The gear oil global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Gear Oil Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The gear oil market size has grown steadily in recent years. It will grow from $8.44 billion in 2023 to $8.67 billion in 2024 at a compound annual growth rate (CAGR) of 2.8%. The growth in the historic period can be attributed to focus on equipment maintenance and longevity, regulatory standards and specifications, heavy machinery and industrial equipment demand, advancements in manufacturing processes, automotive industry growth.
The gear oil market size is expected to see steady growth in the next few years. It will grow to $9.89 billion in 2028 at a compound annual growth rate (CAGR) of 3.4%. The growth in the forecast period can be attributed to shift towards environmentally friendly lubricants, industrial automation and machinery demand, focus on energy efficiency, industry standards and specifications. Major trends in the forecast period include focus on performance enhancement, innovative synthetic and high-performance oils, industry-specific formulations, digitalization and predictive maintenance, focus on maintenance and condition monitoring.
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Scope Of Gear Oil Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Gear Oil Market Overview
Market Drivers –
The growing automotive industry is expected to boost the growth of the gear oil market going forward. The automotive industry is engaged in producing motor vehicles and their parts, such as their engines and bodies. Gear oil is used in automobiles to provide smooth operation of the drivetrain and protect vital internal sections of a vehicle’s gear systems from wear and heat damage. For instance, in August 2023, according to the Board of Governors of the Federal Reserve System, a US-based government agency, total vehicle production in the United States increased to 11.77 million units in July, up from 10.91 million units in June. Therefore, the growing automotive industry is driving the growth of the gear oil market.
Market Trends –
Product innovation is a key trend in the gear oil market. Major companies operating in the gear oil market are focused on developing innovative products to strengthen their position in the market. For instance, in October 2021, Motorex, a Switzerland-based chemicals company, launched the ALPINE PRO 220. A unique combination of wear additives has been added to ALPINE PRO 220 to enhance it. With the help of this cutting-edge technology, wear is reduced, resulting in a prolonged service life. The oil’s distinguishing feature is that it provides maximum protection for gear wheels, bearings, and braking discs. Temperatures as low as -50 °F provide as little concern as a moist atmosphere, such as from snow mist.
The gear oil market covered in this report is segmented –
1) By Product Type: Transportation, Industrial
2) By Base Oil: Mineral Oil, Synthetic Oil, Semi Synthetic Oil, Bio Based Oil
3) By End User: Manufacturing, Construction, Agriculture, Oil And Gas, Mining, Other End Users
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Regional Insights –
North America was the largest region in the gear oil market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the gear oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the gear oil market report are Exxon Mobile Corporation, Royal Dutch Shell plc, Chevron Corporation, BP plc, Total S.A, Sinopec Group, PJSC Lukoil Oil Company, Idemitsu Kosan Company Ltd., Fuchs Petrolub SE, Petrochina Company Limited, Gazprom Neft PJSC, Shell International B.V., China Petrochemical Corporation, Phillips 66 Company, Saudi Arabian Oil Co., Castrol Limited, Liqui Moly GmbH, Calumet Specialty Products Partners, Morris Lubricants, Penrite Oil Company, Carl Bechem GmbH, Valvoline Inc., Peak Lubricants Pty. Ltd., Indian Oil Corporation Ltd., JX Nippon Oil & Energy Corporation, Kemipex Group, Lukoil Oil Company, Gulf Oil Corporation Limited, Pennzoil Company, Quaker Chemical Corporation
1. Executive Summary
2. Gear Oil Market Report Structure
3. Gear Oil Market Trends And Strategies
4. Gear Oil Market – Macro Economic Scenario
5. Gear Oil Market Size And Growth
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27. Gear Oil Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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