Gear Oil Market is expected to grow at a CAGR of around 2% from 2022-2028.
According to a new report published by UnivDatos Markets Insights, the Gear Oil Market is expected to grow at a CAGR of around 2% from 2022-2028. The analysis has been segmented into Base Oil (Mineral Oil, Synthetic Oil, Semi-Synthetic Oil, And Bio-Based Oil); End-User (Automotive, Agriculture, Power Generation, Metal & Cement Production, Oil & Gas, Mining, And Others); Region/Country.
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The Gear Oil Market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the gear oil market. The gear oil market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the gear oil market at the global and regional levels.
Market Overview
A Gear Oil is a lubricant specially designed for transmission, transfer case, and differential in automobiles, trucks, and other machinery. In recent years, the demand for gear oil has risen dramatically due to the rising growth in the automobile and industrial sector as well as the growing demand for the power industry. As gear oil is used to enhance the operation of the transmission system and to loosen wear and tear while offering better fuel economy. The demand for better fuel economy and power industry demand is significantly fulfilled by higher quality gear oil coupled with rising technological advancements to provide a better quality of gear are going to create lucrative opportunities for market growth of gear oil globally. For instance, In April 2022, Tata Motors announced plans to invest around US$ 3.1 billion (INR 24,000 crores) in its passenger vehicle business over the next five years.
The Gear Oil Market is expected to grow at a steady rate of around 2% owing to the increasing growth in the industrial sector such as wind energy, automotive industry, and power industry. Major companies in the market offer gear oil with technologically advanced features. For instance, in October 2021, MOTOREX is launching a fully synthetic gear oil for snow groomers, which stands out for improved properties and numerous advantages with ALPINE PRO 220.
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Some of the major players operating in the market include Polaris Inc., Honda Motor Co. Ltd., Textron Inc., Kawasaki Heavy Industries Ltd., Yamaha Motor Co. Ltd., Suzuki Motor Corporation, Deere & Company, Bombardier Recreational Products Inc., KWANG YANG MOTOR CO. LTD., and Hisun Motors Corp.
COVID-19 Impact
Due to travel limitations and the projected dismal financial performance of market players in 2020, the spread of the COVID-19 pandemic has hurt the gear oil industry. Supply chain execution, regulatory and policy changes, labor reliance, working capital management, and liquidity and solvency management are all major concerns for gear oil manufacturers. Since the COVID-19 epidemic has considerably diminished by the beginning of 2021, a lot of businesses are resuming operations. In terms of demand and supply, China, as an automobile manufacturing powerhouse, is controlling the global automotive industry. China's supply shortages have triggered a chain reaction throughout the world.
The global gear oil market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on base oil, the market is segmented into mineral oil, synthetic oil, semi-synthetic oil, and bio-based oil. The mineral oil category is to witness higher CAGR during the forecast period owing to its various applications such as air compressors, airline oilers, bearings, blowers, circulating systems, cranes, gearboxes, and hydraulics, industrial turbines, and vacuum pumps. Mineral Oil is being adopted to offer superior performance by reducing friction and power loss as well as managing temperature rise in the gearboxes. Furthermore, the entry of global players into emerging markets adds to the growth of the market of gear oil.
· Based on end-user, the market is categorized into automotive, agriculture, power generation, metal & cement production, oil & gas, mining, and others. Among these, power generation to hold a significant share in the market in 2020. This is mainly due to the rapid growth in the increasing installed capacities of wind turbines every year. As gear oils have application in wind turbines for lubrication of the main gearbox and other gear motor components. For instance, India is likely to attract a huge investment of around USD 145.5 billion (INR 1,155,652 crore) into the power generation sector by 2022, for setting up projects across the thermal, hydro, nuclear, and renewables segments which will drive the market growth of gear oil.
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Gear Oil Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
Asia-Pacific is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the increasing industrial production, construction, and transportation activities taking place in developing countries such as India, and China. According to the World Steel Association, China is the world leader in crude steel production. For instance, in 2020, China's crude steel production was 1,064.8 million tons, up about 7% from 2019. In addition, in September 2021, Airbus and Tata Aircraft entered a partnership to build aircraft in India. Also, the development of new chemical industry plants in South Korea will benefit the growth of the country's chemical industry. For instance, in 2021, construction began on the Posco lithium hydroxide plant in South Korea to end by 2023. Furthermore, the consumption of power generation or electricity is increasing on daily basis in various regions. In September 2020, the expansion work of the gas power generation plant started for the Datan Power Plant in Taiwan will be completed by 2024. Therefore, the surging industrial sectors which include wind power, oil & gas, chemical, mining, steel, transportation, construction, and more are accelerating the gear oils market growth in the Asia-Pacific region.
The major players targeting the market include
· Shell plc
· Exxon Mobil Corporation
· Chevron Corporation
· TOTAL S.A.
· Valvoline LLC
· BP plc
· FUCHS
· Idemitsu Kosan Co. Ltd.
· PetroChina Company Limited
· Sinopec Group
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the gear oil market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the gear oil market?
• Which factors are influencing the gear oil market over the forecast period?
• What are the global challenges, threats, and risks in the gear oil market?
• Which factors are propelling and restraining the gear oil market?
• What are the demanding global regions of the gear oil market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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