The global gear oils market is expected to register a CAGR of around 2% during the forecast period, 2019 - 2024.
- Growing demand from the wind energy sector is expected to drive the demand for the market during the forecast period.
- Increasing drain intervals in the automotive and industrial sectors are likely to hinder the market’s growth.
- Industrial growth in Middle-East & Africa is projected to act as an opportunity for the market in future.
Key Market Trends
Growing Demand from Wind Energy to Increase the Consumption
- Gear oils find their applications in wind turbines for lubrication of the main gearbox and other gear motor components.
- This is because of the high temperatures, bearing wear, corrosion and oxidation, and load weights involved during the process of power generation.
- There is a rising demand for synthetic gear oils in wind turbines, due to their enhanced properties over their mineral-based counterparts, due the performance additives used during the formulation of synthetic oils, as per the requirement.
- Power generation from wind energy is growing at a rapid pace, globally, with continuously increasing installed capacities of wind turbines every year. The decrease in the prices in the offshore industry has been one of the contributors to the growth of wind power generation market by generating investments in the offshore industries in Europe, North America, and Asia-Pacific regions, which is further expected to boost the demand for gear oils during the forecast period.
The Asia-Pacific Region is Expected to Dominate the Market
- The Asia-Pacific region dominated the global gear oils market in 2018. The key developing countries of the region, such as China, India, and ASEAN countries, are driving the demand for gear oils. The consumption of electricity is rising over the period, owing to construction activities and rising population.
- India is likely to attract a huge investment of INR 11,55,652 crore into the power generation sector by 2022, for setting up projects across the thermal, hydro, nuclear, and renewables segments.
- Furthermore, the domestic production of vehicles has been increasing at a rapid rate since 2014, with many leading players focusing on increasing the localization rates for high volume selling products.
- China is considered as the manufacturing hub for majority of end-user products. The aforementioned reasons are driving the demand for gear oils over the forecast period.
The gear oils market is partially consolidated. Key players in the gear oils market include ExxonMobil Corporation, Royal Dutch Shell PLC, BP PLC, FUCHS, and Total SA.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support