“The gear oil market is projected to grow at a CAGR of 2.69% during the forecast period from 2017 to 2022.”
The gear oil market is expected to reach USD 8.58 billion by 2022, at a CAGR of 2.69% from 2017 to 2022. The growth of the gear oil market is primarily due to the massive industrial growth taking place in the Middle East & Africa and Asia-Pacific regions, coupled with the rising demand for gear oils from the power and automotive industries. The factors restraining the growth of the gear oil market are the technological advancements and environmental regulations. The growth of the gear oil market is hampered by several regulatory guidelines issued by a number of governing bodies, which exert pressure on the manufacturers of gear oils to develop environment-friendly products. In addition, technological advancements, such as development of automatic transmission systems, portable and reduced size gear boxes, and hybrid electric vehicles (HEVs), which consume less or no gear oil, are also expected to hinder the growth of the gear oil market during the forecast period.
“Among base oils, the mineral oil segment is estimated to lead the gear oil market in 2017.”
Among base oils, the mineral oil segment is estimated to lead the gear oil market in 2017. Factors such as the easy availability of mineral oil-based gear oils as well as their low costs are expected to drive the growth of the gear oil market during the forecast period. Moreover, the growth of the mineral oil segment of the market can be attributed to the increased demand for mineral oil-based gear oils from the Middle East & Africa and Asia-Pacific regions. However, the mineral oil segment of the gear oil markets in the North American and European regions is expected to grow at low CAGRs during the forecast period due to the slow economic growth in these regions.
“Among end-use industries, the general industrial segment is projected to lead the gear oil market during the forecast period.”
The general industrial segment is projected to lead the gear oil market during the forecast period, owing to high demand for gear oils in different industries. The general industrial segment of the gear oil market has been broadly classified into manufacturing, mining, construction, oil & gas, and agriculture, among others. The increase in the construction activities in the residential sector of China and rapid infrastructural developments taking place in India are expected to fuel the demand for gear oils in the construction industry between 2017 and 2022.
“The Asia-Pacific gear oil market is projected to grow at the highest CAGR between 2017 and 2022.”
The Asia-Pacific region is the largest market for gear oils across the globe. The increasing disposable income of the middle-class population of the Asia-Pacific region makes it an attractive market for gear oils. The tremendous growth in the industrial production and increased trade activities in the region are primarily responsible for the high consumption of gear oils in the Asia-Pacific region, thereby fueling the growth of the Asia-Pacific gear oil market.
Breakdown of profiles of primary interviews for the report
• By Company Type – Tier 1–30%, Tier 2–43%, and Tier 3–27%
• By Designation – C Level–43%, Director Level–30%, and Others–27%
• By Region – North America–37%, Europe–23%, Asia-Pacific–26%, and RoW–14%
Some of the key companies profiled in this report are Exxon Mobil Corporation (U.S.), Royal Dutch Shell plc (Netherlands), Chevron Corporation (U.S.), BP p.l.c. (U.K.), Total S.A. (France), PetroChina Company Limited (China), Sinopec Limited (China), LUKOIL (Russia), Fuchs Petrolub SE (Germany), and Idemitsu Kosan Co., Ltd (Japan), among others.
The gear oil market has been segmented on the basis of base oil, end-use industry, and region. On the basis of the base oil, the market has been subsegmented into mineral oil, synthetic oil [polyalphaolefin (PAO), polyalkylene glycol (PAG), esters, and group III], semi-synthetic oil, and bio-based oil. Based on the end-use industry, the market has been classified into general industrial [manufacturing (power, metal, cement, and others), mining, construction, oil & gas, agriculture, and others (defense, port handling equipment, and forestry)], and transportation (automotive, marine, aviation, and railway). On the basis of region, the market has been segmented into Asia-Pacific, Europe, North America, Middle East & Africa, and South America.
This report covers the following studies:
• Market segmentation based on base oil, end-use industry, and region and their subsegments
• Market dynamics including drivers, restraints, opportunities, and challenges
• Value chain analysis
• Porter’s five forces analysis with respect to the gear oil market
• Profile of the key market players of the gear oil market