Market research Future Offshore Lubricants Market Report 2018. | Page 4

Offshore lubricant market Research Report- Forecast to 2023
Market Research Analysis: -
Engine oil and OSVs (Offshore Support Vehicles) are, expected to grow at the highest CAGR and
hold the largest market share.
Global Offshore lubricant market has been segmented based on application, end-use, and region. Engine
oil segment by application currently holds the largest share and is expected to dominate the offshore
lubricants market during the forecast period. Engine oils are widely used in vessel engines, boat engines,
and container engine. Engine oils play a crucial role in assisting engines to ideal efficiency in their output.
These oils are required specifically for speed and stoke cycle of engines. Engine oils prevent engines from
rusting, wear and tear. Growing maritime activities across the globe are expected to drive engine oils
demand over the forecast period. The OSVs segment by end-use held the largest market share, in 2016 and
is expected to hold the largest share over the forecast period. OSVs are largely used as support systems for
offshore drilling and production sectors. Increasing utilization of OSVs due to rising deep water reserves
exploration, and production will give rise to greater maintenance, resulting in higher demand for lubricants
such as engine oils, compressor oils, transmission oils, gear oils and hydraulic fluids.
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