Oil is a viscous liquid that is derived from petroleum and is used as a fuel or a lubricant. The molecules inside a gas move freely and are independent of each other. A lubricant is a substance that helps in reducing the friction between the surfaces that are in mutual contact. Oil and gas lubricants play a prominent role in preventing downtime in oil and gas exploration, operating in remote areas. Even an hour of downtime can turn out to be an expensive affair, and that is where the need for oil and gas lubricants arises.
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- Based on metal lubricant type, the global oil and gas lubricants market is segmented into diesel engine oils, greases, hydraulic fluids, compressor oils, gear lubricants, natural gas engine oils, and others
- Based on technology, the market is bifurcated into onshore and offshore drilling, floating point storage and offloading, production, refining, transmission, and others.
- Cost-effectiveness and ease of application of oil & gas lubricants instead of employing technology for removing water, particulate matter and other contaminants.
- Reduced friction, protection from wear, long seal life, oil and water separation, reduced operating temperatures, etc.
- Incrementing pipeline network for oil & gas together with an increased number of petrochemical and refinery projects.
- Rising R&D activities drive the oil and gas lubricants market.