Synthetic Gear Oil Market Size, Share, Opportunities, And Trends By Type (Synthetic Hydrocarbon Oils, Polyglycols, Ester Oils), By Gear Type (Bevel Gear, Worm Gear, Helical Gear, Spur Gear), By End-User (Automotive, Marine, Industrial, Others), And By Geography - Forecasts From 2023 To 2028
- Published : Jul 2023
- Report Code : KSI061615694
- Pages : 143
The synthetic gear oil market is expected to grow strongly during the forecast period. Synthetic gear oil is a specially formulated lubricant created through the modification or synthesis of chemical compounds. There are various types of synthetic gear oils available, including synthetic hydrocarbon oils, polyglycols, and ester oils. The synthetic gear oil market serves a wide range of end users, including the automotive, marine, industrial, and various other sectors. The growth of the synthetic gear oil industry is primarily driven by the rising demand for automobiles, which has led to an increase in overall market size.
Bolstering automotive growth drive synthetic gear oil market growth.
Synthetic gear oil is widely used in the automotive due to its ability to withstand high temperatures, heavy loads, and extreme operating conditions. Synthetic gear oil offers superior thermal stability, improved viscosity index, and excellent lubrication properties, providing enhanced protection for gears and bearings. The automotive sector is experiencing significant growth due to higher demand for vehicles, resulting in a greater need for reliable and high-performance lubricants like synthetic gear oil. According to the Census and Economic Information Centre, in December 2022, the production of motor vehicles in Germany reached 3,677,820 units, representing a significant growth of 11.2% compared to the previous year.
Booming marine sector drives the synthetic gear oil market expansion.
The marine environment faces unique challenges such as exposure to saltwater, high loads, extreme temperatures, and constant vibration. Synthetic gear oil offers superior lubrication, corrosion protection, thermal stability, and oxidation resistance, ensuring optimal performance and extended equipment life. Additionally, the increasing demand in the marine sector is driven by factors like growing international trade, offshore exploration, and the expansion of the shipping industry which is creating a need for reliable and efficient lubrication solutions to enhance vessel performance. According to the Ministry of Ports, Shipping, and Waterways, in 2020, the overseas fleet of India reached 465,000 GT, registering a growth of 1.8% compared to the previous year.
Rapid industrialization drives synthetic gear oil market growth.
Synthetic gear oil is widely used in industrial manufacturing machinery due to its superior lubrication and protection properties. It offers excellent thermal stability, high viscosity index, and resistance to extreme operating conditions, making it ideal for industrial applications. As industrialization continues to expand, there is a growing demand for machinery and equipment, leading to a higher need for reliable lubricants like synthetic gear oil. According to the National Institute of Standards and Technology, machinery production in the U.S. witnessed significant growth from 128 billion dollars in 2020 to 141 billion dollars in 2021, representing a remarkable increase of 10.2%.
Asia-Pacific is anticipated to be the market leader.
The Asia-Pacific will account for significant market share due to its rapidly growing automotive production which has created a significant need for synthetic gear oils, as they offer superior performance and efficiency. According to the Society of Indian Automobile Manufacturers, India witnessed a notable increase in automobile production, with the total number of vehicles manufactured reaching 2,26,55,609 in 2020-2021. This figure further grew by 14.5% to reach 2,59,31,867 in the year 2022-2023. Also, according to the International Organization of Motor Vehicle Manufacturers, in 2021, China's total motor vehicle production reached 26,082,220 units, marking a 3% increase compared to the previous year.
Alternative availability will restrain the synthetic gear oil market growth.
The cost differential between synthetic gear oils and conventional mineral-based gear oils poses a significant restraint to the widespread adoption of synthetic options. Synthetic gear oils generally incur higher production and manufacturing costs, resulting in a higher price point compared to their conventional counterparts. This cost disparity creates accessibility challenges for certain industries, particularly those operating under tight budget constraints. As a result, these industries may be deterred from embracing synthetic gear oils, opting for more affordable alternatives instead. The cost factor thus serves as a significant limitation to the broader utilization of synthetic gear oils across various sectors.
- March 2023: NYCO, a renowned French manufacturer of synthetic ester-based stocks launched “Nycobase 32011 FG” synthetic ester base fluid. In addition to this, the company also expanded its line of NSF HX-1 products. Nycobase 32011 FG, an ISO VG 220 synthetic ester, is a cutting-edge offering that excels in high-performance applications, specifically in extreme temperature environments.
- October 2021: MOTOREX introduced ALPINE PRO 220, a fully synthetic gear oil specifically designed for snow groomers, boasting enhanced properties and a range of benefits. This advanced oil ensures optimum protection for gear wheels, bearings, and brake discs, delivering maximum performance and longevity in harsh snow grooming conditions. With its exceptional formulation, ALPINE PRO 220 offers superior lubrication properties, minimizing friction, reducing wear, and extending the lifespan of critical components.
- January 2021: Valvoline Inc, a prominent global provider of high-quality lubricants and automotive services, introduced its latest packaging innovation for gear oil called FlexFil. FlexFill, the patented bag innovation, revolutionizes the process of changing synthetic gear oil, ensuring an effortless and efficient automotive DIY experience while promoting flexibility and minimizing waste.
- Duolec Syn Gear Lubricant: Lubrication Engineers provides Duolec Syn Gear Lubricant, a premium product that utilizes a 100% synthetic base fluid to deliver exceptional performance in various temperature conditions. With its synthetic base fluid, this top-tier lubricant offers outstanding temperature resistance and superior oxidation stability, ensuring a longer lifespan for the lubricant and reducing the need for frequent and costly oil changes. Duolec Syn Gear Lubricant is specifically engineered to endure extreme loads and stresses typically encountered in heavy-duty applications, making it well-suited for pulverizer gear units and similar demanding environments.
- Servosyngear HVI 220: Indian Oil Corporation offers Servosyngear HVI 220, a premium synthetic gear lubricant. These lubricants are based on Polyalkylene Glycol (PAG), providing inherent advantages such as a high viscosity index and exceptional thermal and oxidation stability. Specifically designed for worm gear lubrication, Servosyngear HVI Oils are also highly recommended for various gear types, as well as anti-friction and plain bearings operating under extremely challenging conditions
- By Type
- Synthetic Hydrocarbon Oils
- Ester Oils
- By Gear Type
- Bevel Gear
- Worm Gear
- Helical Gear
- Spur Gear
- By End-User
- By Geography
- North America
- South America
- 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. SYNTHETIC GEAR OILS MARKET ANALYSIS, BY TYPE
5.2. Synthetic Hydrocarbon Oils
5.4. Ester Oils
6. SYNTHETIC GEAR OILS MARKET ANALYSIS, BY GEAR TYPE
6.2. Bevel Gear
6.3. Worm Gear
6.4. Helical Gear
6.5. Spur Gear
7. SYNTHETIC GEAR OILS MARKET ANALYSIS, BY END-USERS
8. SYNTHETIC GEAR OILS MARKET ANALYSIS, BY GEOGRAPHY
8.2. North America
8.3. South America
8.5. Middle East and Africa
8.5.1. Saudi Arabia
8.6. Asia Pacific
8.6.3. South Korea
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. COMPANY PROFILES
10.1. Lubrication Engineers
10.2. Indian Oil Corporation
10.3. Shell PLC
10.4. Exxon Mobil Corporation
10.5. Chevron Corporation
10.6. LUKOIL Marine Lubricants DMCC
10.7. Total Energies SE
10.8. FUCHS Group
10.9. Petrelplus Inc.
10.10. Mosil Lubricants Pvt.Ltd
Indian Oil Corporation
Exxon Mobil Corporation
LUKOIL Marine Lubricants DMCC
Total Energies SE
Mosil Lubricants Pvt.Ltd
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