Gear Oils Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The market is segmented by Product Type (Transportation and Industrial), End-user Industry (Power Generation, Automotive and Other Transportation, Heavy Equipment, Metallurgy and Metalworking, and Other End-user Industries), and Geography (Asia-Pacific, North America, Europe, South America, Middle East, and Africa).

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Gear Oils Market Size

Market summary - Silicate coatings Market
Study Period: 2018 - 2028
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: < 2 %

Major Players

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*Disclaimer: Major Players sorted in no particular order
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Gear Oils Market Analysis

The global gear oils market is expected to register a CAGR of around 2% during the forecast period, 2019 - 2024.

  • Growing demand from the wind energy sector is expected to drive the demand for the market during the forecast period.
  • Increasing drain intervals in the automotive and industrial sectors are likely to hinder the market’s growth.
  • Industrial growth in Middle-East & Africa is projected to act as an opportunity for the market in future.

Gear Oils Industry Segmentation

The gear oils market report includes:

Product Type
Transportation
Manual Gearbox
Automatic Gearbox (CVT, DCT, etc.)
Axle Oils
Industrial
End-user Industry
Power Generation
Automotive & Other Transportation
Heavy Equipment
Metallurgy & Metalworking
Other End-user Industries
Geography
Asia-Pacific
China
India
Japan
South Korea
ASEAN Countries
Rest of Asia-Pacific
North America
United States
Mexico
Canada
Europe
Germany
France
United Kingdom
Italy
Russia
Spain
Turkey
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle East
Saudi Arabia
United Arab Emirates
Rest of the Middle East
Africa
Egypt
South Africa
Rest of Africa

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Gear Oils Market Trends

This section covers the major market trends shaping the Gear Oils Market according to our research experts:

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.
  • This is because of the high temperatures, bearing wear, corrosion and oxidation, and load weights involved during the process of power generation.
  • 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.
Silicate Coatings Market - Segmentation

The Asia-Pacific Region is Expected to Dominate the Market

  • The Asia-Pacific region dominated the global gear oils market in 2018. The key developing countries of the region, such as China, India, and ASEAN countries, are driving the demand for gear oils. The consumption of electricity is rising over the period, owing to construction activities and rising population.
  • India is likely to attract a huge investment of INR 11,55,652 crore into the power generation sector by 2022, for setting up projects across the thermal, hydro, nuclear, and renewables segments.
  • Furthermore, the domestic production of vehicles has been increasing at a rapid rate since 2014, with many leading players focusing on increasing the localization rates for high volume selling products.
  • China is considered as the manufacturing hub for majority of end-user products. The aforementioned reasons are driving the demand for gear oils over the forecast period.
Silicate Coatings Market - Regional trends

Gear Oils Industry Overview

The gear oils market is partially consolidated. Key players in the gear oils market include ExxonMobil Corporation, Royal Dutch Shell PLC, BP PLC, FUCHS, and Total SA.

Gear Oils Market Leaders

  1. ExxonMobil Corporation

  2. Royal Dutch Shell PLC

  3. BP PLC

  4. FUCHS

  5. Total SA

*Disclaimer: Major Players sorted in no particular order

Market Concentration - Silicate coatings Market

Gear Oils Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Growing Demand from the Wind Energy Sector

      2. 4.1.2 Other Drivers

    2. 4.2 Restraints

      1. 4.2.1 Increasing Drain Intervals in the Automotive And Industrial Sectors

      2. 4.2.2 Other Restraints

    3. 4.3 Value Chain / Supply Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Product Type

      1. 5.1.1 Transportation

        1. 5.1.1.1 Manual Gearbox

        2. 5.1.1.2 Automatic Gearbox (CVT, DCT, etc.)

        3. 5.1.1.3 Axle Oils

      2. 5.1.2 Industrial

    2. 5.2 End-user Industry

      1. 5.2.1 Power Generation

      2. 5.2.2 Automotive & Other Transportation

      3. 5.2.3 Heavy Equipment

      4. 5.2.4 Metallurgy & Metalworking

      5. 5.2.5 Other End-user Industries

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 ASEAN Countries

        6. 5.3.1.6 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Mexico

        3. 5.3.2.3 Canada

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 France

        3. 5.3.3.3 United Kingdom

        4. 5.3.3.4 Italy

        5. 5.3.3.5 Russia

        6. 5.3.3.6 Spain

        7. 5.3.3.7 Turkey

        8. 5.3.3.8 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle East

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 United Arab Emirates

        3. 5.3.5.3 Rest of the Middle East

      6. 5.3.6 Africa

        1. 5.3.6.1 Egypt

        2. 5.3.6.2 South Africa

        3. 5.3.6.3 Rest of Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis**

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 BP PLC

      2. 6.4.2 China Petroleum & Chemical Corporation (Sinopec)

      3. 6.4.3 Chevron Corporation

      4. 6.4.4 ExxonMobil Corporation

      5. 6.4.5 FUCHS

      6. 6.4.6 Gazprom Neft PJSC

      7. 6.4.7 Gulf Oil Corporation Limited

      8. 6.4.8 Idemitsu Kosan Co. Ltd

      9. 6.4.9 Indian Oil Corporation Ltd

      10. 6.4.10 JX Nippon Oil & Energy Corporation

      11. 6.4.11 Kemipex

      12. 6.4.12 Lukoil

      13. 6.4.13 Royal Dutch Shell PLC

      14. 6.4.14 Total SA

      5. *List Not Exhaustive

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Industrial Growth in Middle-East and Africa

    2. 7.2 Other Opportunities

**Subject to Availability
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Gear Oils Market Research FAQs

The Gear Oils Market is studied from 2018 - 2028.

The Gear Oils Market is growing at a CAGR of <2% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2018 - 2028.

Asia Pacific holds highest share in 2021.

ExxonMobil Corporation, Royal Dutch Shell PLC, BP PLC, FUCHS, Total SA are the major companies operating in Gear Oils Market.

Gear Oils Industry Report

Statistics for the 2023 Gear Oils market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Gear Oils analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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