Gear Oil Global Market Report 2024

Description

Gear Oil Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on gear oil market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
Measure the impact of high global inflation on market growth.
Create regional and country strategies on the basis of local data and analysis.
Identify growth segments for investment.
Outperform competitors using forecast data and the drivers and trends shaping the market.
Understand customers based on the latest market shares.
Benchmark performance against key competitors.
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Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for gear oil? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The gear oil market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope

Markets Covered:

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
Companies Mentioned: Exxon Mobile Corporation; Royal Dutch Shell PLC; Chevron Corporation; BP PLC; Total S.A
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Gear oil is a lubricating fluid designed to reduce friction and wear on gear tooth surfaces, dissipate heat generated during gear operation, and protect gear components in gearboxes from corrosion.

The main types of gear oil products include transportation and industrial gear oils. Transportation gear oil is a specialized lubricant formulated for use in transmissions, transfer cases, and differentials in cars and trucks. Various base oils are employed in the production of gear oils, including mineral oil, synthetic oil, semi-synthetic oil, and bio-based oil. These gear oils find applications across a range of industries, including manufacturing, construction, agriculture, oil and gas, mining, and various other end-user sectors.

The gear oil market research report is one of a series of new reports from The Business Research Company that provides gear oil market statistics, including gear oil industry global market size, regional shares, competitors with a gear oil market share, detailed gear oil market segments, market trends, and opportunities, and any further data you may need to thrive in the gear oil industry. This gear oil market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The gear oil market size has grown steadily in recent years. It will grow from $8.44 billion in 2023 to $8.67 billion in 2024 at a compound annual growth rate (CAGR) of 2.8%. The growth observed in the historical period can be attributed to a focus on equipment maintenance and longevity, adherence to regulatory standards and specifications, a heightened demand for heavy machinery and industrial equipment, advancements in manufacturing processes, and the growth of the automotive industry.

The gear oil market size is expected to see steady growth in the next few years. It will grow to $9.89 billion in 2028 at a compound annual growth rate (CAGR) of 3.4%. The expected growth in the forecast period can be attributed to the shift towards environmentally friendly lubricants, the increasing demand for industrial automation and machinery, a concentrated focus on energy efficiency, and compliance with industry standards and specifications. Major trends expected in the forecast period include a heightened focus on performance enhancement, the development of innovative synthetic and high-performance oils, the formulation of industry-specific lubricants, the integration of digitalization and predictive maintenance strategies, and an increased emphasis on maintenance and condition monitoring in the lubricants sector.

The gear oil market is anticipated to experience significant growth, propelled by the expanding automotive industry. Gear oil plays a crucial role in ensuring the smooth operation of a vehicle's drivetrain and safeguarding essential internal components from wear and heat damage. As an illustration, in August 2023, total vehicle production in the United States surged to 11.77 million units, marking an increase from 10.91 million units in June. This surge in production underlines the pivotal role of gear oil in sustaining the efficiency and longevity of automotive systems, thereby driving the growth of the gear oil market.

The gear oil market is set to be propelled by the growth of the construction industry. Gear oil plays a vital role in lubricating gears and bearings in construction equipment, ensuring smooth operation, reducing friction, and extending the lifespan of critical components. In the fourth quarter of 2022, quarterly construction production increased by 0.3% compared to the third quarter of 2022, with an annual production growth of 5.6% in 2022 compared to 2021. This growth in construction activities underscores the increasing demand for gear oil in maintaining the operational efficiency of construction equipment, thereby contributing to the gear oil market's expansion.

The gear oil market is witnessing a key trend in product innovation, with major companies actively developing advanced lubricant solutions. Motorex, a Switzerland-based chemicals company, exemplifies this trend with the launch of ALPINE PRO 220. This innovative gear oil features a unique combination of wear additives designed to enhance its performance. The cutting-edge technology incorporated in ALPINE PRO 220 reduces wear, extending the service life of critical components such as gear wheels, bearings, and braking discs. The oil's distinctive feature is its ability to provide maximum protection under extreme conditions, including temperatures as low as -50 °F and moist atmospheres like snow mist.

Major companies in the gear oil market are adapting to changing trends in the automotive industry, particularly the rise of electric vehicles (EVs). In response to the growing need for specialized lubricants, companies are developing innovative products such as specialized EV transmission fluids. Castrol, a UK-based oil company, introduced its first dedicated EV Transmission Fluids, D1 and D2. These fully synthetic fluids are designed for workshops certified to service EV powertrains, enhancing gear and bearing protection for transmissions with dry e-motors. The goal is to extend the drivetrain life and increase the range of electric vehicles, aligning with the evolving automotive landscape.

In May 2021, Chevron Corporation, a prominent U.S.-based oil and lubricant manufacturing company, successfully acquired Noble Midstream Partners LP for a total consideration of $33.925 million. This strategic acquisition is designed to strengthen Chevron's leadership positions in the DJ and Permian basins, further solidifying its presence in key energy markets. Additionally, the acquisition facilitates governance streamlining within Chevron's operational structure. Noble Midstream Partners LP, based in the United States, is engaged in the production of crude oil, gear oil, and natural gas.

Major companies operating in the gear oil market report are 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.

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.

The countries covered in the gear oil market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The gear oil market consists of sales of polyalphaolefins (PAOs), esters oils, and polyglycols. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Product Code: r12734

1. Executive Summary

2. Gear Oil Market Characteristics

3. Gear Oil Market Trends And Strategies

4. Gear Oil Market - Macro Economic Scenario

4.1. Impact Of High Inflation On The Market
4.2. Ukraine-Russia War Impact On The Market
4.3. COVID-19 Impact On The Market

5. Global Gear Oil Market Size and Growth

5.1. Global Gear Oil Market Drivers and Restraints
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints Of The Market
5.2. Global Gear Oil Historic Market Size and Growth, 2018 - 2023, Value ($ Billion)
5.3. Global Gear Oil Forecast Market Size and Growth, 2023 - 2028, 2033F, Value ($ Billion)

6. Gear Oil Market Segmentation

6.1. Global Gear Oil Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Transportation
Industrial
6.2. Global Gear Oil Market, Segmentation By Base Oil, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Mineral Oil
Synthetic Oil
Semi Synthetic Oil
Bio Based Oil
6.3. Global Gear Oil Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Manufacturing
Construction
Agriculture
Oil And Gas
Mining
Other End Users

7. Gear Oil Market Regional And Country Analysis

7.1. Global Gear Oil Market, Split By Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Gear Oil Market, Split By Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

8. Asia-Pacific Gear Oil Market

8.1. Asia-Pacific Gear Oil Market Overview
Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
8.2. Asia-Pacific Gear Oil Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.3. Asia-Pacific Gear Oil Market, Segmentation By Base Oil, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
8.4. Asia-Pacific Gear Oil Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

9. China Gear Oil Market

9.1. China Gear Oil Market Overview
9.2. China Gear Oil Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.3. China Gear Oil Market, Segmentation By Base Oil, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion
9.4. China Gear Oil Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F,$ Billion

10. India Gear Oil Market

10.1. India Gear Oil Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.2. India Gear Oil Market, Segmentation By Base Oil, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
10.3. India Gear Oil Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

11. Japan Gear Oil Market

11.1. Japan Gear Oil Market Overview
11.2. Japan Gear Oil Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.3. Japan Gear Oil Market, Segmentation By Base Oil, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
11.4. Japan Gear Oil Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

12. Australia Gear Oil Market

12.1. Australia Gear Oil Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.2. Australia Gear Oil Market, Segmentation By Base Oil, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
12.3. Australia Gear Oil Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

13. Indonesia Gear Oil Market

13.1. Indonesia Gear Oil Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.2. Indonesia Gear Oil Market, Segmentation By Base Oil, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
13.3. Indonesia Gear Oil Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

14. South Korea Gear Oil Market

14.1. South Korea Gear Oil Market Overview
14.2. South Korea Gear Oil Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.3. South Korea Gear Oil Market, Segmentation By Base Oil, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
14.4. South Korea Gear Oil Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

15. Western Europe Gear Oil Market

15.1. Western Europe Gear Oil Market Overview
15.2. Western Europe Gear Oil Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.3. Western Europe Gear Oil Market, Segmentation By Base Oil, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
15.4. Western Europe Gear Oil Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

16. UK Gear Oil Market

16.1. UK Gear Oil Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.2. UK Gear Oil Market, Segmentation By Base Oil, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
16.3. UK Gear Oil Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

17. Germany Gear Oil Market

17.1. Germany Gear Oil Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.2. Germany Gear Oil Market, Segmentation By Base Oil, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
17.3. Germany Gear Oil Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

18. France Gear Oil Market

18.1. France Gear Oil Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.2. France Gear Oil Market, Segmentation By Base Oil, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
18.3. France Gear Oil Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

19. Italy Gear Oil Market

19.1. Italy Gear Oil Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.2. Italy Gear Oil Market, Segmentation By Base Oil, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
19.3. Italy Gear Oil Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

20. Spain Gear Oil Market

20.1. Spain Gear Oil Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.2. Spain Gear Oil Market, Segmentation By Base Oil, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
20.3. Spain Gear Oil Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

21. Eastern Europe Gear Oil Market

21.1. Eastern Europe Gear Oil Market Overview
21.2. Eastern Europe Gear Oil Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.3. Eastern Europe Gear Oil Market, Segmentation By Base Oil, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
21.4. Eastern Europe Gear Oil Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

22. Russia Gear Oil Market

22.1. Russia Gear Oil Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.2. Russia Gear Oil Market, Segmentation By Base Oil, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
22.3. Russia Gear Oil Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

23. North America Gear Oil Market

23.1. North America Gear Oil Market Overview
23.2. North America Gear Oil Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.3. North America Gear Oil Market, Segmentation By Base Oil, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
23.4. North America Gear Oil Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

24. USA Gear Oil Market

24.1. USA Gear Oil Market Overview
24.2. USA Gear Oil Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.3. USA Gear Oil Market, Segmentation By Base Oil, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
24.4. USA Gear Oil Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

25. Canada Gear Oil Market

25.1. Canada Gear Oil Market Overview
25.2. Canada Gear Oil Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.3. Canada Gear Oil Market, Segmentation By Base Oil, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
25.4. Canada Gear Oil Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

26. South America Gear Oil Market

26.1. South America Gear Oil Market Overview
26.2. South America Gear Oil Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.3. South America Gear Oil Market, Segmentation By Base Oil, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
26.4. South America Gear Oil Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

27. Brazil Gear Oil Market

27.1. Brazil Gear Oil Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.2. Brazil Gear Oil Market, Segmentation By Base Oil, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
27.3. Brazil Gear Oil Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

28. Middle East Gear Oil Market

28.1. Middle East Gear Oil Market Overview
28.2. Middle East Gear Oil Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.3. Middle East Gear Oil Market, Segmentation By Base Oil, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
28.4. Middle East Gear Oil Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

29. Africa Gear Oil Market

29.1. Africa Gear Oil Market Overview
29.2. Africa Gear Oil Market, Segmentation By Product Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.3. Africa Gear Oil Market, Segmentation By Base Oil, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
29.4. Africa Gear Oil Market, Segmentation By End User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion

30. Gear Oil Market Competitive Landscape And Company Profiles

30.1. Gear Oil Market Competitive Landscape
30.2. Gear Oil Market Company Profiles
- 30.2.1. Exxon Mobile Corporation
  - 30.2.1.1. Overview
  - 30.2.1.2. Products and Services
  - 30.2.1.3. Strategy
  - 30.2.1.4. Financial Performance
- 30.2.2. Royal Dutch Shell plc
  - 30.2.2.1. Overview
  - 30.2.2.2. Products and Services
  - 30.2.2.3. Strategy
  - 30.2.2.4. Financial Performance
- 30.2.3. Chevron Corporation
  - 30.2.3.1. Overview
  - 30.2.3.2. Products and Services
  - 30.2.3.3. Strategy
  - 30.2.3.4. Financial Performance
- 30.2.4. BP plc
  - 30.2.4.1. Overview
  - 30.2.4.2. Products and Services
  - 30.2.4.3. Strategy
  - 30.2.4.4. Financial Performance
- 30.2.5. Total S.A
  - 30.2.5.1. Overview
  - 30.2.5.2. Products and Services
  - 30.2.5.3. Strategy
  - 30.2.5.4. Financial Performance

31. Global Gear Oil Market Competitive Benchmarking

32. Global Gear Oil Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Gear Oil Market

34. Gear Oil Market Future Outlook and Potential Analysis

34.1 Gear Oil Market In 2028 - Countries Offering Most New Opportunities
34.2 Gear Oil Market In 2028 - Segments Offering Most New Opportunities
34.3 Gear Oil Market In 2028 - Growth Strategies
- 34.3.1 Market Trend Based Strategies
- 34.3.2 Competitor Strategies

35. Appendix

35.1. Abbreviations
35.2. Currencies
35.3. Historic And Forecast Inflation Rates
35.4. Research Inquiries
35.5. The Business Research Company
35.6. Copyright And Disclaimer