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Industrial Gear Oil Market by Product and Geography - Forecast and Analysis 2020-2024

  • Published: Apr 2020
  • Pages: 120
  • SKU: IRTNTR41081
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The industrial gear oil market size has the potential to grow by 0.32 million MT 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 product (mineral-based lubricants and synthetic-based lubricants) 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 Apar Industries Ltd., BASF SE, BP Plc, Chevron Corp., China Petrochemical Corp., CITGO Petroleum Corp., Dover Corp., Exxon Mobil Corp., Royal Dutch Shell Plc, and Total SA.

Market Overview

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Market Competitive Analysis

The industrial gear oil market is fragmented. Market vendors are increasingly focusing on R&D to reduce costs and improve the durability of gear oil as it is used under harsh conditions of pressure, temperature, and vibration. CITGO Petroleum Corp., Dover Corp., Exxon Mobil Corp., Royal Dutch Shell Plc, and Total SA are some of the major market participants. Although the increase in plant automation will offer immense growth opportunities, increasing adoption of automatic lubrication system 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 industrial 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 industrial gear oil market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading companies, including:

  • Apar Industries Ltd.
  • BASF SE
  • BP Plc
  • Chevron Corp.
  • China Petrochemical Corp.
  • CITGO Petroleum Corp.
  • Dover Corp.
  • Exxon Mobil Corp.
  • Royal Dutch Shell Plc
  • Total SA

Industrial Gear Oil Market: Segmentation by Region

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APAC was the largest industrial gear oil market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The increase in manufacturing activities and the rise in the number of large construction projects in the renewable energy sector will significantly influence industrial gear oil market growth in this region.

50% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for industrial gear oil in APAC. Market growth in this region will be faster than the growth of the market in Europe, North America, and South America.

Industrial Gear Oil Market: Segmentation by Product

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Mineral oil lubricants are cheap, readily available, and the most widely used lubricants in the world. As these lubricants are directly made from the crude oil, there is not much modification required in these oils. The initial price difference between the synthetic oil and machine oil lubricants will support the growth of mineral oil as these are low cost in comparison to synthetic mineral oil.

However, market growth in this segment will be slower than the growth of the market in the synthetic-based lubricants segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the industrial gear oil market size.

Industrial Gear Oil Market: Key Drivers and Trends

The growth in the global construction industry is one of the major factors driving industrial gear oil market growth. 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 for  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.

The development of bio-lubricants, one of the key industrial gear oil market trends, will also drive market growth. To reduce the adverse impacts on the environment, vendors are manufacturing industrial gear oils that are biodegradable. 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 costs, lower fuel consumption, and reduce oil drains. As a result of these factors, the market will register a CAGR of almost 3% during the forecast period.

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Industrial 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 industrial gear oil market growth during the next five years
  • Precise estimation of the industrial 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 industrial gear oil industry across APAC, Europe, MEA, North America, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of industrial gear oil market vendors

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Executive Summary

  • Market Overview

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2019
  • Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Product

  • Market segments
  • Comparison by Product placement
  • Mineral-based lubricants - Market size and forecast 2019-2024
  • Synthetic-based lubricants - Market size and forecast 2019-2024
  • Market opportunity by Product

Customer landscape

  • Overview

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • APAC - Market size and forecast 2019-2024
  • Europe - Market size and forecast 2019-2024
  • North America - Market size and forecast 2019-2024
  • South America - Market size and forecast 2019-2024
  • MEA - Market size and forecast 2019-2024
  • Key leading countries
  • Market opportunity by geography

Drivers, Challenges, and Trends

  • Market drivers
  • Volume driver - Demand led growth
  • Volume driver - Supply led growth
  • Volume driver - External factors
  • Volume driver - Demand shift in adjacent markets
  • Price driver - Inflation
  • Price driver - Shift from lower to higher-priced units
  • Market challenges
  • Market trends

Vendor Landscape

  • Overview
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • Apar Industries Ltd.
  • BASF SE
  • BP Plc
  • Chevron Corp.
  • China Petrochemical Corp.
  • CITGO Petroleum Corp.
  • Dover Corp.
  • Exxon Mobil Corp.
  • Royal Dutch Shell Plc
  • Total SA

Appendix

  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • 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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Industrial Gear Oil market growth will increase by $0.32 million MT during 2019-2024.
The industrial gear oil market is expected to grow at a CAGR of 2.98% during 2019-2024.
Technavio has segmented the industrial gear oil market by product (Mineral based lubricants and Synthetic based lubricants) and geographic (APAC, Europe, North America, and South America).
Apar Industries Ltd., BASF SE, BP Plc, Chevron Corp., China Petrochemical Corp., CITGO Petroleum Corp., Dover Corp., Exxon Mobil Corp., Royal Dutch Shell Plc, Total SA are a few of the key vendors in the industrial gear oil market.
APAC will register the highest growth rate of 53.33% among the other regions. Therefore, the industrial gear oil market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the industrial gear oil market growth are:
  • Growth in the global construction industry
  • Increasing number of industry-specific products
The industrial gear oil market vendors should focus on grabbing business opportunities from the mineral based lubricants segment as it accounted for the largest market share in the base year.
  • What are the key global market and the regional market share?
  • What are the revenue-generating key market segments?
  • What are the key factors driving and challenging this market’s growth?
  • Who are the key market vendors and their growth strategies?
  • What are the latest trends influencing the growth of this market?
  • What are the variables influencing the market growth in the primary regions?
  • What are the factors influencing the growth of the parent market?
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