Gear Oil Market: Outlook, Opportunity & Future Trends Till Forecast Period 2022

Expansions and new product launches are the key strategies adopted by the leading players to strengthen their position in the gear oil market.

The gear oil market was valued at USD 7.32 billion in 2016 and is projected to reach USD 8.58 billion by 2022, at a CAGR of 2.69% from 2017 to 2022. New product launches, expansions, and acquisitions are the strategies adopted by the key players to strengthen their positions in the gear oil market. The maximum number of strategic developments took place in the North American region between January 2013 and May 2017. It was followed by the European region and the Middle East & Africa.

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The key players operating in the gear oil market are Exxon Mobil Corporation (U.S.), Royal Dutch Shell plc (Netherlands), Chevron Corporation (U.S.), BP p.l.c. (U.K.), Total S.A. (France), PetroChina Company Limited (China), Sinopec Limited (China), LUKOIL (Russia), Fuchs Petrolub SE (Germany), and Idemitsu Kosan Co., Ltd. (Japan), among others.

Exxon Mobil Corporation (U.S.) is one of the leading gear oil producers in the world. In December 2016, the company launched new gear oil, namely, Mobil DTE PM Excel for paper machinery. The launch of this new gear oil aimed at strengthening the product portfolio of the company to enable it to enhance its shares in the gear oil market.

Royal Dutch Shell plc (Netherlands) is another leading manufacturer of gear oil, globally. The company focuses on new product launches to strengthen its market presence. For instance, in February 2017, the company launched new gear oil for scooters. This product launch is expected to help the company in strengthening its foothold in the gear oil market.

Another gear oil manufacturer, Chevron Corporation (U.S.) expanded its polyalphaolefin (PAO) production capacity by 10,000 tons per annum in March 2016. PAO is marketed by the company under brand name Synfluid, which is a major base stock for gear oil. This expansion helped the company to enhance its gear oil production capacity.

This report provides a detailed analysis of the gear oil market. In this report, the gear oil market has been segmented on the basis of the base oil, end-use industry, and region. On the basis of the base oil, the market has been segmented into mineral oil, synthetic oil [polyalphaolefin (PAO), polyalkylene glycol (PAG), esters, and group III], semi-synthetic oil, and bio-based oil. Based on the end-use industry, the market has been segmented into general industrial [manufacturing (power, metal, cement, and others), mining, construction, oil & gas, agriculture, and others (defense, port handling equipment, and forestry)], and transportation (automotive, marine, aviation, and railway). The market has also been segmented on the basis of regions into Asia-Pacific, Europe, North America, the Middle East & Africa, and South America.

Massive industrial growth in the Middle East & Africa and Asia-Pacific regions is expected to drive the growth of the gear oil market across the globe.

The gear oil market was valued at USD 7.32 billion in 2016 and is projected to reach USD 8.58 billion by 2022, at a CAGR of 2.69% from 2017 to 2022. The gear oil market has been segmented on the basis of base oil, end-use industry, and region.

Among base oils, the semi-synthetic oil segment of the gear oil market is projected to grow at the highest CAGR during the forecast period from 2017 to 2022. This high-growth of the semi-synthetic oil segment of the market can be attributed to the high performance of semi-synthetic oils at lower costs than synthetic oils.

Gear oils are used to lubricate industrial as well as automotive gear boxes. Gear oils are utilized to reduce friction between moving surfaces of gear boxes. In addition, gear oils are also used to reduce wearing and tearing of the gear boxes. They prevent overheating of different components of gear boxes and protect them against corrosion. These oils also reduce the maintenance costs of the gears that operate at high speeds. The majority of gear oils consumed globally are mineral-oil based. Mineral gear oils are available in light and heavy grades to provide protection to internal gears and bearings against rust. Synthetic gear oils are costlier than mineral gear oils. Synthetic gear oils are mainly used in heavy-duty industrial gear drives, wherein gear lubricants with high viscosity and heavy load-carrying capacity are required to ensure protection against rust and corrosion and enable friction control.

Among base oils, the mineral oil segment led the gear oil market in 2016. Easy availability of mineral oils and their low costs are the major factors driving the growth of the mineral oil segment of the gear oil market. The synthetic oil segment of the market is projected to grow at the highest CAGR from 2017 to 2022. 

The demand for gear oils is the highest from the transportation end-use industry. Passenger and commercial vehicles are the major consumers of gear oils. The growth of the transportation end-use industry segment of the gear oil market is due to increasing vehicle production across the globe and improving standard of living of people in the emerging economies. The aviation industry is also fueling the market for gear oils. Moreover, the reduction in the trade barriers and bulk & cheap cargo transport through waterways are boosting the shipping industry across the globe, which, in turn, is leading to the increased consumption of lubricants, thereby fueling the growth of the transportation segment of the gear oil market.

The Asia-Pacific gear oil market is projected to grow at the highest CAGR from 2017 to 2022. The increasing disposable income of the population of the emerging economies of the Asia-Pacific region, coupled with the growing automotive industry in the region makes the Asia-Pacific region an attractive market for gear oils. The tremendous growth in the industrial production of the region owing to increased trade in the region is primarily responsible for the high consumption of gear oils in the Asia-Pacific region, which, in turn, is leading to the growth of the Asia-Pacific gear oil market.

Overview of Flexible Insulation Market Industry

Flexible Insulation Market Market Industry Leaders Research Insight -

The growth prospects for the flexible insulation market are positive with the market size expected to witness a moderate growth rate of 5.54% from 2016 to 2021, in terms of value. The global flexible insulation market is rapidly evolving with the major market players playing a crucial role in the development of the market. Some major players such as Saint-Gobain (France), Owens Corning (U.S.) and BASF SE (Germany) led the market in 2015. 

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Saint-Gobain and Owens Corning have a major share in the global flexible insulation market. These companies mainly focus on the expansions strategy in the global flexible insulation market to strengthen their positions. The players are concentrating on expansions to meet the growing demand, owing to the growing construction industry; and the use of flexible insulation in various insulation applications such as thermal, acoustic, and electrical.

The major players are concentrating on expanding their presence in countries such as Russia, Japan, South Korea, Slovenia, Turkey, the U.S., Belgium, China, India, and Germany in order to develop and manufacture flexible insulation. These expansion strategies help the companies to meet the growing demand for flexible insulation for thermal, acoustic, and electrical insulation. 

Expansions, acquisitions and new product launches are the key strategies adopted by major flexible insulation manufacturers in the recent past. The top players in the flexible insulation market adopted these strategies to strengthen their positions in the flexible insulation market and to enhance their product portfolios.

Saint-Gobain is focusing on acquisitions to meet the growing demand in the market. In May 2016, the company acquired Buitex Industries (France), a company specializing in the manufacture of fiber insulation products for French and European markets. The acquisition helped the company to expand its range of multi-material insulation solutions.

Owens Corning is another key player in the flexible insulation market which is focusing on expansions and acquisitions to strengthen its position in the global market. In 2015, the company opened a new facility to manufacture mineral wool insulation, in Joplin, U.S. The expansion helped the company to meet the growing demand for flexible insulation in North America. In 2013, the company acquired Thermafiber Inc. (U.S.), a leading manufacturer of mineral wool insulation products. The acquisition helped the company to broaden its insulation product portfolio.  

The leading market players have adopted different strategies in order to gain competitive advantage over other players. The European region is leading in terms of the demand for flexible insulation, due to the strict building codes in the region accompanied by a trend towards implementation of energy efficiency solutions in the buildings in the region. 

Flexible Insulation Market Market Industry New Revenue Pockets -

The market size for flexible insulation is projected to reach USD 10.84 billion by 2021, at a CAGR of 5.54%, from 2016 to 2021. Flexible insulations are those insulations which can be applied successfully or flexibly for applications wherein other materials cannot be used due to their limitations. Flexible insulations are used to save energy, maintain process temperatures, provide fire & sound protection, and prevent condensation. The major factors driving the flexible insulation market include growth in green buildings, greenhouse gas emission reductions, and growth in the end-use industries.
 

Fiberglass insulation led the flexible insulation material type market. Fiberglass insulations are suitable for temperatures ranging from -195°C to 230°C, provide high resistance-value (R-Values) for optimal comfort for every climate, and thus help maintain stable temperatures. The demand for fiberglass is rising due to its increasing usage in cavity wall insulation, thermal insulation for pipe work in HVAC industries, flexible air ducts, residential and commercial refrigerators & freezers, jet-engine ducting, aircraft components, and commercial construction.

The major insulation types of flexible insulation are thermal, acoustic, and electrical. Thermal insulation is projected to be the fastest growing insulation type of flexible insulation, from 2016 to 2021, in terms of value. Growth in the building & construction industry accompanied by demand for green buildings is expected to drive the demand for thermal insulation.   Also, strict building codes in Europe, Middle East & Africa, and North America to meet thermal insulation requirements in buildings is expected to drive the demand for thermal insulation.

The Asia-Pacific region is estimated to be fastest-growing market for flexible insulation, in terms of both, value and volume, from 2016 to 2021. The presence of strict building codes in countries such as China is expected to drive the demand for flexible insulation. Also, a growing middle-class population along with spending by governments on infrastructure is expected to lead in the growth in demand for flexible insulation.  In addition, rapid urbanization and industrialization in the region accompanied by the growing demand for insulation from commercial sectors is expected to drive the demand for flexible insulation.

LED Materials Market Industry Leaders Research Insight & New Revenue Pockets

New product launches and expansions are the key strategies adopted by the industry players to achieve growth in the LED materials market between 2016 and 2021. Development of cost-effective products and more innovative features have led various manufacturers to focus on LED materials, thus leading to an increase in its demand. This has encouraged companies to adopt strategies such as new product launches, expansions, and agreements. Some of the key players, such as Sumitomo Electric Industries, Ltd. (Japan), Hitachi Metals, Ltd. (Japan), Nichia Corporation (Japan), and Epistar corporation (Taiwan) have adopted these strategies to develop their businesses globally. These strategies also accounted for a significant share of the overall growth strategies adopted by the players in the market between 2015 and 2017. 

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Nichia Corporation (Japan) is one of the leading players in the LED materials market. As a part of its business strategy, Nichia focuses on new product developments and expansions. The company focuses on manufacturing high-quality products by employing the latest state of the art technology and improving the efficiency of its operations. In 2016, Nichia Corporation introduced the LED family 757G series which is designed for general lighting. These LEDs can be used in panel lights, bulbs, downlights, ceiling lights, high bays, tube lights, and ceiling lights.

Epistar Corporation (Taiwan) is a key manufacturer in the global LED materials market. The company aims to expand its market share and become one of the most innovative companies in the world. Epistar Corporation and Cree, Inc. agreed on a global patent cross-license agreement for LEDs to grow in the LED lighting and LED bulb market. This agreement also allowed the companies involved to use other's nitride LED chip LED patents. In addition, each company was granted certain rights to non-nitride patents as well. This allowed more innovation in the field of LED related products.

Companies such as Sumitomo Electric Industries, Ltd. (Japan), Hitachi Metals, Ltd. (Japan), Nichia Corporation (Japan), Epistar corporation (Taiwan), Cree, Inc. (U.S), Koninklijke Philips N.V. (Netherlands), and OSRAM Licht AG (Germany) are the most active players in the LED materials market.

There has been an increase in the usage of LED materials across various end-use applications, such as general lighting, automotive lighting, backlighting, and others. LEDs are used for various applications in these applications and the adoption rate is increasing at a rapid pace. This will fuel the demand for new LED materials to benefit from the various properties of LEDs in the aforesaid different applications.

This report estimates the market size for LED materials in terms of value. The LED materials market is projected to grow at a CAGR of 9.9% from 2016 to 2021, in terms of value. The trend of using economical and innovative LED materials in various end-use industries is projected to drive the LED materials market.

The developed regions, such as Europe and North America, are relatively mature markets as compared to Asia-Pacific, Middle East & Africa, and South America. The LED materials market in Asia-Pacific is projected to grow at the highest CAGR from 2016 to 2021. The high GDP growth rate in this region is fueling the growth of LED materials market in the region. In Asia-Pacific, the LED materials market in China is projected to grow at the highest CAGR during the forecast period, in terms of both value and volume. Though China has been an export-oriented country, the increasing domestic demand is expected to increase the domestic consumption of LEDs. Government incentives, along with the ban on incandescent light sources in public offices, are expected to drive the growth of the LED materials market.

The general lighting segment is projected to grow at the highest CAGR from 2016 to 2021. The demand from general lighting segment will be driven by the increasing use of LEDs in residential applications. Various factors, such as better overall efficiency, practical design, and consistent performance are driving the demand for LED materials in residential applications. In addition, the growing awareness about savings on energy consumption bills using LEDs for lighting has generated a lot of demand from other segments as well.