Global Synthetic Industrial Gear Oil Market Expected to Reach USD 3,927.6 Million by 2031

According to a recent market study published by Growth Market Reports, titled, "Global Synthetic Industrial Gear Oil Market by Type (Polyalphaolefin (PAO), Polyalkylene Glycol (PAG), Polyisobutylene (PIB), Others), by End-use (General Industrial, Transportation), and Region (North America, Asia Pacific, Europe, Latin America, and Middle East & Africa): Size, Share, Trends and Opportunity Analysis, 2016-2031”, the market was valued at USD 2,477.5 Million in 2022 and is expected to grow at a growth rate of 5.4% by the year 2031.

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As per Growth Market Reports industry analyst Gargi Athalye, the “Global Synthetic Industrial Gear Oil Market” is anticipated to witness significant growth during the forecast period 2023-2031. Industrial gear oil is a liquid lubricant that is used in gears (gearboxes) to protect surfaces, reduce the friction of the gear parts, remove heat produced by the operating gear, and protect the gear parts from corrosion.

Gear oils are used in wind turbines to lubricate the primary gearbox and other gear motor components due to the high temperatures, corrosion, bearing wear, oxidation, and load weights involved in the power production process. Synthetic gear oils are employed, when mineral gear oils do not function at their peak level or meet application requirements Gear oils are categorized into various types, such as polyalkylene glycol (PAG), polyisobutylene (PIB), and polyalphaolefin (PAO). Each type meets a specific requirement for industrial and automotive applications.

Synthetic gear oil demand has been consistently rising for the past five years owing to the significant increase in the production units among the developing nations. The market in Asia Pacific is expected to remain dominant during the forecast period owing to rapid industrialization and growth of the automotive sector in the region.

The primary and secondary research methodology is used for keen observation and study of Synthetic Industrial Gear Oil. The primary research methodology involves commercial agreements made with the primary respondents as well as consulting partners to extract critical information pertaining to the syndicated as well as consulting projects.

Primary interviews were conducted with the stakeholders across industry verticals at regular intervals in line with the ongoing studies and to keep ourselves abreast with the latest market trends & developments. Validation of the estimated market size, and current and future trends done by the key opinion leaders (KOLs). These KOLs are the CXO level people from leading companies in the industry and possess experience of around 10-20 years in the industry.

On the other hand, the secondary research methodology involves exhaustive desk research undertaken to understand the prevailing market trends & dynamics, market competition, customer insights, and other KPIs. Company websites, their SEC filings, annual reports, broker & financial reports, and investor presentations are scanned for understanding the competitive scenario, details and developments, and the overall competitive landscape.

Regional government and statistical databases were analyzed for macro & microanalysis. Research publications and paid data are referred to obtain and validate the market estimations, budget, expenditure, and other statistical insights.

The outbreak of coronavirus disease in 2019 (COVID-19) restrained the global economy, created global interdependence, and challenged the governments of various nations. The pandemic raised concerns among economies and businesses by shifting focus to the online supply of consumer electronic gadgets and automotive components and creating manufacturing issues.

In January, the WHO labeled the COVID-19 outbreak as a public health emergency of global concern and proclaimed it a global pandemic in March 2020. This deadly virus has become one of the biggest pandemics in human history. The COVID-19 outbreak is a public health emergency that affected almost every industry. The long-term effects of the pandemic are expected to affect the growth of various industries during the forecast period, especially across Eastern Europe, European Union, the US, and Eastern & Central Asia.

As of November 11, 2023, this pandemic had infected over 697,242,234 people, and over 6,933,514 people died from the disease. COVID-19 cases have been registered in more than 231 countries and territories. Many countries are economically weak, while others have poor healthcare systems that affect the economy and life of people.

Key Takeaways from the Study:

• The players include Chevron, Exxon Mobil Corporation, Eneos Corp., Idemitsu Kosan Co., Ltd., FUCHS, Asmoil, Shell International B.V. (Pennzoil), CASTROL LIMITED, Lanxess, Valvoline Global Operations, Sinopec Lubricant (Singapore) Pte Ltd, HPCL, Motul.

Synthetic Industrial Gear Oil Market Report Scope:

Target Audience:

• Supply-side: Raw material suppliers and Manufactures

• Demand Side: Synthetic Industrial Gear Oil manufacturing companies

• Regulatory Side: Concerned government authorities, and other regulatory bodies.