Oil & Gas Lubricants Market - Forecast(2024 - 2030)

Report Code: CMR 72093 Report Format: PDF + Excel

Oil & Gas Lubricants Market Overview

Oil & gas lubricants market size is forecast to reach US$10.9 billion by 2027, after growing at a CAGR of 3.1% during 2022-2027. Oil & Gas lubricants are suitable for moving parts of various equipment like cranes, shakers, thrusters, compressors, generators among others. The mechanical stress, vibration, internal combustion can be reduced by using different lubricant products like greases, hydraulic fluid, engine oil, and others using polychlorinated biphenyl products. In addition, the growing shift towards offshore exploration is boosting the demand and need for oil & gas lubricants as a risk associated with exploration for system failure is high. According to UK and Norway Exploration and Production Outlook for 2021, United Kingdom Continence Society(UKCS) oil and gas capital expenditure on-field development is estimated at US$4.0 billion in 2021 with a rise from US$3.8 billion in 2020. Westwood expects production of 4.18 million barrels of oil equivalent per day in 2021, which is forecast to increase further in 2022 as field start-ups to full production in Norway. The use of lubricants for drilling, exploration, and others in the oil & gas sector will boost the oil & gas lubricants market during the forecast period.

COVID-19 Impact

The Covid-19 pandemic has been a major challenge for the oil & gas lubricants market owing to directly affecting the manufacturer's supply chain across the globe and shut down the production facilities to minimize the risk of virus spreadThe major countries affected by the virus are the US, India, Brazil, Indonesia, Russia, and others. The oil and gas sector has been highly impacted due to covid 19 and experiencing shocks owing to price fluctuation. According to World Economic Forum, the demand for oil & gas has been contradicted for more than 10 million barrels per day in the first half of 2020 during the peak of lockdown. The government and private sector initiatives are required to build back a better oil & gas sector and to recover the oil & gas lubricants market during the forecast period.

Report Coverage

The report: “Oil & Gas Lubricants Market Report– Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the oil & gas lubricants industry.

By Product Type: Engine Oil, Turbine Oil, Compressor Oil, Circulating Oil, Grease (Commercial, Industrial), Coolants or Antifreezer, Hydraulic Fluid, Corrosion Inhibitor, and Others

By Location: Onshore, Offshore

By Application: Drilling, FPSO (Floating Point Storage and Offloading), Production, Refining, Transmission, and Others.

By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, Italy, France, Netherlands, Belgium, Spain, Russia, and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, and New Zeeland, Indonesia, Taiwan, Malaysia, and Rest of APAC), and Rest of the World: The Middle East (Saudi Arabia, UAE, Israel, Rest of the Middle East) and Africa (South Africa, Nigeria, Rest of Africa)

Key Takeaways

  • North America is expected to register a CAGR of 2.8% during the forecast period (2022-2027) owing to growing offshore exploration activities and rising shale production in the US, Canada, and the northern sea region for the production of lubricants, hydraulic fluid, and others.
  • The ease of application and cost-effectiveness of the oil & gas lubricants is driving the demand and need for lubricants during the forecast period.
  • Technological advancement leading to higher well production rates is further driving the market growth during the forecast period.
  • The rise in offshore exploration activity under sea acts as an opportunity for oil & gas lubricants in the forecast period owing to its usage for oil and water separator and others.

    Figure: North America Oil & Gas Lubricants Market Revenue, 2021-2027 (US$ Billion)


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Oil & Gas Lubricants Market Segment Analysis – By location

The onshore segments accounted for around 70% of the market share in 2021 and are estimated to grow at a significant CAGR during the forecast period. Oil and gas exploration and production are very crucial and machine dependability. The lubricants are widely used in the machine for efficient working to eradicate the problem due to machinery failure during drilling over the onshore oil and gas exploration by reducing the internal combustion of the machine. If the machine stops working, there will be a huge loss in millions as most of the onshore site is located in remote areas and there is no downtime for repair and maintenance and it will be too expensive. According to Australian Petroleum Production and Exploration Association Limited, Australian petroleum liquids production increased slightly in 2020 to 169 million barrels up 2% as compared to 2019. According to Tethys Oil, onshore production of oil from the Sultanate of Oman amounted to 334,326 barrels of oil, corresponding to 10,785 barrels of oil per day in October 2021. Therefore, the growing demand for lubricants over onshore during the exploration and production activity will boost demand for oil & gas Lubricants during the forecast period.

Oil & Gas Lubricants Market Segment Analysis - By Application

The drilling segments accounted for approximately 14% of the market share in 2021 and are estimated to grow at a significant CAGR during the forecast period. The drilling activity is done over onshore and offshore to extract oil and gas from it using polychlorinated biphenyl product and, injection molding technology. The lubricants are used in the machinery which is used during the drilling activity. The growing shift of the oil & gas industry towards the more complex offshore location and the risks associated with machine failures also increases, resulting in rising demand for specialized lubricants for offshore. According to the Indian Brand Equity Federation, the oil and gas sector is expected to attract US$25 billion investment in exploration and production by 2022. According to the Railroad Commission of Texas, 842 original drilling permits has been issued by the Railroad Commission of Texas in November 2021 compared to 382 in November 2020 to drill new oil or gas wells. In addition, a growing pipeline network for oil & gas transmission across the globe is also expected to boost the demand for oil & gas lubricants during the forecast period. Therefore, the growing drilling activity will boost the demand for the oil & gas lubricants market during the forecast period.

Oil & Gas Lubricants Market Segment Analysis - By Geography

North America region held the largest share in the oil & gas lubricants market in 2021 up to 38%, owing to the exploration and production activity in the United States, Canada, and others. The comprehensive use of oil & gas lubricants to reduce machine failure in the onshore and offshore locations is helping in the market growth during the forecast period. Additionally, the shale revolution in the North American region has led to bolstering growth in oil and gas production owing to advanced technology usage while drilling and production of oil and gas found in shale rock. According to US Energy Information Administration, the production of gas is 3,548,654 million cubic feet and is expected to rise by 2% to 97.6 billion cubic feet per day. Dry Shale gas production is around 75.453 billion cubic feet per day in December 2021. Therefore, the growing production of oil & gas will increase the demand for the oil & gas lubricants market.

Oil & Gas Lubricants Market Drivers:

The demand for oil & gas lubricants in an offshore location

The growing demand for oil and gas lubricants in offshore locations by providing high-quality, reliable insulation for heavy-duty machinery during exploration, drilling, production, and others. The growing use of oil & gas lubricants to reduced friction, high saline content, high pressure & freezing temperature, oil and water separation, and others will boost the demand during the forecast period. In addition, the rise in research & development activity for oil & gas will increase the demand by 2027. According to US Energy Information Administration, 1,270,416 million cubic feet of offshore natural gas was produced in 2020. Therefore, the growing production of offshore oil & gas will be driving the demand for the oil & gas lubricants market during the forecast period.

Rising demand for oil & gas lubricants owing to ease of application and efficient operation

The rising demand for oil and gas lubricants owing to ease of application is boosting demand during the forecast period. It helps to lower gas solubility and consequently resists dilution and improve viscosity control which results in additional protection against wear, the efficiency of machinery, and reduced foaming allowing to extend maintenance time and reduce equipment failures and unscheduled shutdowns making it easier to use. The synthetic and premium mineral oil-based lubricants are widely used to protect oil and gas machinery operating in challenging and diverse environments. According to the U.S. Department of Labor, Mine Safety & Health Administration, 1,209 coal mines have been operations in 2021. Therefore, the ease of application and efficiency for heavy machinery used in mining, construction & others during operation will be driving the demand for the oil & gas lubricants market during the forecast period.

Oil & Gas Lubricants Market Challenges:

Volatile price of Oil and Gas

The volatile price of oil and gas can hinder the market for oil & gas lubricants. The oil and gas lubricants market is directly connected with the oil & gas sector, owing to the price fluctuation of crude oil from time to time. According to US Energy Information Administration, regular gasoline retail prices to average US$3.06 per gallon in 2022 with a rise from 2021 having US$3.00 per gallon, and expected to decline to have US$2.80 per gallon in 2023. Also, diesel prices to increase to an average of US$3.33 per gallon in 2022 before decreasing to US$3.27 per gallon in 2023. Such factors have become the major challenge of oil & gas lubricants in terms of consumption, which constrains the growth of the market.

Oil & Gas Lubricants Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Oil & Gas Lubricants market.

Global Oil & gas lubricants top 10 companies include:

  • Exxon Mobil Corporation
  • Chevron Corporation
  • Schlumberger Limited
  • SK Lubricants Co., Ltd.
  • Indian Oil Corporation Ltd.
  • Lubrication Engineers Inc
  • BP Lubricants Pvt. Ltd.
  • Total SA
  • Royal Dutch Shell
  • Sinopec Lubricant Company

Recent Developments

  • In December 2021, ExxonMobil Launches Dual Certified Product Mobilgrease XHP™ 222 grease with HPM and Water Resistance Enhancement Tag is now approved against the NLGI HPM certification In addition to the HPM core certification, Mobilgrease XHP™ 222 also obtained the +WR tag for an enhanced level of performance in the water resistance category.
  • In April 2021, HollyFrontier Lubricants & Specialties has launched Petro-Canada Lubricants SENTRONTM SP 30, an advanced-performance SAE 30 stationary gas engine oil and the first of its category approved to meet MAN Truck & Bus AG’s latest M 3271-5 and M 3271-2 specifications.
  • In September 2020, Hinduja Group subsidiary of Gulf Oil Lubricants India Ltd (GOLIL) announced a long-term strategic partnership with S-Oil Corporation of South Korea to exclusively manufacture and market its entire range of lubricants for the Indian market.

Relevant Reports
Report Code: CMR 1064
Report Code: CMR 0584
Report Code: CMR 1162
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1. Oil & Gas Lubricants Market- Market Overview
    1.1 Definitions and Scope 
2. Oil & Gas Lubricants Market- Executive Summary
    2.1 Key Trends by Product Type
    2.2 Key Trends by Location
    2.3 Key Trends by Application
    2.4 Key Trends by Geography
3. Oil & Gas Lubricants Market– Comparative analysis 
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Oil & Gas Lubricants Market - Startup Companies Scenario Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Oil & Gas Lubricants Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Oil & Gas Lubricants Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes 
7. Oil & Gas Lubricants Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Oil & Gas Lubricants Market – By Product Type (Market Size -US$ Million/Billion)
    8.1 Engine Oil
    8.2 Turbine Oil
    8.3 Compressor Oil
    8.4 Circulating Oil
    8.5 Grease
        8.5.1 Commercial
        8.5.2 Industrial
    8.6 Coolants or Antifreezer
    8.7 Hydraulic Fluid
    8.8 Corrosion Inhibitor
    8.9 Others 
9. Oil & Gas Lubricants Market – By Location(Market Size -US$ Million/Billion)
    9.1 Onshore
    9.2 Offshore 
10. Oil & Gas Lubricants Market – By Application (Market Size -US$ Million/Billion)
    10.1 Drilling
    10.2 FPSO (Floating Point Storage and Offloading)
    10.3 Production
    10.4 Refining
    10.5 Transmission
    10.6 Others
11. Oil & Gas Lubricants Market -By Geography (Market Size -US$ Million/Billion)
    11.1 North America
        11.1.1 USA
        11.1.2 Canada
        11.1.3 Mexico
    11.2 Europe
        11.2.1 UK
        11.2.2 Germany
        11.2.3 France
        11.2.4 Italy
        11.2.5 Netherlands
        11.2.6 Spain
        11.2.7 Russia
        11.2.8 Belgium
        11.2.9 Rest of Europe
    11.3 Asia-Pacific
        11.3.1 China
        11.3.2 Japan
        11.3.3 India
        11.3.4 South Korea
        11.3.5 Australia and New Zealand
        11.3.6 Indonesia
        11.3.7 Taiwan
        11.3.8 Malaysia
        11.3.9 Rest of APAC
    11.4 South America
        11.4.1 Brazil
        11.4.2 Argentina
        11.4.3 Colombia
        11.4.4 Chile
        11.4.5 Rest of South America
    11.5 Rest of the World
        11.5.1 Middle East
            11.5.1.1 Saudi Arabia
            11.5.1.2 UAE
            11.5.1.3 Israel
            11.5.1.4 Rest of the Middle East
        11.5.2 Africa
            11.5.2.1 South Africa
            11.5.2.2 Nigeria
            11.5.2.3 Rest of Africa
12. Oil & Gas Lubricants Market– Entropy
    12.1 New Product Launches
    12.2 M&As, Collaborations, JVs and Partnerships
13. Oil & Gas Lubricants Market – Industry/Segment Competition Landscape Premium
    13.1 Company Benchmarking – Major Companies
    13.2 Market Share at Global Level - Major companies
    13.3 Market Share by Key Region - Major companies
    13.4 Market Share by Key Country - Major companies
    13.5 Market Share by Key Application - Major companies
    13.6 Market Share by Key Product Type/Product category - Major companies
14. Oil & Gas Lubricants Market – Key Company List by Country Premium Premium
15. Oil & Gas Lubricants Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    15.1 Company 1
    15.2 Company 2
    15.3 Company 3
    15.4 Company 4
    15.5 Company 5
    15.6 Company 6
    15.7 Company 7
    15.8 Company 8
    15.9 Company 9
    15.10 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"
LIST OF TABLES

1.Global MARKET SEGMENTATION Market 2023-2030 ($M)
1.1 Location Market 2023-2030 ($M) - Global Industry Research
1.1.1 Onshore Market 2023-2030 ($M)
1.1.2 Offshore Market 2023-2030 ($M)
1.2 Product Type Market 2023-2030 ($M) - Global Industry Research
1.2.1 Grease Market 2023-2030 ($M)
1.2.2 Coolant/Anti-freezer Market 2023-2030 ($M)
1.2.3 Engine Oils Market 2023-2030 ($M)
1.2.4 Hydraulic Fluids Market 2023-2030 ($M)
1.3 Sector Market 2023-2030 ($M) - Global Industry Research
1.3.1 Upstream Market 2023-2030 ($M)
1.3.2 Midstream Market 2023-2030 ($M)
1.3.3 Downstream Market 2023-2030 ($M)
2.Global COMPETITIVE LANDSCAPE Market 2023-2030 ($M)
2.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2023-2030 ($M) - Global Industry Research
3.Global MARKET SEGMENTATION Market 2023-2030 (Volume/Units)
3.1 Location Market 2023-2030 (Volume/Units) - Global Industry Research
3.1.1 Onshore Market 2023-2030 (Volume/Units)
3.1.2 Offshore Market 2023-2030 (Volume/Units)
3.2 Product Type Market 2023-2030 (Volume/Units) - Global Industry Research
3.2.1 Grease Market 2023-2030 (Volume/Units)
3.2.2 Coolant/Anti-freezer Market 2023-2030 (Volume/Units)
3.2.3 Engine Oils Market 2023-2030 (Volume/Units)
3.2.4 Hydraulic Fluids Market 2023-2030 (Volume/Units)
3.3 Sector Market 2023-2030 (Volume/Units) - Global Industry Research
3.3.1 Upstream Market 2023-2030 (Volume/Units)
3.3.2 Midstream Market 2023-2030 (Volume/Units)
3.3.3 Downstream Market 2023-2030 (Volume/Units)
4.Global COMPETITIVE LANDSCAPE Market 2023-2030 (Volume/Units)
4.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2023-2030 (Volume/Units) - Global Industry Research
5.North America MARKET SEGMENTATION Market 2023-2030 ($M)
5.1 Location Market 2023-2030 ($M) - Regional Industry Research
5.1.1 Onshore Market 2023-2030 ($M)
5.1.2 Offshore Market 2023-2030 ($M)
5.2 Product Type Market 2023-2030 ($M) - Regional Industry Research
5.2.1 Grease Market 2023-2030 ($M)
5.2.2 Coolant/Anti-freezer Market 2023-2030 ($M)
5.2.3 Engine Oils Market 2023-2030 ($M)
5.2.4 Hydraulic Fluids Market 2023-2030 ($M)
5.3 Sector Market 2023-2030 ($M) - Regional Industry Research
5.3.1 Upstream Market 2023-2030 ($M)
5.3.2 Midstream Market 2023-2030 ($M)
5.3.3 Downstream Market 2023-2030 ($M)
6.North America COMPETITIVE LANDSCAPE Market 2023-2030 ($M)
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2023-2030 ($M) - Regional Industry Research
7.South America MARKET SEGMENTATION Market 2023-2030 ($M)
7.1 Location Market 2023-2030 ($M) - Regional Industry Research
7.1.1 Onshore Market 2023-2030 ($M)
7.1.2 Offshore Market 2023-2030 ($M)
7.2 Product Type Market 2023-2030 ($M) - Regional Industry Research
7.2.1 Grease Market 2023-2030 ($M)
7.2.2 Coolant/Anti-freezer Market 2023-2030 ($M)
7.2.3 Engine Oils Market 2023-2030 ($M)
7.2.4 Hydraulic Fluids Market 2023-2030 ($M)
7.3 Sector Market 2023-2030 ($M) - Regional Industry Research
7.3.1 Upstream Market 2023-2030 ($M)
7.3.2 Midstream Market 2023-2030 ($M)
7.3.3 Downstream Market 2023-2030 ($M)
8.South America COMPETITIVE LANDSCAPE Market 2023-2030 ($M)
8.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2023-2030 ($M) - Regional Industry Research
9.Europe MARKET SEGMENTATION Market 2023-2030 ($M)
9.1 Location Market 2023-2030 ($M) - Regional Industry Research
9.1.1 Onshore Market 2023-2030 ($M)
9.1.2 Offshore Market 2023-2030 ($M)
9.2 Product Type Market 2023-2030 ($M) - Regional Industry Research
9.2.1 Grease Market 2023-2030 ($M)
9.2.2 Coolant/Anti-freezer Market 2023-2030 ($M)
9.2.3 Engine Oils Market 2023-2030 ($M)
9.2.4 Hydraulic Fluids Market 2023-2030 ($M)
9.3 Sector Market 2023-2030 ($M) - Regional Industry Research
9.3.1 Upstream Market 2023-2030 ($M)
9.3.2 Midstream Market 2023-2030 ($M)
9.3.3 Downstream Market 2023-2030 ($M)
10.Europe COMPETITIVE LANDSCAPE Market 2023-2030 ($M)
10.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2023-2030 ($M) - Regional Industry Research
11.APAC MARKET SEGMENTATION Market 2023-2030 ($M)
11.1 Location Market 2023-2030 ($M) - Regional Industry Research
11.1.1 Onshore Market 2023-2030 ($M)
11.1.2 Offshore Market 2023-2030 ($M)
11.2 Product Type Market 2023-2030 ($M) - Regional Industry Research
11.2.1 Grease Market 2023-2030 ($M)
11.2.2 Coolant/Anti-freezer Market 2023-2030 ($M)
11.2.3 Engine Oils Market 2023-2030 ($M)
11.2.4 Hydraulic Fluids Market 2023-2030 ($M)
11.3 Sector Market 2023-2030 ($M) - Regional Industry Research
11.3.1 Upstream Market 2023-2030 ($M)
11.3.2 Midstream Market 2023-2030 ($M)
11.3.3 Downstream Market 2023-2030 ($M)
12.APAC COMPETITIVE LANDSCAPE Market 2023-2030 ($M)
12.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2023-2030 ($M) - Regional Industry Research
13.MENA MARKET SEGMENTATION Market 2023-2030 ($M)
13.1 Location Market 2023-2030 ($M) - Regional Industry Research
13.1.1 Onshore Market 2023-2030 ($M)
13.1.2 Offshore Market 2023-2030 ($M)
13.2 Product Type Market 2023-2030 ($M) - Regional Industry Research
13.2.1 Grease Market 2023-2030 ($M)
13.2.2 Coolant/Anti-freezer Market 2023-2030 ($M)
13.2.3 Engine Oils Market 2023-2030 ($M)
13.2.4 Hydraulic Fluids Market 2023-2030 ($M)
13.3 Sector Market 2023-2030 ($M) - Regional Industry Research
13.3.1 Upstream Market 2023-2030 ($M)
13.3.2 Midstream Market 2023-2030 ($M)
13.3.3 Downstream Market 2023-2030 ($M)
14.MENA COMPETITIVE LANDSCAPE Market 2023-2030 ($M)
14.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements Market 2023-2030 ($M) - Regional Industry Research

LIST OF FIGURES

1.US Oil & Gas Lubricants Market Revenue, 2023-2030 ($M)
2.Canada Oil & Gas Lubricants Market Revenue, 2023-2030 ($M)
3.Mexico Oil & Gas Lubricants Market Revenue, 2023-2030 ($M)
4.Brazil Oil & Gas Lubricants Market Revenue, 2023-2030 ($M)
5.Argentina Oil & Gas Lubricants Market Revenue, 2023-2030 ($M)
6.Peru Oil & Gas Lubricants Market Revenue, 2023-2030 ($M)
7.Colombia Oil & Gas Lubricants Market Revenue, 2023-2030 ($M)
8.Chile Oil & Gas Lubricants Market Revenue, 2023-2030 ($M)
9.Rest of South America Oil & Gas Lubricants Market Revenue, 2023-2030 ($M)
10.UK Oil & Gas Lubricants Market Revenue, 2023-2030 ($M)
11.Germany Oil & Gas Lubricants Market Revenue, 2023-2030 ($M)
12.France Oil & Gas Lubricants Market Revenue, 2023-2030 ($M)
13.Italy Oil & Gas Lubricants Market Revenue, 2023-2030 ($M)
14.Spain Oil & Gas Lubricants Market Revenue, 2023-2030 ($M)
15.Rest of Europe Oil & Gas Lubricants Market Revenue, 2023-2030 ($M)
16.China Oil & Gas Lubricants Market Revenue, 2023-2030 ($M)
17.India Oil & Gas Lubricants Market Revenue, 2023-2030 ($M)
18.Japan Oil & Gas Lubricants Market Revenue, 2023-2030 ($M)
19.South Korea Oil & Gas Lubricants Market Revenue, 2023-2030 ($M)
20.South Africa Oil & Gas Lubricants Market Revenue, 2023-2030 ($M)
21.North America Oil & Gas Lubricants By Application
22.South America Oil & Gas Lubricants By Application
23.Europe Oil & Gas Lubricants By Application
24.APAC Oil & Gas Lubricants By Application
25.MENA Oil & Gas Lubricants By Application