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The industrial gear oil market is estimated to grow at a CAGR of 2.95% between 2022 and 2027. The size of the market is forecast to increase by 351.06 thousand t. The growth of the market depends on several factors, including the growth in the global construction industry, the increase in plant automation, and global urbanization and industrialization.
This report extensively covers market segmentation by application (manufacturing, mining, agriculture, energy, and others), product (mineral-based lubricants and synthetic-based lubricants), and geography (APAC, North America, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Technavio categorizes the global industrial gear oil market as a part of the global oil and gas refining and marketing market within the global oil and gas market. The global oil and gas refining and marketing market covers companies engaged in the refining and marketing of oil, gas, and refined products. The oil and gas downstream or refining and marketing market are one of the three linkages in the complete oil and gas value chain. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
Global urbanization and industrialization are notably driving market growth, although factors such as the increasing adoption of automatic lubrication systems may impede market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Industrial Gear Oil Market Driver
Global urbanization and industrialization are key factors driving the growth of the global industrial gear oil market. Global urbanization and industrialization are always on the growing side, with some of the co-mediators having a consistent demand for commodities such as iron in ferroalloy metals, bauxite in non-ferrous metals, gold and silver in precious metals, gypsum and talc in industrial minerals, and coal in energy or mineral fuels. These commodities are an essential part of many day-to-day household and construction industry requirements. In addition, there are a few other mineral types, such as lithium, that are slowly gaining pace. In the coming years, these minerals can be one of the leading drivers of the metal and mining industry.
Moreover, with the increasing global mineral production, the need for minerals will remain high in the coming years as well. This demand for minerals is in tandem with the growth of the manufacturing, construction, energy, and chemical industries worldwide. The growth in the mineral mining industry will drive the demand for mining equipment and machinery, thus, contributing to the growth of the global industrial lubricants market during the forecast period.
Significant Industrial Gear Oil Market Trend
The increasing demand from the marine industry is the primary trend in the global industrial gear oil market growth. Global seaborne trade has witnessed a gradual increase, despite the challenges in the past decade due to the adverse effects of the global recession and demand-supply disparities in manufactured goods and commodities. The growth in seaborne trade is expected to drive the demand for ships, which, in turn, will create the need for industrial gear oil for marine engines and other parts of ships during the forecast period.
Seaborne trade also has a key role in economic development and growth in countries and various regions. Major emerging economies such as China and India have become crucial hubs for manufacturing a range of goods and commodities. Sea transportation accounts for a major chunk of the transportation of these goods and commodities from these countries to other parts of the world. Goods such as oil and grain are transported in container ships in bulk as bulk cargo. This could generate new business opportunities for shipping companies and ports and will drive the growth of the marine industry during the forecast period.
Major Industrial Gear Oil Market Challenge
The increasing adoption of automatic lubrication systems is a major challenge to the growth of the global industrial gear oil market. Advances in technology are increasing automation, which, in turn, is increasing manufacturing competitiveness, creating a competitive global manufacturing landscape. The rise in competition has led to the adoption of high-speed machinery, high-volume production, and the requirement for machinery to run for longer periods. Therefore, the appropriate and adequate amount of lubricants is needed to ensure safe operation, reduce unscheduled downtime, and wear and tear. Each manufacturing facility will have several hundred to thousands of lubricant points, depending on the size of the establishment. Lubrication is still done using manual labor, which can be impractical in an increasingly automated process industry.
Moreover, increasing the adoption of automatic lubrication systems will reduce the amount of lubricant required, impacting the growth of the market. Major damage can delay the refurbishing for up to eight months. Such delays are causing the end-user to find an alternate route for better maintenance and servicing. All these factors will pose a challenge to the growth of the global industrial lubricants market during the forecast period.
Key Industrial Gear Oil Market Customer Landscape
The report includes the adoption lifecycle of the industrial lubricants market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Industrial Gear Oil Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industrial lubricants market
BP Plc: The company offers industrial gear oil such as Energol GR-XP. Also, under this segment, the company comprises regions with upstream activities that predominantly produce crude oil.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the manfacturing segment will be significant during the forecast period. The manufacturing industry is regarded as essential to both social and economic progress. A nation overall, and particularly its economic development, depends heavily on its manufacturing sector. A nation economic strength is determined by the growth of its manufacturing sectors. The share of manufacturing in GDP is, therefore, a basic indicator of the significance of the sector in a country economy. Thus, growth in the manufacturing sector will spur the growth of the market in focus during the forecast period.
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The manfacturing segment was valued at 806.79 thousand t in 2017 and continue to grow by 2021. Most machinery used in the manufacturing sector contain a gearbox. The shafts on which the gears are mounted are supported and rotated by rolling element bearings. The gearbox is used to increase torque while lowering speed and uses mechanical means to transmit energy from one device to another. The gearbox is a vital component of many industrial applications. These devices play a crucial role in mechanical power transmission and motor speed factor modification. Lubrication is essential to the efficiency of gearboxes, which is necessary for them to perform their tasks correctly. The blood system of an industrial gearbox is lubricating oil. The gearbox is liable to malfunction if the oil levels drop too low. Failure of the gearbox can result in costly repairs that could be avoided. In addition to increased costs from replacement or repair, costs from a loss of production may be high. Thus, for the effective and efficient operations of machinery, gear oil is an important component. Such factors will increase segment growth during the forecast period.
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APAC is estimated to contribute 55% to the growth of the global industrial lubricants market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The growth of the industrial gear oil market in APAC is high due to an increase in manufacturing activities. This, in turn, is propelling the demand for general machinery, thereby driving the need for industrial gear oil. APAC is a successful global manufacturing hub, and the region registers significant investments in all its major industries. The increase in the number of large construction projects in the renewable energy sector to meet energy demand and population growth will contribute to the growth of the industrial gear oil market in APAC.
The outbreak of COVID-19 slowed down the demand for industrial gear oil. However, mass vaccination drives and the resumption of supply chain operations of industrial gear oil revived the growth of the market in 2021. The demand for industrial gear oil gradually increased with the lifting of lockdowns across the region. Moreover, vendors are planning to invest in long-term trends to offset the losses incurred in 2020. The main focus of the seller is to strengthen the competition and adapt the business portfolio according to the new strategies. Thus, such factors will drive the growth of the regional industrial gear oil market during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Industrial Gear Oil Market Scope |
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Report Coverage |
Details |
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Page number |
182 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 2.95% |
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Market growth 2023-2027 |
351.06 thousand t |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
2.61 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 55% |
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Key countries |
US, China, Japan, India, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
ADVANCED LUBRICATION SPECIALTIES, AMALIE OIL CO., BASF SE, BP Plc, Chevron Corp., China Petrochemical Corp., Croda International Plc, Dyade Lubricants B.V., Exxon Mobil Corp., FUCHS PETROLUB SE, Hinduja Group Ltd., Petromin Corp., Shell plc, TotalEnergies SE, United Grease and Lubricants, Valvoline Inc., Apar Industries Ltd., Gandhar Oil Refinery India Ltd., Petroleos de Venezuela SA, and PJSC LUKOIL |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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