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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market-5520
Asia Pacific Offshore Lubricants market is expected to grow at the highest CAGR
Currently, the Asia Pacific region is the largest consumers of Offshore Lubricants. China, India,
and prominent Southeast Asian countries are among the major markets of offshore lubricants,
globally. Asia Pacific Offshore Lubricants market is projected to register the highest CAGR
during the forecast period. The increasing offshore projects in the major Asian countries make
the Asia Pacific region, lucrative for offshore lubricants market. Economic growth has facilitated
the greater maritime trade and activity in the Asia Pacific region since last decade and is
projected to grow at a steady pace during the forecast period. North America holds the second
largest market share for offshore lubricants market. This is due to growing deep-water activities
in the Gulf of Mexico along the eastern coast.
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