Press release
Gear Oil Global Market Report 2024 - By Size, Trends, Growth, Share, Demand, Analysis, Forecast To 2033
The Business Research Company presents an extensive market research report on the Gear Oil Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
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 in the historic period can be attributed to focus on equipment maintenance and longevity, regulatory standards and specifications, heavy machinery and industrial equipment demand, advancements in manufacturing processes, automotive industry growth..
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 growth in the forecast period can be attributed to shift towards environmentally friendly lubricants, industrial automation and machinery demand, focus on energy efficiency, industry standards and specifications.. Major trends in the forecast period include focus on performance enhancement, innovative synthetic and high-performance oils, industry-specific formulations, digitalization and predictive maintenance, focus on maintenance and condition monitoring..
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Key Market Players:
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
Market Drivers:
The growing automotive industry is expected to boost the growth of the gear oil market going forward. The automotive industry is engaged in producing motor vehicles and their parts, such as their engines and bodies. Gear oil is used in automobiles to provide smooth operation of the drivetrain and protect vital internal sections of a vehicle's gear systems from wear and heat damage. For instance, in August 2023, according to the Board of Governors of the Federal Reserve System, a US-based government agency, total vehicle production in the United States increased to 11.77 million units in July, up from 10.91 million units in June. Therefore, the growing automotive industry is driving the growth of the gear oil market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/gear-oil-global-market-report
The 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
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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