Gear Oils Market 2019 Analysis by Key Players China Petrochemical Corporation., LUKOIL, FUCHS, Idemitsu Kosan Co., Ltd., Phillips 66
A new Global Gear Oils Market research report has been added to the repository of Data Bridge Market Research which aims to give a complete overview of the Global Gear Oils Market. This report has been designed with purpose of enlightening the readers with deep market insights such as its definition, share, trends, volume and demand/supply. It considers different key players prevailing in the market and evaluates different socio-economic, political and other technological factors affecting the Global Gear Oils Market growth. To analyze the consumers’ inclination and desire, this Global Gear Oils Market uses different market research methodologies and tools.
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Global gear oils market is expected to an estimated value of USD 9.96 billion by 2026, registering a steady CAGR of 3.10% in the forecast period of 2019-2026. This rise in market value can be attributed to the rising demand from power industry, better quality of gear oils and the fast pace growth of the automotive industry. Few of the major competitors currently working in the gear oils market are Shell Foundation., Exxon Mobil Corporation., BP p.l.c., Chevron Corporation., Total, PetroChina Company Limited, China Petrochemical Corporation., LUKOIL, FUCHS, Idemitsu Kosan Co., Ltd., Phillips 66, Calumet Branded Products, LLC, Morris Lubricants, Penrite Oil, Carl Bechem Lubricants, Valvoline LLC, Peak Lubricants Pty Ltd, LIQUI MOLY GmbH, Indian Oil Corporation Ltd, Eni S.p.A., Croda International Plc, ADDINOL., Amalie Oil Co., The Lubrizol Corporation, FUCHS, Apar Industries Ltd., CITGO Petroleum Corporation, amongst others.
Gear oil is a fluid lubricant that is used to reduce friction and avoid wear & tear of surfaces. This lubricant is made especially for differentials in automobile transmissions and transfer cases. They have a wide application in various industries including manufacturing & construction, automobile, agriculture etc. Gear oil smoothen the surface and increases the life and productivity of the machine by preventing it from tearing due to continuous usage, thereby increasing the life of machines.
Key Developments in the Market:
- In September 2018, Castrol, a leading oil & petroleum company, launched new and innovative gear oil, Castrol Optigear Synthetic PD ES, which assist producers to reduce the consumption of energy and reduces the possibility of any downtime that is caused as a result of gear failures, thereby enhancing the life of the machine and oil. This oil reduces friction and protects the gear box from the excessive heat produced by friction. Thus, such introduction enhances the life of machine and maximises productivity the demand for Optigear Synthetic PD ES and this is leading to the growth of this market.
- In September 2018, ExxonMobil has introduced new and innovative gear oil, Mobil SHC Elite specifically for those machinery and equipment that function under extremely high temperatures. Mobil SHC Elite has been engineered in a way such that it protects the high-end machineries in harsh temperatures and ensures its optimum performance. This oil has a lasting capacity of over 12 times than that of mineral oils and double the life of synthetic oil. Thus, it substitutes the demand of these oils as it acts as a more energy-efficient and better performance based oil. With such a development, Exxon Mobil shifts the demand towards its gear oil which in turn would lead to an increased demand for gear oil in the forecasted period.
Market Drivers:
- Rising demand for gear oil from the power industry boosts the growth of this market
- Improvement in the quality of gear oils with innovations an development
- The spurring growth of the automobile industry and the increased applicability of gear oil in automobiles boots the growth of this market
- Rise in the number of vehicles owned, increase in the volumes of cargo transported and increasing demand for high-end and luxury cars leads to increased use of gear oil in the transportation industry
- Decline in the prices of offshore industry has accelerated the demand for wind power generation which in turn enhances the growth of gear oil
- Increasing adoption of gear oil in wind turbines and wind power plants because of their enhanced features as compared to their mineral-based counterparts
- Rise in the standards of living of people coupled with rise in the spending power stimulates the growth of this market
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Segmentation: Global Gear Oils Market
By Base Oil
- Mineral Oil
- Synthetic Oil
-
-
- Poly-Alpha-Olefin (PAO)
- Polyalkylene Glycol (PAG)
- Group III (Hydrocracking)
- Esters
- Semi-Synthetic Oil
- Bio-Based Oil
-
By Product Type
- Transportation
- Manual Gearbox
- Automatic Gearbox (CVT, DCT, etc.)
- Axle Oils
- Industrial
By Application
- Manufacturing
- Mining
- Construction & Heavy Equipment
- Agriculture
- Metallurgy & Metalworking
- Oil & Gas
- Power Generation
- Transportation
- Automotive
- Marine
- Railway
- Aviation
- Others
By Geography
- North America
- U.S.
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Rest of South America
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Turkey
- Belgium
- Netherlands
- Rest of Europe
- Asia-Pacific
- Japan
- China
- South Korea
- India
- Australia
- Singapore
- Malaysia
- Indonesia
- Thailand
- Philippines
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Egypt
- Saudi Arabia
- United Arab Emirates
- Israel
- Rest of Middle East and Africa
Global gear oils market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of gear oils market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key Market players involved in this industry
- Detailed analysis of the Market Segmentation
- Competitive analysis of the key players involved
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