Gear Oil Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
Gear oil refers to a fluid lubricant that decreases friction and wear on the gear tooth surfaces, removes heat generated by the operating gear, and protects the gear parts in gearboxes from corrosion.

Sizing and Forecast
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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Segmentation & Regional Insights
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

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.

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Major Driver Impacting Market Growth
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.

Key Industry Players
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

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