Global Gear Oils Market, By Base Oil (Mineral Oil, Synthetic Oil, Semi-Synthetic Oil and Bio-Based Oil), Product Type (Transportation and Industrial), Application (Manufacturing, Mining, Construction and Heavy Equipment, Agriculture, Metallurgy and Metalworking, Oil and Gas, Power Generation, Transport and Others), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028
Data Bridge Market Research analyses that the gear oils market will witness a CAGR of 2.50% for the forecast period of 2021-2028. Rising technological advancements to provide better quality of gear oils and rising demand from the power industry are the two major factors attributable to the growth of gear oils market.
Gear oil is a lubricant that is used in automobiles and other machineries with gears. Gear oils contain contains organosulfur compounds and have high viscosity. Gear oil is important as it protects the gear equipment against unnecessary wear and tear and heat. Gear oils smoothens the transmission in vehicles and machineries in industries and further increases their life and productivity. Gear oils are used in a wide range of applications such as manufacturing, mining, construction and heavy equipment, agriculture, metallurgy and metalworking, oil and gas, power generation, transport and others.
Growth and expansion of the various end user verticals would imply growth in the demand for gear oils globally. Increased expenditure for research and development activities coupled with rising technological advancements to provide better quality of gear oils will further create lucrative market growth opportunities. Upsurge in the demand for automobiles owing to the rising population and personal disposable income is another important factor fostering the growth of gear oils market. Decline in the prices of offshore industry has led to increased demand for wind power generation which in turn has induced growth in the demand for gear oils.
However, rising drain intervals in the automotive and industrial sectors will pose a major challenge to the growth of gear oils market. Stringent and strict environmental regulations will further derail the market growth rate. Rising technological advancements in the automobile sector will pose a threat to the gear oils market.
This gear oils market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. To gain more info on gear oils market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Gear Oils Market Scope and Market Size
- The gear oils market is segmented on the basis of base oil, product type and application. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target market.
- On the basis of base oil, the gear oils market is segmented into mineral oil, synthetic oil, semi-synthetic oil and bio-based oil. Synthetic oil is sub-segmented into poly-alpha-olefin (PAO), polyalkylene glycol (PAG), group III (hydrocracking) and esters.
- On the basis of product type, the gear oils market is segmented into transportation and industrial. Transportation segment is sub-segmented into manual gearbox, automatic gearbox (CVT, DCT, etc.), axle oils.
- On the basis of application, the gear oils market is segmented into manufacturing, mining, construction and heavy equipment, agriculture, metallurgy and metalworking, oil and gas, power generation, transport and others. Transportation segment is sub-segmented into automotive, marine, railway and aviation
Global Gear Oils Market Country Level Analysis
The gear oils market is analysed and market size, volume information is provided by country, base oil, product type and application as referenced above.
The countries covered in the gear oils market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific dominates the gear oils market and will continue to during the forecast period. Prevalence of major industries in the region will is a major factor fostering the dominance of the region in the global gear oils market. Rising construction activities, rising demand for automobiles, growth and expansion of industries, rising personal disposable income and rising population are some of the important direct and indirect market growth determinants.
The country section of the gear oils market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Gear Oils Market Share Analysis
The gear oils market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to gear oils market.
The major players covered in the gear oils market report are Shell group of companies, China Petrochemical Corporation., Exxon Mobil Corporation., Chevron Corporation., bp p.l.c., FUCHS, Total, Phillips 66 Company., Saudi Arabian Oil Co., LUKOIL, Idemitsu Kosan Co., Ltd., CASTROL LIMITED, LIQUI MOLY GmbH, Calumet Specialty Products Partners, L.P., Morris Lubricants, Penrite Oil, Carl Bechem GmbH, Valvoline Inc., Peak Lubricants Pty Ltd and Indian Oil Corporation Ltd among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.