Gear oil is a lubricant specially designed for transmission, transfer case, and differential in automobiles, trucks, and other machinery. In recent years, the demand for gear oil has risen dramatically due to the rising growth in the automobile and industrial sector as well as the growing demand for the power industry. As gear oil is used to enhance the operation of the transmission system and to loosen wear and tear while offering better fuel economy. The demand for better fuel economy and power industry demand is significantly fulfilled by higher quality gear oil coupled with rising technological advancements to provide a better quality of gear are going to create lucrative opportunities for market growth of gear oil globally. For instance, In April 2022, Tata Motors announced plans to invest around US$ 3.1 billion (INR 24,000 crores) in its passenger vehicle business over the next five years.
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The Gear Oil Market is expected to grow at a steady rate of around 2% owing to the increasing growth in the industrial sector such as wind energy, automotive industry, and power industry. Major companies in the market offer gear oil with technologically advanced features. For instance, in October 2021, MOTOREX is launching a fully synthetic gear oil for snow groomers, which stands out for improved properties and numerous advantages with ALPINE PRO 220.
According to UnivDatos Market Insights (UMI)’ research report “Global Gear Oil Market”, the market is expected to witness robust growth during the forecast period (2022-2028). This is mainly due to the growing demand for gear oil in the power sector, coupled with the growing automotive industry.
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Based on base oil, the market is segmented into mineral oil, synthetic oil, semi-synthetic oil, and bio-based oil. The mineral oil category is to witness higher CAGR during the forecast period owing to its various applications such as air compressors, airline oilers, bearings, blowers, circulating systems, cranes, gearboxes, and hydraulics, industrial turbines, and vacuum pumps. Mineral Oil is being adopted to offer superior performance by reducing friction and power loss as well as managing temperature rise in the gearboxes. Furthermore, the entry of global players into emerging markets adds to the growth of the market of gear oil.
Based on the end-user, the end-user, the market is categorized into automotive, agriculture, power generation, metal & cement production, oil & gas, mining, and others. Among these, power generation to hold a significant share in the market in 2020. This is mainly due to the rapid growth in the increasing installed capacities of wind turbines every year. As gear oils have application in wind turbines for lubrication of the main gearbox and other gear motor components. For instance, India is likely to attract a huge investment of around USD 145.5 billion (INR 1,155,652 crore) into the power generation sector by 2022, for setting up projects across the thermal, hydro, nuclear, and renewables segments which will drive the market growth of gear oil.
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Asia-Pacific to witness extensive growth
For a better understanding of the market adoption of the Gear oil industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), and Rest of World. Asia-Pacific is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the increasing industrial production, construction, and transportation activities taking place in developing countries such as India, and China. According to the World Steel Association, China is the world leader in crude steel production. For instance, in 2020, China's crude steel production was 1,064.8 million tons, up about 7% from 2019. In addition, in September 2021, Airbus and Tata Aircraft entered a partnership to build aircraft in India. Also, the development of new chemical industry plants in South Korea will benefit the growth of the country's chemical industry. For instance, in 2021, construction began on the Posco lithium hydroxide plant in South Korea to end by 2023. Furthermore, the consumption of power generation or electricity is increasing on daily basis in various regions. In September 2020, the expansion work of the gas power generation plant started for the Datan Power Plant in Taiwan will be completed by 2024. Therefore, the surging industrial sectors which include wind power, oil & gas, chemical, mining, steel, transportation, construction, and more are accelerating the gear oils market growth in the Asia-Pacific region.
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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the gear oil market are Shell plc, Exxon Mobil Corporation, Chevron Corporation, TOTAL S.A., Valvoline LLC, BP plc, FUCHS, Idemitsu Kosan Co. Ltd., PetroChina Company Limited, Sinopec Group.
“Global Gear Oil Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.
Market Segmentation:
- By Base Oil (Mineral Oil, Synthetic Oil, Semi-Synthetic Oil, and Bio-Based Oil)
- By End-User (Automotive, Agriculture, Power Generation, Metal & Cement Production, Oil & Gas, Mining, and Others)
- By Region (North America, Europe, Asia-Pacific, Rest of World)
- By Company (Shell plc, Exxon Mobil Corporation, Chevron Corporation, TOTAL S.A., Valvoline LLC, BP plc, FUCHS, Idemitsu Kosan Co. Ltd., PetroChina Company Limited, Sinopec Group)
Key questions answered in the study:
- What are the current and future trends of the global gear oil industry?
- How the industry has been evolving in terms of base oil and end-user?
- How the competition has been shaping across the countries followed by their comparative factorial indexing?
- What are the key growth drivers and challenges for the global gear oil industry?
- What is the customer orientation, purchase behavior, and expectations from the global gear oil suppliers across various region and countries?