Gear Oil Market, By Type (Mineral, Synthetic, Semi-Synthetic, Bio-Based), By Application (Manufactur

Published Date: | Report Code : EQ1946147

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Market Dynamics:

The Gear Oil Market is expected to promise high growth owing to the increasing demand automotive industry in recent years. Increasing demand from the application including manufacturing, mining, construction, oil & gas, agriculture, transport is expected to drive the growth of gear oil market. This market has witnessed the number of key developments by major companies including Shell, Exxonobil, BP, Chevron, Total, Petrochina Company Limited, Sinopec, Lukoil, Fuchs Petrolub, and others with focus on organic as well as inorganic growth strategies.  Developing regions including the Asia Pacific and the Middle East have been among the high potential markets with high growth in some of the key economies.

Gear oil is a lubricant made explicitly for differentials in automobile transmissions and exchange cases. Gear oil has high viscosity that secures gears by reducing the grinding and wears & tears of the gear tooth surface, cooling the heat created by the operating gear and erosion assurance of the gear parts. Gear oil is primarily used to lubricate gear and heading, prevents wear and rust, and helps the gear to scatter heat.

Segment Insights:

Wind energy is a rapidly growing industry. This growth rate will escalate the demand for high performance and long life operational performance industrial gear oil. The rising demand for gear oil in manufacturing units, automobiles, mining, and construction machines to carry out smooth functioning and increase the durability of the equipment will boost the gear oil market. The increase in the number of vehicles and machinery used in manufacturing facilities is also expected to drive the gear oil market.

Key Factors Impacting Market Growth:

  • Growing automotive industry
  • Improved quality of gear oil
  • Rising demand from the wind power industry
  • Strict environmental regulations restricting the use of gear oil
  • Unstable price of crude oil

Regional Analysis:

Major regions for the gear oil market are estimated to North America, Western Europe, and the Asia Pacific. North America and Western Europe have been traditional markets for gear oil owing to the strong presence of the industrial sector. The industrial sector has been one of the key contributors to the economies in these regions. Major applications including manufacturing, mining, construction, oil & gas, agriculture, transport. These industries have an established base resulting in stable market demand. Moreover, most of these industries have been witnessing a transition in terms of product development and production methods. These factors are expected to drive the demand for the gear oil market in North America and Western Europe region. Major markets by country in these regions include the US, Germany, France, UK, Canada, Spain, and others. 

The Asia Pacific and the Middle East region has witnessed tremendous growth of the industrial sector in recent years. Major companies operating in this market have made strategic developments to improve market presence in these regions. In addition to this, some of the fastest growing economies including China and India have been major markets for various end-use industries including building & construction, automotive, healthcare, manufacturing, and so on. Among this application including manufacturing, mining, construction, oil & gas, agriculture, transport are estimated to register high demand for gear oil market during the forecast period. On the other hand, the Middle East region has witnessed diversification in terms of industrial outlook in recent decades. UAE, Saudi Arabia, Qatar, and others have been instrumental in promoting the development of various industries including building & construction, pharmaceuticals, automotive, and so on. This is expected to drive the growth of the gear oil market directly or indirectly in the region. Eastern Europe consisting of Russia and Turkey promises a stable demand for the gear oil market during the forecast period. The rest of the World including South America and Africa are estimated to be a developing market with strong potential in the strategic future.

Companies Covered: Shell, Exxonobil, BP, Chevron, Total, Petrochina Company Limited, Sinopec, Lukoil, Fuchs Petrolub Se, Idemitsu Kosan Co. Ltd., Phillips 66 Company, Indian Oil Corporation Ltd., Croda International PLC, and Amalie Oil 

Market Segmentation:

By Type:

  • Mineral
  • Synthetic
  • Semi-Synthetic
  • Bio-based

By Application:

  • Manufacturing
  • Mining
  • Construction
  • Oil & Gas
  • Agriculture
  • Transport 

By Region:

  • North America
    • By Country (US, Canada, Mexico)
    • By Type
    • By Application
  • Western Europe
    • By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
    • By Type
    • By Application
  • Eastern Europe
    • By Country (Russia, Turkey, Rest of Eastern Europe)
    • By Type
    • By Application
  • Asia Pacific
    • By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
    • By Type
    • By Application
  • Middle East
    • By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)
    • By Type
    • By Application
  • Rest of the World
    • By Region (South America, Africa)
    • By Type
    • By Application

Reasons To Buy This Report:

  • Market size estimation of the gear oil market on a regional and global basis
  • The unique research design for market size estimation and forecast
  • Profiling of major companies operating in the market with key developments
  • Broad scope to cover all the possible segments helping every stakeholder in the market

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