Market Analysis: Global Gear Oils Market
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.
Market Definition: Global Gear Oils Market
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.
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- 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
- Strict environmental regulations is restricting the use of gear oils
- Advancements in technology in the automobile sector restrains 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)
- Semi-Synthetic Oil
- Bio-Based Oil
By Product Type
- Manual Gearbox
- Automatic Gearbox (CVT, DCT, etc.)
- Axle Oils
- Construction & Heavy Equipment
- Metallurgy & Metalworking
- Oil & Gas
- Power Generation
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.
Competitive Analysis: Global Gear Oils Market
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.
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