Dublin, Feb. 27, 2024 (GLOBE NEWSWIRE) -- The "Gear Oil Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F" report has been added to ResearchAndMarkets.com's offering.
As industries worldwide are ushering in new eras of development, the Global Gear Oil Market is experiencing a vigorous expansion, with a value projected to reach USD 7.08 billion by the end of 2022. An anticipatory measurement of this market's trajectory through the forecast period to 2028 estimates robust growth with a Compound Annual Growth Rate (CAGR) of 3.19%.
Key Drivers of Market Expansion
The automotive sector's expansion and technological innovation play a central role in steering the market's growth. As consumer demand swells and electric and hybrid vehicles make significant inroads into the automotive industry, the demand for specialized gear oils magnifies.
Simultaneously, industrialization and advancements in machinery manufacturing necessitate the deployment of high-performance gear oils, which bolster machinery endurance and operational efficiency. The market, thus, is witnessing a surge in demand for specialized lubricants tailored for extreme working conditions.
The global trade and transportation network's enlargement, coupled with maintenance and aftermarket services, fortifies the demand for gear oils in the global market. Additionally, technological advancements in lubricant formulations and staunch environmental regulations are contributing significantly to the market dynamic.
Regional Market Highlights
The Asia Pacific reigns as the pioneering region in the gear oil domain, stimulated by the flourishing automotive and industrial sectors. China, India, and Japan are pivotal markets propelling this region's growth to unprecedented heights.
Progressing to North America, this region secures its stance as the second-largest consumer of gear oils, primarily driven by robust automotive and industrial activities in the United States, Canada, and Mexico.
Europe, with Germany at the vanguard followed by the United Kingdom and France, showcases crucial growth in the gear oil market related to the automotive and industrial sectors carving new paths for innovation and efficiency.
Market Segmentation and Insights
The market showcases diversity in its segmentation, with Mineral Oil claiming the largest share in 2022 due to its cost-effectiveness and broad application range. The versatility and reliability of Mineral Oil solidify its preeminence in the gear oil industry.
The manufacturing sector emerges as the foremost consumer within the gear oil market, necessitating high-caliber lubricants for the seamless function and upkeep of manufacturing machinery across varied industries.
Advancing Towards a Sustainable Future
As the market navigates through challenges such as evolving regulatory landscapes and shifting consumer preferences towards sustainable alternatives, gear oil manufacturers are aligned with the new era of digitalization, sustainability, and innovation.
The strategic transformation of the gear oil market is setting an ambitious path of growth, resonant with practices and policies promoting environmental sustainability and technological adaptability.
Overall, the Global Gear Oil Market stands as the cornerstone of myriad industries, steering their journey towards lubrication efficacy, operational excellence, and a sustainable future.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 182 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $7.08 Billion |
| Forecasted Market Value (USD) by 2028 | $8.98 Billion |
| Compound Annual Growth Rate | 3.1% |
| Regions Covered | Global |
Report Scope:
In this report, the Global Gear Oil Market has been segmented into the following categories:
Gear Oil Market, By Base Oil:
- Mineral Oil
- Synthetic Oil
- Semi-Synthetic Oil
- Bio-Based Oil
Gear Oil Market, By Application:
- Manufacturing
- Mining
- Construction and Heavy Equipment
- Agriculture
- Metallurgy and Metalworking
- Oil and Gas
- Power Generation
- Transport
- Others
Gear Oil Market, By Product Type:
- Transportation
- Industrial
Companies Profiled:
- ExxonMobil
- Royal Dutch Shell
- BP
- Chevron Corporation
- Fuchs Petrolub
- Idemitsu Kosan Co., Ltd.
- Valvoline Inc.
- Petroliam Nasional Berhad
- Eni SpA
- TotalEnergies
For more information about this report visit https://www.researchandmarkets.com/r/w7eml1
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