Gear Oils Market Size, Share, Opportunities, And Trends By Base-Oil (Mineral Oil, Synthetic Oil, Semi-Synthetic Oil, Bio-Based Oil), By End-User Industry (Power Generation, Heavy Equipment, Metallurgy & Metalworking, Automotive & Transportation, Others), And By Geography - Forecasts From 2023 To 2028
- Published : Apr 2023
- Report Code : KSI061615132
- Pages : 139
The gear oils market refers to the global market for lubricants used in gearboxes and transmissions in various types of machinery and vehicles. Gear oils are essential for the smooth operation and maintenance of these machines and are formulated to meet specific performance requirements, such as temperature resistance, load carrying capacity, and wear protection. The gear oils market is highly competitive, with a large number of global and regional players operating in the industry. Companies in this market focus on product innovation, expansion of distribution channels, and strategic partnerships to increase their market share and stay competitive. The gear oils market is expected to continue growing in the coming years, driven by the increasing demand for high-quality lubricants in various industries, as well as advancements in technology and the growing trend towards energy-efficient and environmentally friendly lubricants.
The gear oils market is driven by growth in end-use industries and growing trend towards energy efficiency.
Growth in end-use industries- The demand for gear oils is closely linked to the growth of various end-use industries, such as automotive, construction, and industrial machinery. The increasing production and sales of these industries are expected to drive the demand for gear oils in the coming years. According to the International Energy Agency (IEA), the global demand for industrial energy is expected to increase by 30% by 2040, with the industrial sector accounting for almost half of the world's energy consumption. This growth is expected to be driven by the increasing demand for industrial machinery and equipment in various end-use industries, such as automotive, construction, and manufacturing.
Growing trend towards energy efficiency- There is a growing trend towards energy efficiency in various industries, which is expected to drive the demand for gear oils that can reduce friction and energy consumption. This has led to the development of gear oils that can provide better fuel economy and reduce carbon emissions. The U.S. Environmental Protection Agency (EPA) estimates that fuel consumption in the transportation sector accounts for about 29% of total U.S. greenhouse gas emissions. As a result, the EPA has implemented regulations, such as the Corporate Average Fuel Economy (CAFE) standards, to improve fuel economy and reduce emissions from vehicles. This has led to the development of gear oils that can provide better fuel economy and reduce carbon emissions.
Based on end-use industry, the gear oils market is expected to witness positive growth in automotive & transportation segment.
The gear oils market, with a focus on the automotive and transportation end-use industry, is expected to experience significant growth during the projected period. This can be attributed to the increasing demand for passenger and commercial vehicles in developing countries, as well as the growing need for efficient transportation systems in urban areas. Additionally, the rise in industrialization and infrastructure development projects in emerging economies is also contributing to the growth of the market. Synthetic gear oils are becoming increasingly popular due to their superior properties, including better oxidation stability, longer service life, and improved fuel efficiency.
North America accounted for a significant share of the global gear oils market.
Based on geography, the gear oils market is segmented into North America, South America, Europe, the Middle East and Africa and Asia Pacific. The North American gear oils market is expected to witness growth due to the increasing demand from the automotive industry, particularly in the United States. The growing adoption of electric vehicles and the need for high-performance lubricants to improve the efficiency of these vehicles is expected to drive the market growth in the region. The US market is primarily driven by increasing demand for high-quality gear oils from various end-use industries, such as automotive, manufacturing, marine, and aerospace. Additionally, the growth of the wind energy sector in the US is also expected to drive the demand for gear oils in the region.
- In May 2022, German lubricant specialist LIQUI MOLY launched Top Tec Gear EV 510 gear oil, specifically designed for high-torque electric motors, which meets the strict manufacturer requirements of Tesla. LIQUI MOLY's research and development team is also working on low-conductivity coolants for electric vehicle batteries. As e-mobility becomes more prevalent in Europe, the US, and Asia, LIQUI MOLY is preparing for the future by offering specialized lubricants for all types of vehicles.
- In May 2019, Shell Lubricants introduced a new synthetic gearbox oil, Shell Omala S5 Wind, for wind turbines in the U.S market. The product offers enhanced protection that can help in extending operational uptime and reducing unplanned breakdowns. The gear oil is specifically designed to withstand the extreme weather conditions, varying loads, and demanding management and operation of wind turbines. The Shell Omala S5 Wind offers robust wear and corrosion protection that can extend the service life of gearboxes and help reduce gear and bearing damage through innovative foam control and optimal filterability.
- In August 2022, Exol, a leading supplier of lubricants, introduced Optifarm HP, a high-performance gear oil designed for JCB machinery, to its range of products. The specialized gear oil, formulated with advanced additive chemistry and premium quality thermally stable base oils, provides excellent component protection, extending equipment life and eliminating squawk and chatter in oil-immersed braking systems. Optifarm HP offers improved anti-squawk performance in brake systems, outstanding anti-wear properties, low foaming, and excellent oxidation stability. The product is recommended for certain models of JCB, John Deere, Massey Ferguson, Case, and Caterpillar that require high-performance gear oil in their axles and transmissions.
Gear Oils Market Scope:
|Growth Rate||CAGR during the forecast period|
|Forecast Period||2023 – 2028|
|Forecast Unit (Value)||USD Billion|
|Segments Covered||Base-Oil, End-Use Industry, And Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||ExxonMobil Corporation, BP PLC, Royal Dutch Shell PLC, FUCHS, Chevron Corporation, Total Energies, Lukoil Lubricants, Idemitsu Kosan Co. Ltd., Tribo Lubes, Lubrication Engineers|
|Customization Scope||Free report customization with purchase|
Key Market Segments
- BY BASE-OIL
- Mineral Oil
- Synthetic Oil
- Semi- Synthetic Oil
- Bio-Based oil
- BY END-USE INDUSTRY
- Power generation
- Heavy Equipment
- Metallurgy & Metalworking
- Automotive & Transportation
- BY GEOGRAPHY
- North America
- South America
- United Kingdom
- Middle East And Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.7. Base, and Forecast Years Timeline
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. GEAR OILS MARKET ANALYSIS, BY BASE-OIL
5.2. Mineral Oil
5.3. Synthetic Oil
5.4. Semi- Synthetic Oil
5.5. Bio-Based oil
6. GEAR OILS MARKET ANALYSIS, BY END-USER INDUSTRY
6.2. Power generation
6.3. Heavy Equipment
6.4. Metallurgy & Metalworking
6.5. Automotive & Transportation
7. GEAR OILS MARKET, BY GEOGRAPHY
7.2. North America
7.3. South America
7.4.3. United Kingdom
7.5. Middle East And Africa
7.5.1. Saudi Arabia
7.6. Asia Pacific
7.6.4. South Korea
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. COMPANY PROFILES
9.1. ExxonMobil Corporation
9.2. BP PLC
9.3. Royal Dutch Shell PLC
9.5. Chevron Corporation
9.6. Total S.A.
9.7. Lukoil Lubricants
9.8. Idemitsu Kosan Co. Ltd.
9.9. Tribo Lubes
9.10. Lubrication Engineers
Royal Dutch Shell PLC
Idemitsu Kosan Co. Ltd.
|Report Name||Published Month||Get Sample PDF|