Oil and Gas Lubricants Market's Portfolio into Broader North American Industries with Better Investment Opportunities

The lubricants are extensively applied across the oil & gas industry for major applications, such as reduction of friction, wear and tear control, temperature control, minimizing metal surface corrosion, and contaminants containment. The shale revolution in the North American region has led to an unparalleled growth of oil & gas production. Technological advancements in drilling and fracking technologies have unlocked vast reserves of gas and oil trapped in shale rock, and redrawn the energy landscape of the region.

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The International Energy Agency (IEA) expects a further increase in oil & gas production, with the United States emerging as a net oil exporter by 2027 – the first time since 1953. The growth of oil production from the unconventional reserves across the region, coupled with factors, such as growing pipeline network, is expected to increase the demand for lubricants usage in the North American oil & gas industry during 2018 - 2023.

Increasing Offshore Deepwater Exploration - an Excellent Growth Opportunity for the Market

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 the global demand for oil in future, opportunities lie in offshore deep seabed, where oil & gas operators continue to discover new reserves in the North American region. That being said, the requirement for maintaining and boosting recovery rates from these subsea wells has increased, and it is expected to grow further, resulting in increased demand for lubricants.

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Governmental rules and regulation policies related to the usage of different types of lubricant technologies for subsea operations are getting stringent day-by-day, which raises the need for better technological innovations in the lubricant business to increase the efficiency of production systems, and opens the doors for regional players to increase their market share. With the increase of oil prices to a sustainable level since the start of the downturn in 2014, several offshore exploration & production projects are expected to be commissioned in the North American offshore waters, which in turn, present an excellent growth opportunity for companies involved in the lubricants business during the forecast period.

Increasing Exploration & Production Activities to Aid Demand for Lubricants in the US

The exploration and production activities for unconventional resources, such as shale oil/gas and tight gas, is expected to remain high during the forecast period. 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. The US Outer Continental Shelf (OCS) oil and gas leasing program for 2017-2022 includes 11 lease sales across four planning areas, 10 targeting the Gulf of Mexico and one in the US Arctic region. At every stage, from oil exploration and production to its transportation, storage, and processing, the industry faces critical issues and operates at extreme temperatures. Moreover, the equipment and machines used in the oil & gas industry are expensive, which creates the need for regular maintenance, to ensure long life. This is expected to increase the demand for lubricants in the US oil & gas industry 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.
June 2017: ExxonMobil became global lubricant supplier for GE’s Jenbacher gas engines.
Major Players: EXXONMOBIL CORPORATION, DOW CORNING CORPORATION, KLÜBER LUBRICATION MÜNCHEN SE & Co. KG, CHEVRON CORPORATION, BESTOLIFE CORPORATION, LUBRICATION ENGINEERS Inc., HENKEL AG & Co KGaA, SKF USA Inc., CHEMOURS Co, JET-LUBE LLC, PJSC LUKOIL

Reasons to Purchase This Report

Identify the drivers, restraints, and opportunity possessed by North America Oil & Gas Lubricants Market with in-depth analysis.
Analyze the various perspectives of the global market dynamics with the help of Porter’s five forces analysis.
Country wise and sector wise analysis of demand forecast for lubricants in North American oil & gas industry with in-depth analysis.
Identify the most dominating type of lubricants with forecasted market estimate in the North America oil & gas lubricants market.
Identify the latest developments, market shares 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.

Companies Mentioned:

ExxonMobil Corporation,
Dow Corning Corporation,
Klüber Lubrication München SE & Co. KG,
Chevron Corporation,
Bestolife Corporation,
Lubrication Engineers, Inc.,
Henkel AG & Co KGaA,
SKF USA Inc.,
Chemours Co,
Jet-Lube, LLC,
PJSC LUKOIL

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