Gear Oils Market report provides emerging market drivers, challenges, opportunities for Gear Oils Industry. It focuses on the latest trends and recent developments of Gear Oils Industry. Gear Oils market report will help you to know each and every fact of keyword industry. Gear Oils market also covers growth potential, market size, demand by buyer and suppliers and forecast details.
Gear Oils Market is expected to grow at a CAGR of 2.19% during the forecast period.
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The gear oils market is estimated to be valued at 2,110.02 kilotons in 2018 and is expected to register a CAGR of 2.19% during the forecast period, 2018-2023. The major factors driving the growth of the gear oils market are the increasing production of motor vehicles in Asia-Pacific and Europe, and growing demand from the wind energy sector.
Growing Demand from Wind Energy to Increase the Consumption
Gear oils find their applications in wind turbines for lubrication of the main gearbox and other gear motor components. There is a rising demand for synthetic gear oils in wind turbines due to their enhanced properties over their mineral based counterparts due the performance additives used during the formulation of synthetic oils, as per the requirement. Power generation from wind energy is growing at a rapid pace globally with continuously increasing installed capacities of wind turbines every year. The decrease in the prices in the offshore industry has been one of the contributors to the growth of wind power generation market by generating investments in the offshore industries in Europe, North America and Asia-Pacific regions, which is further expected to boost the demand for gear oils during the forecast period.
Automotive Sector the Dominating Segment
Automotive is the largest end-user segment in terms of consumption of gear oils, accounting for approximately 60% of the global gear oils market, as of 2017. Gear oils are used to lubricate gearboxes, due to the continuous movement during the operation of the equipment or driving a vehicle. The gear oils used in the transportation industry, primarily for manual gearboxes, and axle oils. The use of MTF or ATF in a manual gearbox implies the presence of viscosity-modifying polymers. Partially and wholly synthetic, SAE 75W-90 and 75W-140 multi-grades are favorable in this application, as they certainly contain shear stable viscosity modifiers. Manual transmission fluids (MTF) are intended for lubrication of automotive manual gearboxes. Innovation in this segment has been a critical factor, due to numerous complexities associated with these fluids. A major concern is the fuel-efficiency enhancement and suppression of transmission noise, to enable a smooth transmission.
United States to Witness Moderate Growth
In 2017, gear oils attribute to about 5% of the total lubricants consumption in the United States. A huge majority of the motor vehicles sold in the United States have automatic transmissions (more than 95%) and the number is increasing steadily. The declining sales in the manual transmission vehicles are expected to have an impact on the demand for gear oil. However, the consumption of axle oils has been rising consistently since 2012 owing to the growing production of new motor vehicles in the country. A short downfall has been witnessed in 2017, due to a decline in the production of motor vehicles in 2016-17.
Key Developments in the Market
• March 2018: A 20-year contract has been signed between Brazilian energy and logistics company Cosan SA Industria e Comercio and Exxon Mobil to produce, import, distribute, and sell certain Mobil products in four South American countries
• May 2017: Total Lubricants and CLAAS, a major player in the agriculture machinery industry, renewed their partnership until 2021
Major Players: BP Plc., Royal Dutch Shell Plc., Total, FUCHS, Valvoline Inc., Exxon Mobil Corporation, Total, and Chevron Corporation, among others.
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Global Gear Oils Market: Regional Segment Analysis (Regional Production Volume, Consumption Volume, Revenue and Growth Rate 2013-2023):
- North America: United States, Canada and Mexico
- Europe: Germany, UK, France, Italy, Russia, Spain and Benelux
- Asia Pacific: China, Japan, India, Southeast Asia and Australia
- Latin America: Brazil, Argentina and Colombia
- Middle East and Africa: Saudi Arabia, UAE, Egypt, Nigeria and South Africa
Gear Oils Market Covers Following Points in TOC:
Chapter 1: Gear Oils Market Definition
Chapter 2: Research Methodology of Gear Oils Market
Chapter 3: Gear Oils Market Executive Summary
Chapter 4: Gear Oils Market Overview Includes Current Market Scenario, Porter’s Five Forces Analysis, Bargaining Power of Suppliers and Consumers, Threat of New Entrants and Substitute Product and Services
Chapter 5: Market Dynamics Covers Drivers, Restraints, Opportunities and Challenges
Chapter 6: Gear Oils Market Segmentation by Types, End-User, and Applications Forecast to 2023
Chapter 7: Gear Oils Market Segmentation by Geographical Regions
Chapter 8: Competitive Landscape of Gear Oils Market Includes Mergers & Acquisition Analysis, Agreements, Collaborations, and Partnerships, New Products Launches
Chapter 9: Key Players for Gear Oils Market
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