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Global Industrial Gear Oil Market 2017-2021

  • Published: May 2017
  • Pages: 70
  • SKU: IRTNTR12751
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This industry research report identifies BP, Chevron Corporation, Exxon Mobil Corporation, Royal Dutch Shell, and Total as the key vendors in the global industrial gear oil market. This industry research report also presents a competitive analysis of the market by product (mineral-based and synthetic-based) and by geography (the Americas, APAC, and EMEA).

Overview of the global industrial gear oil market

Market research analysts at Technavio predict that the global industrial gear oil market will grow steadily during the next four years and post a CAGR of close to 3% by 2021. This market research analysis identifies the growth in the global construction industry as one of the primary growth factors for this market. Due to the need for better infrastructure developments in the developing nations, there is a high demand for heavy construction machinery such as trucks and cranes, which subsequently increases the demand of industrial gear oils. Investments in developed economies towards the improvement of the aging infrastructure, refurbishment activities, and new office spaces is boosting the growth of the construction market. This will attribute to the demand for construction equipment and will in turn, drive the growth of the industrial gear oil market during the forecast period.

One of the latest trends that will gain traction in the industrial gear oil market in the coming years is the development of bio-lubricants. To reduce the adverse impacts on the environment, vendors are manufacturing industrial gear oil that is biodegradable as bio-based lubricants degrade gradually, leaving behind minimal traces in the environment. These lubricants provide the best anti-corrosion and heavy-duty lubrication that prevents a breakdown in the machinery. Furthermore, these biodegradable oils also help reduce waste oil disposal cost, lower fuel consumption, and reduce oil drains.

Competitive landscape and key vendors

Due to the presence of several large and small scale vendors, the industrial gear oil market appears to be highly fragmented. Vendors in this market compete based on price, quality, and market presence. Also, to reduce cost and improve the durability of gear oil vendors are increasingly focusing on R&D. Additionally, vendors are aggressively trying to gain market share through joint ventures, MOUs, and acquisitions. Furthermore, the vendors are forced to go green due to the strict environmental regulations and fluctuating prices of a base stock.

The leading vendors in the market are -

  • BP
  • Chevron Corporation
  • Exxon Mobil Corporation
  • Royal Dutch Shell
  • Total

The other prominent vendors in the market include Apar Industries, CITGO Petroleum, Columbia Petro Chem, FUCHS, Gazprom, Idemitsu Kosan, LIQUI MOLY, The Lubrizol Corporation, LUKOIL, Pertamina, Petrobras, PetroChina, Sinopec, and SK Lubricants.

Segmentation by product type and analysis of the industrial gear oil market

  • Mineral-based lubricants
  • Synthetic-based lubricants

During 2016, the mineral-based lubricants segment accounted for the major shares and dominated the industrial gear oil market. These lubricants are typically made from crude oil and mostly consist of hydrogen and carbon that are suitable for normal working conditions of machines. Factors such as the affordability and ease of availability of these mineral-based lubricants will contribute to the growth of this industry segment in the coming years.

Geographical segmentation and analysis of the industrial gear oil market

  • Americas
  • APAC
  • EMEA

This market study estimates that in terms of geographic regions, APAC will be the major revenue contributor to the market by 2021. This is mainly due to the increase in large construction projects, an increase in the renewable energy demand, and growing population. Furthermore, the demand for industrial lubricants in the installation of wind power units in these regions will also drive the growth of the industrial gear oil market.

Key questions answered in the report include

  • What will the market size and the growth rate be in 2021?
  • What are the key factors driving the global industrial gear oil market?
  • What are the key market trends impacting the growth of the global industrial gear oil market?
  • What are the challenges to market growth?
  • Who are the key vendors in the global industrial gear oil market?
  • What are the market opportunities and threats faced by the vendors in the global industrial gear oil market?
  • Trending factors influencing the market shares of the Americas, APAC, and EMEA.
  • What are the key outcomes of the five forces analysis of the global industrial gear oil market?

Technavio also offers customization on reports based on specific client requirement.

Lubricant is an integral part of a gear system, which helps in smooth running, power transmission, and gear shifting. The generic term gear oil is mostly referred to automotive gear oil’s, but industrial gear oil differs vastly from its automotive counterpart. Industrial gears must operate in a rigorous environment of high-pressure and high-heat and are exposed to contaminants such as dirt and water. It is essential to protect the gear from such harsh environment, so an industrial gear oil should be able to withstand these conditions. They differ from automotive gear oil in terms of viscosity, additives, and base oil material type. Technavio’s industry research report on the energy industry include related product markets such as smart grid and waste and water management. To help the client gain a competitive advantage in this market, Technavio is working on its upcoming report on the global industrial gear oil market, which covers market potential, leading vendors, key players, and technological advancements.

Technavio uses a combination of both qualitative and quantitative research by analyzing factors such as the demand across the geographical region, market potential as per product type, and industry insights to present the client with a comprehensive report. The upcoming report on the global industrial gear oil market for the forecast period of 2017 to 2021 also derives data from industry reports and data collected from vendors, channel partners, manufacturers, regulatory bodies, and other key stakeholders.

The upcoming market research report on global industrial gear oil market also considers the growth of related markets such as global turbine oil market and global food grade lubricant market, which is expected to grow at CAGR of about 3% and 7%, respectively, for the forecast period of 2017 to 2021. Recent trends suggest that industrial machinery is getting more and more demanding, but there seems to be a shift in technologies, which uses smaller gearboxes made from lighter materials. This necessitates the need for gear oil to have better EP (extreme pressure) performance, resistance against micro pitting, oxidative properties, lower sludge forming tendencies, and better foam performance. To understand specific markets as per geography or product type or users, Technavio also customizes research report for their clients.

The upcoming research report also includes technological developments, key players, competitive landscape, growth potential, and opportunities and challenges faced by the industry. The report also offers information on the power and energy storage markets.

PART 01: Executive summary

PART 02: Scope of the report

PART 03: Research Methodology

PART 04: Introduction

  • Lubricant market overview
  • Global industrial gear oil market

PART 05: Market landscape

  • Market overview
  • Market size and forecast
  • Five forces analysis

PART 06: Geographical segmentation

  • Global industrial gear oil market by geography
  • Industrial gear oil market in APAC
  • Industrial gear oil market in EMEA
  • Industrial gear oil market in the Americas

PART 07: Market segmentation by product

  • Global industrial gear oil market by product type
  • Global industrial gear oil market by mineral-based lubricants
  • Global industrial gear oil market by synthetic-based lubricants

PART 08: Decision framework

PART 09: Drivers and challenges

  • Market drivers
  • Market challenges

PART 10: Market trends

  • Increasing number of industry-specific products
  • Digitization in wind turbine gearboxes
  • Development of bio-lubricants

PART 11: Vendor landscape

  • Competitive landscape
  • Other prominent vendors

PART 12: Key vendor analysis

  • BP
  • Chevron Corporation
  • Exxon Mobil Corporation
  • Royal Dutch Shell
  • Total

PART 13: Appendix

  • List of abbreviations

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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