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Gear Oil Market by Base Oil, End-Use Industry, Transportation, Region - Global Forecasts to 2022

Gear Oil Market: Global Forecasts until 2022

  • June 2017
  • 177 pages
  • ID: 4975544
In this report:
Asia-Pacific dominated the gear oil market with a share of ##.##%, in terms of value, of the global market in 2016 and is expected to continue so during the forecast period.
Asia-Pacific was the largest consumer of gear oil in 2016, with a market share of ##.##% (by value), and is expected to witness the highest CAGR during the forecast period.

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"The gear oil market is estimated to rise at a compound annual growth rate of ~2.7 percent during the forecast period between 2017 and 2022."

The gear oil market is forecasted to reach ~$8.6B by 2022, at a compound annual growth rate of ~2.7 percent between 2017 and 2022. The rise of the gear oil market is primarily due to the massive industrial increase taking place in the Middle East area & African continent and Asia-Pacific regions, along the increasing demand for gear oils from the power and automotive sectors. The factors restraining the increase of the gear oil market are the technological advancements and environmental regulations. The rise of the gear oil market is hampered by different regulatory guidelines issued by a number of governing bodies, which exert pressure on the manufacturers of gear oils to expand environment-friendly products. Additionally, technological improvements, including development of automatic transmission systems, portable and reduced size gear boxes, and hybrid electric vehicles, which consume less or no gear oil, are also anticipated to hinder the increase of the gear oil market during the estimate period.

"Among base oils, the mineral oil segment is estimated to result the gear oil market in 2017."

Among base oils, the mineral oil segment is estimated to result the gear oil market in 2017. Elements such as the easy availability of mineral oil-based gear oils as well as their low costs are forecast to steer the rise of the gear oil market during the outlook period. Furthermore, the increase of the mineral oil segment of the industry can be accredited to the raised demand for mineral oil-based gear oils from the Middle East (ME) & African continent and Asia-Pacific regions. Nevertheless, the mineral oil segment of the gear oil sectors in the North American and European regions is anticipated to grow at low CAGRs during the forecast period due to the slow economic increase in these areas.

"Among end-use markets, the general industrial segment is projected to dominate the gear oil market during the estimate period."

The general industrial segment is forecasted to dominate the gear oil market during the outlook period, owing to high demand for gear oils in distinct sectors. The general industrial segment of the gear oil market has been mostly classified into manufacturing, mining, construction, oil & gas, and agriculture, among others. The growth in the construction activities in the residential market of China and quick infrastructural developments taking place in India (IN) are anticipated to fuel the industry demand for gear oils in the construction industry between 2017 and 2022.

"The Asia-Pacific gear oil market is expected to grow at the highest compound annual growth rate (CAGR) between 2017 and 2022."

The Asia-Pac area is the biggest market for gear oils across the world. The growing disposable income of the middle-class population of the Asia-Pac region makes it an attractive market for gear oils. The tremendous rise in the industrial production and rised trade activities in the territory are primarily responsible for the high consumption of gear oils in the Asia Pacific (APAC) area, thereby fueling the increase of the Asia-Pacific gear oil market.

Breakdown of profiles of primary Q&A for the market research

• By Company category - Tier 1 - 30.0 percent, Tier 2 - 43.0 percent, and Tier 3 - 27.0 percent

• By Description - C-suite - 43.0 percent, D-level - 30.0 percent, and Others - 27.0 percent

• By Area - North America (NA) - 37.0 percent, EU - 23.0 percent, Asia Pacific (APAC) - 26.0 percent, and rest of the world - 14.0 percent

Some of the top firms decribed in this business report are Exxon Mobil (NYSE:XOM), Royal Dutch Shell plc, Chevron (NYSE:CVX), BP p.l.c. , Total S.A., PetroChina Company Limited, Sinopec Limited, LUKOIL, Fuchs Petrolub SE, and Idemitsu Kosan Co., Limited, among others.

Segment Research

The gear oil market has been split on the basis of base oil, end-user market, and area. On the basis of the base oil, the sector has been subsegmented into mineral oil, synthetic oil [polyalphaolefin, polyalkylene glycol, esters, and group III], semi-synthetic oil, and bio-based oil. Established on the end-use market, the industry has been classified into general industrial [manufacturing (power, metal, cement, and others), mining, construction, oil & gas, agriculture, and others (defense, port handling equipment, and forestry)], and transportation (automotive, marine, aviation, and railway). On the basis of area, the sector has been broken down into Asia-Pacific, Europe (EU), North America continent, Middle East (ME) & African continent, and South America region.

Key Benefits

This industry report includes the following studies:

• Market segmentation established on base oil, end-use sector, and area and their subsegments

• Market dynamics including drivers, market restraints, alternatives, and opportunities

• Value chain review

• Porter's five forces analysis with respect to the gear oil market

• Profile of the main market actors of the gear oil market

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