Global Gear Oil Market accounted for USD 7.34 billion in 2016 and is projected to grow at a CAGR of 2.70% during the forecast period of 2018 to 2025.
Gear oil is a lubricant made specifically for differentials in automobile transmissions and transfer cases. Gear oil is characterized by high viscosity in order to protect the gears byreducing the friction and wear& tear of the gear tooth surfaces,evacuation of the heatcreated by theoperating gear and corrosion protection of the gear parts.
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The global gear oil market is consolidated due to the presence of limited number of players concentrated in few countries. These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
Major Market Drivers and Restraints:
- Rising demand from power industry
- Improved quality of gear oils
- Growing automotive industry
Global Gear Oil Market Segmentation:
On the basis of type, global gear oil market is segmented into mineral oil, synthetic oil, semi-synthetic oil and bio-based oil.Synthetic oil is sub segmented into poly-alpha-olefin(PAO),polyalkylene glycol (PAG) and Group III (hydrocracking).
On the basis application global gear oil market is segmented into general industrial and transportation. General industrial is sub segmented into manufacturing, mining, construction, agriculture, oil & gas and others, whereas transportation is sub segmented into automotive, marine, railway, and aviation. Transportation segment accounts for the highest consumption due to increasing usage gear oils in the automotive industry.
On the basis of geography, global gear oil market report covers data points for 28 countries across multiple geographies namely North America & South America, Europe, Asia-Pacific, and Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil among others. In 2017, North America is expected to dominate the market.
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Global Gear Oil Market report comprises of crucial aspects of the market that contains industry research, market sizing & forecast, competitive intelligence, market entry strategy, pricing trends, sustainability trends, customer insights, technology evolution, innovation trends, and distribution channel assessment. Global Gear Oil Market report takes into consideration key market dynamics of sector. With this report, businesses can think about the scene about how the market is going to act upon in the forecast years by gaining details on market definition, classifications, applications, and engagements. The report also provides the knowledge of all the drivers and restraints which are derived through SWOT analysis.
Global Gear Oil Major Market Competitors:
Some of the major players operating in global gear oil market are:-
- Exxon Mobil Corporation,
- Chevron Corporation,
- Royal Dutch Shell Plc,
BP p.l.c., Lukoil, Total Lubrifiants, PetroChina Company Limited, Idemitsu Kosan Co., Ltd, Sinopec Corp., CITGO Petroleum Corporation, Apar Industries Ltd., FUCHS, and The Lubrizol Corporation among others.
Table of Contents
- Market Segmentation
- Market Overview
- Executive Summary
- Premium Insights
- Global, By Component
- Product Type
- Industry Type
10.2. North America
10.5. South America
10.6. Middle East & Africa
- Company Landscape
- Company Profiles
- Related Reports
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