SAN FRANCISCO, July 1, 2019 /PRNewswire/ -- Global industrial gear oils market is expected to grow at a significant CAGR in the upcoming period as the scope and its applications are rising enormously across the globe. The factors that are playing a major role in the growth of market for industrial gear oils are the developing construction industry, the high demand for heavy construction machineries like cranes and trucks, and the rising investment in developed regions for the renovation of the aging infrastructure, new office spaces, and the refurbishment activities. However, the high cost of investment may restrain the overall market growth in the years to come. Industrial gear oils market is segmented based on product type, application, and region.
Synthetic-based and mineral-based lubricants are the product types that could be explored in market in the forecast period. The mineral-based lubricants sector may account for the substantial share of market and is estimated to lead the overall market in the years to come. The reason could be the ease of availability and affordability. The market may be categorized based on applications like agriculture, manufacturing industry, construction, steel industry, mining, and others that could be explored in the forecast period. The construction sector may account for the substantial share of industrial gear oils market and is estimated to lead the overall market in the years to come. The reason could be the developing construction industries in emerging countries.
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Industrial gear oils market is segmented geographically into Americas (North America, South America), Europe (Eastern Europe, Western Europe), Asia Pacific (India, China, Japan, New Zealand, and Australia), Middle East (UAE, Saudi, and Qatar) and Africa (South Africa). Globally, Asia Pacific may account for the substantial share of industrial gear oils market and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be the rising construction industry/projects, growing population, and the high demand for renewable energy. The developing countries like India and China are the major consumers of industrial gear oils in this region.
The key players of industrial gear oils market are Total, BP, Royal Dutch Shell, Chevron Corporation, Apar Industries, Exxon Mobil Corporation, SK Lubricants, CITGO Petroleum, Sinopec, Columbia Petro Chem, and The Lubrizol Corporation. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.
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- Geographically, this report is segmented into several key Regions, with production, consumption, revenue (M USD), market share and growth rate of Industrial Gear Oils in these regions, from 2012 to 2023 (forecast), covering
- North America (United States, Canada and Mexico)
- Europe (Germany, France, UK, Russia and Italy)
- Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
- South America (Brazil, Argentina, Columbia)
- Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
- Global Industrial Gear Oils market competition by top manufacturers, with production, price, revenue (value) and market share for each manufacturer; the top players including
- ADDINOL Lube Oil GmbH
- Advanced Lubrication Specialties
- Afton Chemical Corporation
- Amalie Oil Company
- Bechem Lubrication Technology, LLC
- Chem Arrow Corporation
- CLC Lubricants, Inc.
- D-A Lubricant Company, Inc.
- Exxon Mobil Corporation
- Fuchs Lubricants Co.
- GMC Oil Company
- LOTOS Company
- Lubricating Specialties Company
- Lubrication Engineers, Inc.
- Lubrita Company
- On the basis of product, this report displays the production, revenue, price, market share and growth rate of each type, primarily split into
- Worm Gear Oils
- On the basis on the end users/applications, this report focuses on the status and outlook for major applications/end users, consumption (sales), market share and growth rate of Industrial Gear Oils for each application, including
- Manufacturing Industry
- Steel Industry
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