A new analysis report on the Gear Oils Market, which is forecasted between 2021 and 2028, has been published by Knowledge Sourcing Intelligence.
The prime factor driving the demand for the Gear Oils Market is the rising need for top-tier lubricants across diverse sectors, advancements in technology, and a shift towards lubricants that are both energy-efficient and environmentally conscious. Furthermore, the surge in demand for industrial machinery and equipment in sectors like automotive, construction, and manufacturing is anticipated to propel this growth.
As per the report, the Gear Oils Market is expected to grow at an exponential pace.
Gear oils, which are oil-based lubricants, find application in a wide range of machinery and automotive components. These oils are meticulously engineered to satisfy precise performance criteria, including the ability to withstand temperature variations, carry heavy loads, and provide effective wear protection. The market for gear oils is fiercely competitive, featuring numerous global and regional participants.
The Gear Oils Market is thriving due to the rising demand by the robust expansion of end-use sectors like automotive, construction, and industrial machinery, accompanied by a favorable shift towards energy-efficient solutions. Notably, in August 2022, Exol, a leading lubricant supplier, introduced Optifarm HP, a high-performance gear oil tailored for JCB machinery, expanding its product portfolio. There is an emerging emphasis on energy efficiency across various industries, spurring the demand for gear oils capable of reducing friction and energy consumption. This drive has prompted the development of gear oils designed to enhance fuel economy and minimize carbon emissions. Recognizing the significance of this, the U.S. Environmental Protection Agency (EPA) estimated that the transportation sector’s fuel consumption contributes to approximately 29% of total greenhouse gas emissions in the United States. Furthermore, in May 2022, the German lubricant specialist LIQUI MOLY launched Top Tec Gear EV 510 gear oil, precisely engineered for high-torque electric motors, meeting the stringent requirements of Tesla. Additionally, the rise in industrialization and infrastructure development projects in emerging economies is also augmenting the market’s growth prospects.
Based on base oil, the Gear Oils Market can be categorized into mineral oil, synthetic oil, semi-synthetic oil, and bio-based oil. The synthetic gear oil segment has asserted its dominance in the global market share, synthetic gear oils are gaining popularity due to their superior characteristics, such as enhanced oxidation stability, extended service life, and improved fuel efficiency.
Based on the end-user industry the Gear Oils Market is categorized into power generation, heavy equipment, metallurgy and metalworking, automotive and transportation, and others. The automotive & transportation segment is poised for substantial growth throughout the forecast period. This growth can be attributed to the rising demand for both passenger and commercial vehicles in developing nations, as well as the increasing requirement for efficient transportation systems.
Based on Geography, the Gear Oils Market is divided into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. The North American region has maintained its dominance in the Gear Oils Market due to the increasing demand from the automotive industry, especially in the United States, which is a key driver of market growth. The rising adoption of electric vehicles and the necessity for high-performance lubricants to enhance the efficiency of these vehicles are anticipated to fuel market growth in the region.
As a part of the report, the major players operating in the Gear Oils Market, that have been covered are FUCHS, BP PLC, Chevron Corporation, ExxonMobil Corporation, Royal Dutch Shell PLC, Total Energies, Lukoil Lubricants, Idemitsu Kosan Co. Ltd., Tribo Lubes, Lubrication Engineers.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/gear-oils-market
This analytics report segments the Gear Oils Market on the following basis:
- 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
- By Geography
- North America
- United States
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America