The global Gear Oil market stood at approximately 2.4 million tonnes in 2023 and is anticipated to grow at a CAGR of 2.6 % during the forecast period until 2034.
Gear oil, a specialized lubricant, finds its indispensable role across diverse applications, chiefly within automotive, industrial, marine, and heavy equipment sectors. In automotive contexts, it serves as the lifeblood of transmissions, whether manual, automatic, or semi-automatic, facilitating smooth gear transitions and mitigating wear on intricate transmission components. Additionally, gear oil is instrumental in differentials, where it lubricates gears and bearings to optimize power transfer, particularly in rear-wheel and four-wheel drive vehicles, ensuring efficient performance and longevity of these critical components. Moreover, in the realm of four-wheel and all-wheel drive vehicles, gear oil plays a pivotal role within transfer cases, where it lubricates gears and bearings to enable seamless power distribution between front and rear axles, thereby enhancing traction and manoeuvrability in challenging terrain. Beyond automotive applications, gear oil finds widespread usage in industrial machinery, providing essential lubrication to gears and bearings in manufacturing, mining, and agricultural equipment, thereby minimizing friction, heat, and wear to sustain operational efficiency and prolong machinery lifespan. Similarly, in heavy equipment such as construction machinery and agricultural equipment, gear oil lubricates gears and bearings to uphold performance and durability under tough operational conditions. The global Gear Oil market is likely to reach approximately 1.5 million tonnes in 2034.
The Asia Pacific region holds a prominent position as the leading consumer of gear oil, and this trend is expected to continue into the forecast period. This dominance can be attributed to several factors. Firstly, the Asia Pacific region encompasses rapidly developing economies such as China and India, which have significant industrial and manufacturing sectors. These sectors heavily rely on machinery and equipment that require gear oil for lubrication, driving up demand in the region. Additionally, the maritime industry in Asia Pacific, including shipping and marine transportation, is substantial, further contributing to the consumption of gear oil for marine engines and ship components. Furthermore, the automotive sector in countries like Japan and South Korea also contributes significantly to the demand for gear oil, as it is used in vehicle transmissions and differentials. With ongoing industrialization, urbanization, and infrastructure development in the Asia Pacific region, the need for gear oil is expected to remain high, solidifying its position as the primary consumer of gear oil in the foreseeable future.
Based on the end-use industry, the global Gear Oil market is divided into Automotive & Transportation, Industrial Equipment, Metallurgy & Metalworking, and Others. Among these industries, Automotive & Transportation is the dominating segment and held about 60% of the global Gear Oil market in 2023.
Major players in the Global Gear Oil market are BP PLC, China Petroleum & Chemical Corporation (Sinopec), Chevron Corporation, ExxonMobil Corporation, FUCHS, Gazprom Neft PJSC, Gulf Oil Corporation Limited, Idemitsu Kosan Co. Ltd, Indian Oil Corporation Ltd, JX Nippon Oil & Energy Corporation, Kemipex, Lukoil, Royal Dutch Shell PLC, Total SA, and Others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2023
Estimated Year: 2024
Forecast Period: 2025-2034
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Objective of the Study:
• To assess the demand-supply scenario of Gear Oil which covers production, demand and supply of Gear Oil market in the globe.
• To analyse and forecast the market size of Gear Oil
• To classify and forecast Global Gear Oil market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Gear Oil market in the globe.
To extract data for Global Gear Oil market, primary research surveys were conducted with Gear Oil manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Gear Oil market over the coming years.
ChemAnalyst calculated Gear Oil demand across the globe by analyzing the volume of Gear Oil consumed by the end-user industries and the forecast is calculated based on the growth rate of end-use industries. ChemAnalyst sourced these values from industry experts and company representatives and externally validated them by analyzing the historical sales data of respective manufacturers to determine the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Gear Oil manufacturers and other stakeholders
• Organizations, forums and alliances related to Gear Oil distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Gear Oil manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years, thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Gear Oil market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2023
1.1 million tonnes
Market size Volume in 2034
1.5 million tonnes
Growth Rate
CAGR of 3.1% from 2024 to 2034
Base year
2023
Estimated year
2024
Historical Data
2015 – 2022
Forecast period
2025 – 2034
Quantitative units
Demand in million tonnes and CAGR from 2024 to 2034
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by Type, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process.
Segments covered
By End-Use: (Automotive & Transportation, Industrial Equipment, Metallurgy & Metalworking, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Member - Board of Directors
Osaka Gas Co. Ltd
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What was the net market size of Gear Oil in terms of volume in 2023?
Ans:
The global market size of Gear Oil has reached approximately 1.1 million tonnes in 2023.
Q2.
Which industry is the leading end-user industry of Gear Oil?
Ans:
Automotive & Transportation industry is the leading end-user industry of Gear Oil globally.
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