Press release
Gear Oil Market Growth to be Driven by Emerging Trends | $10.06 Billion by 2029
Gear Oil
What is the Projected Market Size of the Gear Oil Industry?
The size of the gear oil market has seen a slight increase in recent years. The market valued at $8.6 billion in 2024 is predicted to swell to $8.77 billion in 2025, with a compound annual growth rate (CAGR) of 1.9%. This growth during the historical period can be credited to the prioritizing of equipment upkeep and lifespan, compliance with regulatory standards and specifications, rising demand for large machinery and industrial equipment, progressive strides made in manufacturing processes and the expansion of the automotive sector.
What Will Be the Size of the Gear Oil Market by 2029?
In the coming years, the gear oil market size is anticipated to experience consistent growth, with a projected value of $10.06 billion by 2029, experiencing a compound annual growth rate (CAGR) of 3.5%. Factors contributing to growth during this forecast period include the transition towards eco-friendly lubricants, industrial automation, greater demand for machinery, an emphasis on energy efficiency, and industry standards and specifications. Key trends for this period include a focus on enhancing performance, the development of innovative synthetic and high-performance oils, the creation of industry-specific formulations, digitalization and predictive maintenance, and a focus on maintenance and condition monitoring.
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What Are the Key Drivers Accelerating Growth in the Gear Oil Market?
The acceleration of the automotive industry is set to propel the expansion of the gear oil market in the future. Involved in the production of motor vehicles and their components, such as engines and vehicle bodies, the automotive sector heavily relies on gear oil. This lubricant ensures smooth drivetrain operation and shields crucial internal parts of a vehicle's gear apparatus from thermal and wear damage. To illustrate, data from the Board of Governors of the Federal Reserve System, a United States-based government body, showed that overall vehicle output in the United States rose to 11.77 million units in July 2023, a significant rise from 10.91 million units the previous month. Hence, the burgeoning automotive sector is the key driver for the expansion of the gear oil market.
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How Is the Gear Oil Market Segmented by Type, Application, and Region?
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
Subsegments:
1) By Transportation: Automotive Gear Oils, Motorcycle Gear Oils, Heavy-Duty Gear Oils
2) By Industrial: Gear Oils For Machinery, Synthetic Industrial Gear Oils, Biodegradable Gear Oils
What Are the Key Trends Driving Growth in the Gear Oil Market?
Leading firms in the gear oil market are focusing on the production of top-tier industrial gear oils to boost equipment efficacy, heighten durability, cut down on equipment downtime, and satisfy increasing industry needs for improved extreme-condition lubrication. Top-tier industrial gear oils are superior quality lubricants designed for industrial devices and machinery, providing excellent performance in challenging operational environments. These oils have advanced additives that guard against wear, thereby guaranteeing the best performance and extended lifespan of gear systems. For example, Jiangsu Lopal Technology Co. Ltd, a company from China, introduced the Lopal G2 Heavy Duty Industrial Closed Gear Oil in July 2024. This gear oil is designed to prolong machinery's service life by reducing wear, a key factor in minimizing downtime and maintenance costs. These new formulations offer substantial support for high-load usage, ensuring trustworthy performance, even in harsh conditions.
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Who Are the Leading Companies Driving Growth in the Gear Oil Market?
Major companies operating in the gear oil market are Exxon Mobile Corporation, Royal Dutch Shell PLC, Chevron Corporation, BP PLC, Total S.A, Sinopec Group, 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
Which Is the Leading Region in the Global Gear Oil Market?
North America was the largest region in the gear oil market share in 2024. 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.
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