Gear Oil Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Global Gear Oil Market Report 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).

Gear Oil Market Size

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Market summary - Silicate coatings Market
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR < 2.00 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration High

Major Players

Gear Oils Market

*Disclaimer: Major Players sorted in no particular order


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Gear Oil 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 Oil 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 Oil 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 Oil 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
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Gear Oil Market Report - Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    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


    1. 5.1 Product Type

      1. 5.1.1 Transportation

        1. Manual Gearbox

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

        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. China

        2. India

        3. Japan

        4. South Korea

        5. ASEAN Countries

        6. Rest of Asia-Pacific

      2. 5.3.2 North America

        1. United States

        2. Mexico

        3. Canada

      3. 5.3.3 Europe

        1. Germany

        2. France

        3. United Kingdom

        4. Italy

        5. Russia

        6. Spain

        7. Turkey

        8. Rest of Europe

      4. 5.3.4 South America

        1. Brazil

        2. Argentina

        3. Rest of South America

      5. 5.3.5 Middle East

        1. Saudi Arabia

        2. United Arab Emirates

        3. Rest of the Middle East

      6. 5.3.6 Africa

        1. Egypt

        2. South Africa

        3. Rest of Africa


    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

    1. 7.1 Industrial Growth in Middle-East and Africa

    2. 7.2 Other Opportunities

**Subject to Availability
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Gear Oil Industry Segmentation

The gear oils market report includes:

Product Type
Manual Gearbox
Automatic Gearbox (CVT, DCT, etc.)
Axle Oils
End-user Industry
Power Generation
Automotive & Other Transportation
Heavy Equipment
Metallurgy & Metalworking
Other End-user Industries
South Korea
ASEAN Countries
Rest of Asia-Pacific
North America
United States
United Kingdom
Rest of Europe
South America
Rest of South America
Middle East
Saudi Arabia
United Arab Emirates
Rest of the Middle East
South Africa
Rest of Africa
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Gear Oil Market Research FAQs

The Gear Oils Market is projected to register a CAGR of less than 2% during the forecast period (2024-2029)

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

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia Pacific accounts for the largest market share in Gear Oils Market.

The report covers the Gear Oils Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Gear Oils Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Gear Oils Industry Report

Statistics for the 2024 Gear Oils market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Gear Oils analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Gear Oil Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)