DUBLIN, July 17, 2017 /PRNewswire/ --
The "Gear Oil Market by Base Oil (Mineral, Synthetic, Semi-Synthetic, Bio-based), End-Use Industry (General Industrial (Manufacturing, Mining, Construction, Oil & Gas), Transportation (Automotive, Marine, Aviation)), Region - Global Forecasts to 2022" report has been added to Research and Markets' offering.
The gear oil market was valued at USD 7.32 Billion in 2016 and is projected to reach USD 8.58 Billion by 2022, at a CAGR of 2.69% from 2017 to 2022
The increase in the use of automatic transmission systems is hindering the growth of manual transmission systems, which, in turn, is expected to restrain the growth of the gear oil market as gear oils do not contain the additives required for the easy functioning of automatic transmissions. Thus, the growth of the gear oil market is expected to decline between 2017 and 2022. Moreover, the stringent implementation of various environmental regulations related to the use of environment-friendly products in developed economies is expected to limit the demand for gear oils between 2017 and 2022.
In terms of volume, the market is projected to reach 2,496.0 kilotons by 2022. The massive industrial growth in the Middle East & Africa and Asia-Pacific regions, coupled with the rising demand for gear oils from the automotive and power industries are key factors driving the growth of the gear oil market during the forecast period.
On the basis of the base oil, the gear oil market has been classified into mineral oil, synthetic oil [polyalphaolefin (PAO), polyalkylene glycol (PAG), esters, and group III], semi-synthetic oil, and bio-based oil. The mineral oil segment is projected to lead the gear oil market during the forecast period. The growth of the mineral oil segment of the market can be attributed to the easy availability of mineral oils at low cost. However, the semi-synthetic oil segment of the gear oil market is projected to grow at the highest CAGR during the forecast period mainly due to advanced properties offered by these oils at low cost.
Based on the end-use industry, the gear oil market has been segmented 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). The demand for gear oils is high from the general industrial segment due increase in the construction activities in the residential sector of China and rapid infrastructural developments taking place in India.
The gear oil market has been studied for Asia-Pacific, Europe, North America, the Middle East & Africa, and South America. The Asia-Pacific region is the largest for gear oils across the globe. The Asia-Pacific gear oil market is projected to grow at the highest CAGR during the forecast period.
The increasing disposable income of the middle-class population of the Asia-Pacific region makes it an attractive market for manufacturers of gear oils. The tremendous increase in the industrial production and growth in trade activities in the region are primarily responsible for the high consumption of gear oils in the Asia-Pacific region.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Gear Oil Market, By Base Oil
7 Gear Oil Market, By End-Use Industry
8 Gear Oil Market, By Region
9 Competitive Landscape
10 Company Profiles
- Addinol Lube Oil GmbH
- Advanced Lubrication Specialitis Inc.
- Amalie Oil Co.
- BP P.L.C.
- Bechem Lubrication Technology LLC.
- Bel-Ray Company LLC.
- Chevron Corporation
- Croda International PLC.
- ENI SPA
- Exxonobil Corporation
- Fuchs Petrolub Se
- Idemitsu Kosan Co., Ltd
- Indian Oil Corporation Ltd
- Liqui Moly GmbH
- Morris Lubricants
- Peak Lubricants Pty Lyd
- Penrite Oil
- Petrochina Company Limited
- Phillips 66 Company
- Rock Valley Oil & Chemical Co.
- Royal Dutch Shell PLC.
- Sinopec Limited
- Total S.A.
- Valvoline Inc.
For more information about this report visit https://www.researchandmarkets.com/research/tjltkw/gear_oil_market
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SOURCE Research and Markets