corporation, BP plc, Dow Corning Corporation, Total SA, SK Lubricants Co., Ltd., amongst others.
Reasons to Purchase this Report
• Current and future oil & gas lubricants market outlook in the developed and emerging countries
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Countries that are expected to witness fastest growth during the forecast period
• Identify the latest developments, market share, and strategies employed by the major market players.
• 3 months analyst support along with the Market Estimate sheet (in excel).
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs.
Frequently Asked Questions
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