The global gear lubricant market is projected to expand at a CAGR of 2.5% during the forecast period, 2021-2028. The growth of the market is attributed to the integration of advancing automobile technology, increasing demand from the wind energy systems, and rapid industrial growth in the Middle-East & Africa.
Gear lubricant contain organosulfur compounds and have high viscosity. It protects the gear equipment against unnecessary wear & tear and heat. These lubricants enable smooth operation in vehicles and machinery in industries, which increases their life and productivity. They are used in a wide range of applications such as manufacturing, mining, construction, heavy equipment, agriculture, metallurgy and metalworking, oil & gas, power generation, and transportation. Increasing expenditure for research and development activities to provide better quality of gear oils is anticipated to foster the market growth.
The report on the global gear lubricant 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 |
Gear Lubricant Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2020 |
Historic Data |
2018–2019 |
Forecast Period |
2021–2028 |
Segmentation |
Base Oil (Mineral Oil, Synthetic Oil, and Bio-Based Oil ) and End-users (Construction & Mining, Metal Production, Cement Production, Power Generation, Automotive, Chemical, Oil & Gas, Textile, and Food Processing) |
Regional Scope |
North America, Latin America, Europe, Asia Pacific and Middle East & Africa |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report |
ExxonMobil Corporation, Royal Dutch Shell PLC, BP PLC, FUCHS, and Total SA |
Based on base oil, the market is classified as mineral oil, synthetic oil, and bio-based oil. The mineral oil segment to account for a large market share during the forecast period. This is majorly attributed to its easy availability and low cost. However, the synthetic oil segment is expected to register a high CAGR during the forecast period owing to its advanced properties that expands its usage in various industries.
Based on end-users, the market is segmented into construction & mining, metal production, cement production, power generation, automotive, chemical, oil & gas, textile, and food processing. The construction & mining segment to exhibit a high CAGR during the forecast period. Increasing demand for lubricants in the construction industry owing to rapid urbanization is driving the segment growth.
In terms of regions, the market is segregated into North America, Latin America, Europe, Asia Pacific and Middle East & Africa. The market in Asia Pacific is expected to account for a significant market share during the forecast period. Rapid industrialization in countries such as India and China owing to low production costs is driving the regional market growth.
Rising demand for automotive lubricants coupled with improvement in the road network in above-mentioned countries is expected to fuel the demand for gear lubricants in the region. The implementation of Western Development Plan in China has enhanced the production of the manufacturing industry in Western China, which is anticipated to further augment the regional market growth during the forecast period.
The global gear lubricant market has been segmented based on
The major players of the market are Royal Dutch Shell PLC, Exxon Mobil Corporation, BP PLC, Chevron Corporation, and Total SA.
ExxonMobil launched Mobil SHC Gear 320 WT, an advanced wind turbine lubricant, with a seven-year warranty. Meanwhile, Dana Holding Corp. launched Spicer XFE 75W-90, which is an axle lubricant aimed at improving drive axle efficiency and reducing fleet operating costs.
Companies are focusing on providing superior customer service to acquire a large consumer base. They are indulging in mergers and acquisitions to improve their product offerings.
The global gear lubricant market has been segmented based on
The major players of the market are Royal Dutch Shell PLC, Exxon Mobil Corporation, BP PLC, Chevron Corporation, and Total SA.
ExxonMobil launched Mobil SHC Gear 320 WT, an advanced wind turbine lubricant, with a seven-year warranty. Meanwhile, Dana Holding Corp. launched Spicer XFE 75W-90, which is an axle lubricant aimed at improving drive axle efficiency and reducing fleet operating costs.
Companies are focusing on providing superior customer service to acquire a large consumer base. They are indulging in mergers and acquisitions to improve their product offerings.
Some other reports from this category!