The automotive oil market is anticipated to expand at a CAGR of around 2% during the forecast period, 2021-2028. The growth of the market is attributed to the increasing number of vehicles due to rising disposable income across the globe.
Gear oil reduces the friction between two surfaces and prevents parts from getting corroded and exposed to high amount of heat. Ideal gear oil provides effective, solid, and low-maintenance activity for gears at various conditions such as variable speed, oil defilements, and high working temperatures manufacturers are likely to increase the production capacities of synthetic gear oils to meet the rising consumer demand. The product can reduce noise in the transmission process, offer protection against extreme temperature and pressure and help to remove the damaged particles away from contact areas, which is expected to boost its demand over the next eight years.
The report on the global automotive gear oil market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes | Details |
Report Title | Automotive Gear Oil Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast |
The Base Year | 2019 |
Historic Data | 2017–2018 |
Forecast Period | 2021–2028 |
Segmentation | Petroleum-based and Synthetic Gear Oil |
Regional Scope | Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
Report Coverage | Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends |
Key Players Covered | Lubrication Engineers Inc., Royal Dutch Shell Plc., Fuchs Lubricants Co., Chevron Corporation, Exxon Mobil Corporation (XOM), Saudi Arabian Oil Co., Hindustan Petroleum Corporation Limited, and China Petroleum & Chemical Corporation (Sinopec) |
In terms of products, the market is segmented into petroleum-based and synthetic gear oil. Petroleum gear lubricants have served the industry for decades long and well; however, the demand for high-quality gear oil has persuaded the demand for synthetic gear oil. These oils confer versatility, material compatibility, and durability characteristics, which makes them a preferable product type in the market. Moreover, this product type is cost-effective than the petroleum counterparts.
Most of the synthetic oil products can tolerate a much wider range of temperatures than petroleum-based gear oil. At higher temperatures, synthetic lubricants are less volatile than petroleum-based products, and they have lower pour points, meaning that these products can continue to flow at temperatures below where petroleum-based oils become intractable. Additionally, the higher protection provided by the synthetic lube can prolong the life beyond the product intended life, reduce warranty claims, and improve the cost performance of the total system.
On the basis of regions, the market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific dominated the market in 2020 and is anticipated to account for major share of the market during the forecast period, followed by North America. The large share of the market in this region is mainly attributed to growing economy, increasing urbanization and disposable income, and rapid growth of the automotive industry. Moreover, the presence of key lubricant manufacturers and the growing transportation industry in the Asia Pacific countries such as China, India, and Japan are contributing to the market development. The expansion of the automotive gear oil market in Latin America is owing to increasing disposable income and rising foreign investments.
The global automotive gear oil market has been segmented on the basis of
Prominent players in the market are Lubrication Engineers Inc., Royal Dutch Shell Plc., Fuchs Lubricants Co., Chevron Corporation, Exxon Mobil Corporation (XOM), Saudi Arabian Oil Co., Hindustan Petroleum Corporation Limited, and China Petroleum & Chemical Corporation (Sinopec).
In November 2019, Fuchs Group, a manufacturer and supplier in Germany, signed an agreement to acquire Nye lubricant Inc. The later company is engaged in formulation, and manufacturing of synthetic products. This acquisition is expected to help the former company to expand the product portfolio and serve in multiple industries.
The global automotive gear oil market has been segmented on the basis of
Prominent players in the market are Lubrication Engineers Inc., Royal Dutch Shell Plc., Fuchs Lubricants Co., Chevron Corporation, Exxon Mobil Corporation (XOM), Saudi Arabian Oil Co., Hindustan Petroleum Corporation Limited, and China Petroleum & Chemical Corporation (Sinopec).
In November 2019, Fuchs Group, a manufacturer and supplier in Germany, signed an agreement to acquire Nye lubricant Inc. The later company is engaged in formulation, and manufacturing of synthetic products. This acquisition is expected to help the former company to expand the product portfolio and serve in multiple industries.
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