Press release
Global Gear Oil Market will grow at a CAGR of 2.70% during the Forecast period of 2017 - 2024, According New Research Report
Global Gear Oil Market By Base Oil {Mineral Oil, Synthetic Oil (PAO, PAG, Group III (Hydrocracking), Esters), Semi-Synthetic Oil, Bio-Based Oil)}, Application {General Industrial (Manufacturing, Mining, Construction, Agriculture, Oil & Gas, Others), Transport (Automotive, Marine, Railway, Aviation)}, Geography (North America, Europe, Asia-Pacific, Europe, South America, Middle East and Africa)This report consists of below pages:
• No of pages : 350
• No of Figures: 60
• No of Tables: 220
The 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 2017 to 2024.The upcoming market report contains data for historic year 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
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Major market drivers: Global Gear Oil Market
• Rising demand from power industry
• Improved quality of gear oils
• Growingautomotive industry
Market Restraint:
• Strict environmental regulations restricting the use of gear oilsRigid environmental regulations pertaining to the sustainability of structures
Global Gear Oil Market is segmented on the basis of type, application and Geography.
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On the basis of type, global gear oil market is segmented into mineral oil, synthetic oil, semi-synthetic oil and bio-based oil.Synthetic oilis 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.
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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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The Global Gear Oil Market Report 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.
Some of the major players operating in this market are
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.
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