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Automotive Gear Oil Market Share, Growth, Opportunities 2031
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Automotive Gear Oil Market Share, Growth, Opportunities 2031

Segments - Automotive Gear Oil Market by Types (Petroleum-based and Synthetic Gear Oil) and Regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) -Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

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Author : Akash Vedpathak
https://growthmarketreports.com/Vaibhav
Fact-checked by : V. Chandola
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Editor : Shruti Bhat

Upcoming | Report ID :AL-247 | 4.5 Rating | 64 Reviews | 157 Pages | Format : PDF Excel PPT

Report Description


The automotive oil market size was valued at USD 13.90 Billion in 2022 and is likely to reach USD 20.13 Billion by 2031 expanding at a CAGR of 4.2% during 2023 – 2031.The growth of the market is attributed to the increasing number of vehicles due to rising disposable income across the globe.

Automotive Gear Oil Market Outlook

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.

Market Drivers, Restraints, and Opportunities

  • High demand for commercial and passenger cars is expected to be a key driver for the growth of the market.

  • Over the short term, the growing adoption of high-performance lubricants is expected to drive the market’s growth

  • An increase in innovations and technology advancements are anticipated to going play a major positive role in the growth of the market.

  • The COVID-19 pandemic had halted the production and distribution of the automotive gear oil market for a certain period of time. Moreover, the slowdown in the automotive sector owing to closedown of the manufacturing facilities impeded the market growth. However, the market is slowly is expected to recover soon.

  • High price value of multi-grade gear oil can restrain the market growth during the forecast period.

  • Rapid growth of the electric vehicles (EVs) market can act as a major restraint in the automotive gear oil market.

Scope of the Report

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

2022

Historic Data

2016–2021

Forecast Period

2023–2031

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)

Global Automotive Gear Oil Market Segment Insights

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.

Automotive Gear Oil Market Types

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.

Automotive Gear Oil Market Region

Segments

The global automotive gear oil market has been segmented on the basis of

Types

  • Petroleum-based
  • Synthetic gear oil

Regions

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

  • Lubrication Engineers Inc.
  • Royal Dutch Shell Plc.
  • Fuchs Lubricants Co.
  • Chevron Corporation
  • Exxon Mobil Corporation (XOM)
  • Saudi Arabian Oil Co.
  • Hindustan Petroleum Corporation Limited
  • China Petroleum & Chemical Corporation (Sinopec)

Competitive Landscape

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.

Automotive Gear Oil Market Keyplayers

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Automotive Gear Oil Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Automotive Gear Oil Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Automotive Gear Oil Market - Supply Chain
  4.5. Global Automotive Gear Oil Market Forecast
     4.5.1. Automotive Gear Oil Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Automotive Gear Oil Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Automotive Gear Oil Market Absolute $ Opportunity
5. Global Automotive Gear Oil Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Automotive Gear Oil Market Size and Volume Forecast by Types
     5.3.1. Petroleum-based
     5.3.2. Synthetic gear oil
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Automotive Gear Oil Market Analysis and Forecast by Region
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Region
     6.2.2. Y-o-Y Growth Projections by Region
  6.3. Automotive Gear Oil Market Size and Volume Forecast by Region
     6.3.1. North America
     6.3.2. Latin America
     6.3.3. Europe
     6.3.4. Asia Pacific
     6.3.5. Middle East and Africa (MEA)
  6.4. Absolute $ Opportunity Assessment by Region
  6.5. Market Attractiveness/Growth Potential Analysis by Region
  6.6. Global Automotive Gear Oil Demand Share Forecast, 2019-2026
7. North America Automotive Gear Oil Market Analysis and Forecast
  7.1. Introduction
     7.1.1. Basis Point Share (BPS) Analysis by Country
     7.1.2. Y-o-Y Growth Projections by Country
  7.2. North America Automotive Gear Oil Market Size and Volume Forecast by Country
     7.2.1. U.S.
     7.2.2. Canada
  7.3. Absolute $ Opportunity Assessment by Country
  7.4. North America Automotive Gear Oil Market Size and Volume Forecast by Types
     7.4.1. Petroleum-based
     7.4.2. Synthetic gear oil
  7.5. Basis Point Share (BPS) Analysis by Types
  7.6. Y-o-Y Growth Projections by Types
  7.7. Market Attractiveness/Growth Potential Analysis
     7.7.1. By Country
     7.7.2. By Product Type
     7.7.3. By Application
  7.8. North America Automotive Gear Oil Demand Share Forecast, 2019-2026
8. Latin America Automotive Gear Oil Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
     8.1.3. Latin America Average Pricing Analysis
  8.2. Latin America Automotive Gear Oil Market Size and Volume Forecast by Country
      8.2.1. Brazil
      8.2.2. Mexico
      8.2.3. Rest of Latin America
   8.3. Absolute $ Opportunity Assessment by Country
  8.4. Latin America Automotive Gear Oil Market Size and Volume Forecast by Types
     8.4.1. Petroleum-based
     8.4.2. Synthetic gear oil
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. Market Attractiveness/Growth Potential Analysis
     8.7.1. By Country
     8.7.2. By Product Type
     8.7.3. By Application
  8.8. Latin America Automotive Gear Oil Demand Share Forecast, 2019-2026
9. Europe Automotive Gear Oil Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Europe Average Pricing Analysis
  9.2. Europe Automotive Gear Oil Market Size and Volume Forecast by Country
     9.2.1. Germany
     9.2.2. France
     9.2.3. Italy
     9.2.4. U.K.
     9.2.5. Spain
     9.2.6. Russia
     9.2.7. Rest of Europe
  9.3. Absolute $ Opportunity Assessment by Country
  9.4. Europe Automotive Gear Oil Market Size and Volume Forecast by Types
     9.4.1. Petroleum-based
     9.4.2. Synthetic gear oil
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Market Attractiveness/Growth Potential Analysis
     9.7.1. By Country
     9.7.2. By Product Type
     9.7.3. By Application
  9.8. Europe Automotive Gear Oil Demand Share Forecast, 2019-2026
10. Asia Pacific Automotive Gear Oil Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Asia Pacific Average Pricing Analysis
  10.2. Asia Pacific Automotive Gear Oil Market Size and Volume Forecast by Country
     10.2.1. China
     10.2.2. Japan
     10.2.3. South Korea
     10.2.4. India
     10.2.5. Australia
     10.2.6. Rest of Asia Pacific (APAC)
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Asia Pacific Automotive Gear Oil Market Size and Volume Forecast by Types
     10.4.1. Petroleum-based
     10.4.2. Synthetic gear oil
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Market Attractiveness/Growth Potential Analysis
     10.7.1. By Country
     10.7.2. By Product Type
     10.7.3. By Application
  10.8. Asia Pacific Automotive Gear Oil Demand Share Forecast, 2019-2026
11. Middle East & Africa Automotive Gear Oil Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Middle East & Africa Average Pricing Analysis
  11.2. Middle East & Africa Automotive Gear Oil Market Size and Volume Forecast by Country
     11.2.1. Saudi Arabia
     11.2.2. South Africa
     11.2.3. UAE
     11.2.4. Rest of Middle East & Africa (MEA)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Middle East & Africa Automotive Gear Oil Market Size and Volume Forecast by Types
     11.4.1. Petroleum-based
     11.4.2. Synthetic gear oil
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Market Attractiveness/Growth Potential Analysis
     11.7.1. By Country
     11.7.2. By Product Type
     11.7.3. By Application
  11.8. Middle East & Africa Automotive Gear Oil Demand Share Forecast, 2019-2026
12. Competition Landscape
  12.1. Global Automotive Gear Oil Market: Market Share Analysis
  12.2. Automotive Gear Oil Distributors and Customers
  12.3. Automotive Gear Oil Market: Competitive Dashboard
  12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     12.4.1. Lubrication Engineers Inc.
     12.4.2. Royal Dutch Shell Plc.
     12.4.3. Fuchs Lubricants Co.
     12.4.4. Chevron Corporation
     12.4.5. Exxon Mobil Corporation (XOM)
     12.4.6. Saudi Arabian Oil Co.
     12.4.7. Hindustan Petroleum Corporation Limited
     12.4.8. China Petroleum & Chemical Corporation (Sinopec)

Methodology

Our Clients

sinopec
The John Holland Group
Deloitte
Pfizer
Siemens Healthcare
Dassault Aviation
Nestle SA
Honda Motor Co. Ltd.