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Gear Oil Market Key Players, Market Analysis, Share, Trends And Forecast To 2033
Gear Oil Market Trends
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According to The Business Research Company's, 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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Market Drivers and Trends:
The growth of the construction industry is expected to propel the gear oil market going forward. The construction industry encompasses the planning, creation, and maintenance of physical structures and infrastructure using labor, materials, and equipment. Gear oil is used in construction equipment to lubricate gears and bearings, ensuring smooth operation, reducing friction, and extending the lifespan of critical components For instance, in March 2023, according to a report published by the Office for National Statistics, a UK-based producer of official statistics, in the fourth quarter of 2022, quarterly construction production increased by 0.3% compared to the third quarter of 2022. Additionally, after a record growth in 2021 of 12.8%, the annual production of construction climbed by 5.6% in 2022 compared to 2021. Therefore, the growing demand for construction is driving the growth of the gear oil market.
Product innovation is a key trend in the gear oil market. Major companies operating in the gear oil market are focused on developing innovative products to strengthen their position in the market. For instance, in October 2021, Motorex, a Switzerland-based chemicals company, launched the ALPINE PRO 220. A unique combination of wear additives has been added to ALPINE PRO 220 to enhance it. With the help of this cutting-edge technology, wear is reduced, resulting in a prolonged service life. The oil's distinguishing feature is that it provides maximum protection for gear wheels, bearings, and braking discs. Temperatures as low as -50 °F provide as little concern as a moist atmosphere, such as from snow mist.
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Major Key Players of the Market:
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
Gear Oil Market 2024 Key Insights:
• 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 Growing Automotive Industry Drive Positive Impact On Gear Oil Market
• Innovative Product Developments In The Gear Oil Market
• North America was the largest region in the gear oil market share in 2023
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