Global Gear Oil market share 2024, Forecast To 2033

4 Mar, 2024

The gear oil market size has experienced steady growth in recent years, rising from$8.44 billion in 2023 to$8.67 billion in 2024 at a compound annual growth rate (CAGR) of 2.8%. The growth in the historic period can be attributed to the emphasis on equipment maintenance and longevity, adherence to regulatory standards and specifications, demand from heavy machinery and industrial equipment sectors, advancements in manufacturing processes, and expansion in the automotive industry. Looking forward, the gear oil market is expected to witness steady growth, reaching$9.89 billion in 2028 at a compound annual growth rate (CAGR) of 3.4%. Factors driving this growth include a shift towards environmentally friendly lubricants, increased demand driven by industrial automation and machinery, focus on energy efficiency, and adherence to industry standards and specifications. Major trends in the forecast period encompass a focus on performance enhancement, innovation in synthetic and high-performance oils, development of industry-specific formulations, adoption of digitalization and predictive maintenance practices, and heightened emphasis on maintenance and condition monitoring.

Global Gear Oil Market Key Driver

The burgeoning automotive industry is expected to fuel the expansion of the gear oil market in the coming years. Gear oil plays a critical role in ensuring smooth operation and protection of vital components within automotive drivetrains. According to the Board of Governors of the Federal Reserve System's August 2023 report, total vehicle production in the United States witnessed a notable increase to 11.77 million units in July, signaling a robust automotive industry growth trajectory. This surge in vehicle production drives the demand for gear oil, thereby propelling the gear oil market forward, with projected market sizes of $X in 2023, and anticipated growth in 2024 and 2028.

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Global Gear Oil Market Segments

The global gear oil market covered in this report is segmented –
1) By Product Type: Transportation, Industrial
2) By Base Oil: Mineral Oil, Synthetic Oil, Semi Synthetic Oil, Bio Based Oil
3) By End User: Manufacturing, Construction, Agriculture, Oil And Gas, Mining, Other End Users
By Geography: The regions covered in the gear oil market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. North America was the largest region in the gear oil market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the gear oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Major Gear Oil Industry Players

Exxon Mobile Corporation, Royal Dutch Shell PLC, Chevron Corporation, BP PLC, Total S.A, Sinopec Group, PJSC Lukoil Oil Company, Idemitsu Kosan Company Ltd., Fuchs Petrolub SE, Petrochina Company Limited, Gazprom Neft PJSC, Shell International B.V., China Petrochemical Corporation, Phillips 66 Company, Saudi Arabian Oil Co., Castrol Limited, Liqui Moly GmbH, Calumet Specialty Products Partners, Morris Lubricants, Penrite Oil Company, Carl Bechem GmbH, Valvoline Inc., Peak Lubricants Pty. Ltd., Indian Oil Corporation Ltd., JX Nippon Oil & Energy Corporation, Kemipex Group, Lukoil Oil Company, Gulf Oil Corporation Limited, Pennzoil Company, Quaker Chemical Corporation

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Gear Oil Market Overview

Gear oil refers to a fluid lubricant that decreases friction and wear on the gear tooth surfaces, removes heat generated by the operating gear, and protects the gear parts in gearboxes from corrosion.

Gear Oil Global Market Report 2023 provides data on the global gear oil market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The gear oil market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.