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The gear oil market size has the potential to grow by USD 1.14 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.
This report provides a detailed analysis of the market by end-user (transportation, and industrial) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including BP Plc, Chevron Corp., China National Petroleum Corp., China Petroleum & Chemical Corp., Exxon Mobil Corp., FUCHS PETROLUB SE, Idemitsu Kosan Co. Ltd., PJSC LUKOIL, Royal Dutch Shell Plc, and TOTAL SA.
The market is fragmented, and the degree of fragmentation will remain the same during the forecast period. The vendors are focusing on constructing new plants in new locations to expand their market presence and increase their revenue share. FUCHS PETROLUB SE, Idemitsu Kosan Co. Ltd., PJSC LUKOIL, Royal Dutch Shell Plc, and TOTAL SA are some of the major market participants. Although the growing demand for fully synthetic gear oil will offer immense growth opportunities, the growing demand for automatic transmission systems will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this gear oil market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this report also provides information on the upcoming gear oil market trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This gear oil market analysis report provides information on the production, sustainability, and prospects of several leading companies, including:
APAC accounted for the largest gear oil market share in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The strong presence of manufacturing facilities will significantly influence gear oil market growth in this region.
56% of the market’s growth will originate from APAC during the forecast period. China, India, Japan, and South Korea are the key markets for gear oil in APAC. Market growth in this region will be slower than the growth of the market in MEA and South America.
Gear oil is an essential lubricant for automobiles with a manual transmission as it protects gear components and permits smooth gear-shifting. Moreover, gear oil provides a wide service temperature range, including excellent low-temperature characteristics for cold weather operations.
Market growth in the transportation segment will be slower than the growth of the market in the industrial segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the gear oil market size.
The global gear oil market is driven by the growing demand for advanced gear oils such as semi-synthetic gear oil and fully synthetic gear oil. The addition of advanced additives and chemicals in fully synthetic gear oil increases their demand in automotive industry. Moreover, the demand for gear oil that withstands very low or high temperatures, extremely high loads, and extraordinary ambient conditions makes synthetic gear oil an ideal choice in industrial applications. Additionally, synthetic gear oil uses a superior quality synthetic base stock, with advanced additives and lubricants.
Furthermore, fully synthetic gear oil helps gears combat sludge and carbon deposit build-up within the gearsets. Therefore, the demand for such gear oil has increased owing to the performance advantages and an increase in consumer awareness. Hence, the growing uptake of synthetic gear oil will influence the growth of the gear oil market during the forecast period.
PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
PART 03: MARKET LANDSCAPE
PART 04: MARKET SIZING
PART 05: FIVE FORCES ANALYSIS
PART 06: MARKET SEGMENTATION BY END-USER
PART 07: CUSTOMER LANDSCAPE
PART 08: GEOGRAPHIC LANDSCAPE
PART 09: DRIVERS AND CHALLENGES
PART 10: MARKET TRENDS
PART 11: VENDOR LANDSCAPE
PART 12: VENDOR ANALYSIS
PART 13: APPENDIX
PART 14: EXPLORE TECHNAVIO
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