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 2024 To 2029

  • Published : Feb 2024
  • Report Code : KSI061615132
  • Pages : 131

The gear oils market is expected to grow at a CAGR of 7.98% reaching a market size of US$5.693 billion in 2029 from US$3.327 billion in 2022.

Gear oils are essential for the smooth operation and maintenance of these machines. They 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 many global and regional players operating. 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, technological advancements, and the trend toward energy-efficient and environmentally friendly lubricants.

Growing Demand for Wind Energy

The main gearbox and other gear motor components in wind turbines are lubricated with gear oils. This is a result of the high temperatures, load weights, oxidation and corrosion, and bearing wear that occur during the power generation process. The use of performance additives in the formulation of synthetic oils to meet specific requirements has led to an increase in demand for synthetic gear oils in wind turbines because of their superior qualities over their mineral-based counterparts. Globally, the amount of power generated by wind energy is increasing quickly, and the installed capacity of wind turbines is rising annually. By encouraging investments in the offshore sectors in Europe, North America, and Asia-Pacific, the decline in offshore industry prices has contributed to the growth of the wind power generation market. This is anticipated to further increase the demand for gear oils over the forecast period.

Higher Demand for Synthetic Gear Oils

With their highly precise cut teeth and beautifully polished surfaces, gear systems are getting increasingly complicated. Additionally, because they are smaller, the teeth and bearings are subjected to greater stress. These loads, along with vibration and shock, can lead to frequent gear pitting (especially micro pitting) in surface-hardened gears. Moreover, the systems function at elevated temperatures. For all these reasons, using a premium lubricant is essential. While modern mineral oil lubricants work well, synthetic gear oils offer several benefits. These include enhanced viscosity-temperature for better performance and wear protection at extreme temperatures; and improved thermal and oxidation resistance, which permits a noticeably longer oil life and deployment at high temperatures. It also provides improved low-temperature characteristics for decreased churning losses and wear protection.

Rapidly Expanding Construction Equipment and Machinery Market

Since industrial gear oil exhibits superior lubricity and inhibits rust and corrosion in gears, it is frequently utilized in construction machinery and equipment, including bulldozers, cranes, excavators, and concrete mixers. Smooth gear shifts are the result of industrial gear oil's load resistance, anti-oxidation, anti-corrosion, and anti-foam qualities for manual transmissions and differentials under all driving circumstances. Industrial gear oil is utilized in the travel reduction and swing reduction gears of hydraulic excavators to ensure smooth gear operation and high machine performance. Industrial gear oils are therefore an essential part of machinery and construction equipment. The market for machinery and construction equipment is growing quickly.

Rising need for energy efficiency

There is a growing trend toward energy efficiency in various industries, 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 vehicle emissions. This has led to the development of gear oils that can provide better fuel economy and reduce carbon emissions.

Asia Pacific is witnessing exponential growth during the forecast period

The demand for gear oils is being driven by the region's major developing nations, including China, India, and the ASEAN nations. Because of ongoing construction projects and population growth, there has been an increase in the usage of electricity over time. By 2022, India drew a massive INR 11,55,652 crore investment for the establishment of projects in the thermal, hydro, nuclear, and renewable energy sectors. Additionally, since 2014, domestic car production has been growing quickly, with many major players concentrating on raising the localization rates for high-volume selling products. China is thought to be the primary location for the production of most end-user goods.

Market key launches

  • In January 2023, new BS-6-compliant lubricants made in Haryana will be introduced by Goodyear Lubricants for the Indian market. A new line of car lubricant oils from Goodyear Lubricants will be distributed in South and Southeast Asia as well as New Zealand. The goal of the new lubricant product line is to lessen carbon footprint while adhering to current EURO 6 and BS-6 regulations. The tyre behemoth is working with Assurance International Limited to develop a new range of environmentally friendly and sustainable products.
  • In October 2023, (HPCL) and Chevron Brands International LLC, a division of Chevron Corporation, have reached a long-term agreement in which Chevron's lubricant products—including its exclusive Havoline and Delo branded lubricant—will be licensed, produced, distributed, and marketed under the Caltex brand.
  • In August 2022, Exol unveiled Optifarm HP, the newest high-performance gear oil to be added to its lineup for JCB use. Exol's most recent product launch demonstrates the company's dedication to offering a broad range of performance oil solutions to satisfy the market's constantly shifting demands. Made with premium quality, thermally stable base oils and cutting-edge additive chemistry, Optifarm HP is a specialised, high-performance gear oil. Exol's new gear oil reduces chatter and squawk in oil-immersed braking systems and offers exceptional component protection to prolong equipment life. Additional advantages of Optifarm HP include reduced foaming, exceptional anti-wear qualities, outstanding oxidation stability, and enhanced anti-squawk performance in brake systems.
  • 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.

Gear Oils Market Scope:


Report Metric Details
Market Size Value in 2022 US$3.327 billion
Market Size Value in 2029 US$5.693 billion
Growth Rate CAGR of 7.98% from 2022 to 2029
Study Period
2019 to 2029
Historical Data
2019 to 2022
Base Year 2023
Forecast Period 2024 – 2029
Forecast Unit (Value) USD Billion
Segments Covered
  • Base Oil
  • End-User Industry
  • Geography
Companies Covered
  • ExxonMobil Corporation
  • BP PLC
  • Shell PLC
  • Chevron Corporation
  • And more
Regions Covered North America, South America, Europe, Middle East and Africa, Asia Pacific
Customization Scope Free report customization with purchase



  • 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
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • Germany
      • France
      • United Kingdom
      • Spain
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • UAE
      • Israel
      • Others
    • Asia Pacific
      • China
      • Japan
      • India
      • South Korea
      • Indonesia
      • Thailand
      • Taiwan
      • Others

Frequently Asked Questions (FAQs)

The global gear oils market is expected to grow at a CAGR of 7.98% during the forecast period.
The gear oils market is expected to reach a market size of US$5.693 billion by 2029.
Gear Oils Market was valued at US$3.327 billion in 2022.
North America accounted for a significant share of the global gear oils market.
The gear oils market is driven by growth observed in end-use industries and a favourable trend toward energy efficiency.


1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base, and Forecast Years Timeline

1.8. Key Benefits to the Stakeholder


2.1. Research Design

2.2. Research Processes


3.1. Key Findings

3.2. Analyst View


4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Forces 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

4.5. Analyst View


5.1. Introduction

5.2. Mineral Oil

5.2.1. Market Trends and Opportunities

5.2.2. Growth Prospects

5.2.3. Geographic Lucrativeness

5.3. Synthetic Oil

5.3.1. Market Trends and Opportunities

5.3.2. Growth Prospects

5.3.3. Geographic Lucrativeness

5.4. Semi-Synthetic Oil

5.4.1. Market Trends and Opportunities

5.4.2. Growth Prospects

5.4.3. Geographic Lucrativeness

5.5. Bio-Based Oil

5.5.1. Market Trends and Opportunities

5.5.2. Growth Prospects

5.5.3. Geographic Lucrativeness


6.1. Introduction

6.2. Power Generation

6.2.1. Market Trends and Opportunities

6.2.2. Growth Prospects

6.2.3. Geographic Lucrativeness

6.3. Heavy Equipment

6.3.1. Market Trends and Opportunities

6.3.2. Growth Prospects

6.3.3. Geographic Lucrativeness

6.4. Metallurgy & Metalworking

6.4.1. Market Trends and Opportunities

6.4.2. Growth Prospects

6.4.3. Geographic Lucrativeness

6.5. Automotive & Transportation

6.5.1. Market Trends and Opportunities

6.5.2. Growth Prospects

6.5.3. Geographic Lucrativeness

6.6. Others

6.6.1. Market Trends and Opportunities

6.6.2. Growth Prospects

6.6.3. Geographic Lucrativeness


7.1. Introduction

7.2. North America

7.2.1. By Base Oil

7.2.2. By End-User Industry

7.2.3. By Country USA Market Trends and Opportunities Growth Prospects Canada Market Trends and Opportunities Growth Prospects Mexico Market Trends and Opportunities Growth Prospects

7.3. South America

7.3.1. By Base Oil

7.3.2. By End-User Industry

7.3.3. By Country Brazil Market Trends and Opportunities Growth Prospects Argentina Market Trends and Opportunities Growth Prospects Others Market Trends and Opportunities Growth Prospects

7.4. Europe

7.4.1. By Base Oil

7.4.2. By End-User Industry

7.4.3. By Country Germany Market Trends and Opportunities Growth Prospects France Market Trends and Opportunities Growth Prospects UK Market Trends and Opportunities Growth Prospects Spain Market Trends and Opportunities Growth Prospects Others Market Trends and Opportunities Growth Prospects

7.5. Middle East and Africa

7.5.1. By Base Oil

7.5.2. By End-User Industry

7.5.3. By Country Saudi Arabia Market Trends and Opportunities Growth Prospects UAE Market Trends and Opportunities Growth Prospects Israel Market Trends and Opportunities Growth Prospects Others Market Trends and Opportunities Growth Prospects

7.6. Asia Pacific

7.6.1. By Base Oil

7.6.2. By End-User Industry

7.6.3. By Country China Market Trends and Opportunities Growth Prospects Japan Market Trends and Opportunities Growth Prospects India Market Trends and Opportunities Growth Prospects South Korea Market Trends and Opportunities Growth Prospects Indonesia Market Trends and Opportunities Growth Prospects Thailand Market Trends and Opportunities Growth Prospects Taiwan Market Trends and Opportunities Growth Prospects Others Market Trends and Opportunities Growth Prospects


8.1. Major Players and Strategy Analysis

8.2. Market Share Analysis

8.3. Mergers, Acquisitions, Agreements, and Collaborations

8.4. Competitive Dashboard


9.1. ExxonMobil Corporation

9.2. BP PLC

9.3. Shell PLC

9.4. FUCHS

9.5. Chevron Corporation

9.6. Total Energies

9.7. Lukoil Lubricants

9.8. Idemitsu Kosan Co. Ltd.

9.9. Tribo Lubes

9.10. Lubrication Engineers

ExxonMobil Corporation


Shell PLC


Chevron Corporation

Total Energies

Lukoil Lubricants

Idemitsu Kosan Co. Ltd.

Tribo Lubes

Lubrication Engineers