The Gear Oil Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Gear Oil Global Market Report 2024, 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.
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.
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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
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 report table of contents includes:
1. Executive Summary
2. Gear Oil Market Characteristics
3. Gear Oil Market Trends And Strategies
4. Gear Oil Market – Macro Economic Scenario
5. Global Gear Oil Market Size and Growth
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31. Global Gear Oil Market Competitive Benchmarking
32. Global Gear Oil Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Gear Oil Market
34. Gear Oil Market Future Outlook and Potential Analysis
35. Appendix
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