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.
