Gear Oil Market by End-user and Geography - Forecast and Analysis 2020-2024

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.

Market Overview

Market Competitive Analysis

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:

• 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
• TOTAL SA

Gear Oil Market: Segmentation by Region

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 Market: Segmentation by End-user

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.

Gear Oil Market: Key Drivers and Trends

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.

• The use of renewable power sources are being regulated across the world to reduce emissions and provide reliable and secure energy supply to remote areas.
• The availability and affordability of renewable technologies have increased due to technological advances and price reduction.
• There is a growing demand for gear oil from wind turbine applications.
• The increasing focus of emerging economies on wind power to reduce power shortage will drive the consumption of gear oil through the installation of new towers as well as through the maintenance of the existing turbine towers, driving the demand for gear oil.
• During 2020-2024, the market will grow and CAGR of almost 3%.

Gear Oil Market: Key Highlights of the Report for the Forecast Period 2020-2024

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will drive gear oil market growth during the next five years
• Precise estimation of the gear oil market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the gear oil market industry across North America, APAC, Europe, South America, and MEA
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of gear oil market vendors