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. New product launches, expansions, and acquisitions are the strategies adopted by the key players to strengthen their positions in the gear oil market. The maximum number of strategic developments took place in the North American region between January 2013 and May 2017. It was followed by the European region and the Middle East & Africa.
The key players operating in the gear oil market are Exxon Mobil Corporation (U.S.), Royal Dutch Shell plc (Netherlands), Chevron Corporation (U.S.), BP p.l.c. (U.K.), Total S.A. (France), PetroChina Company Limited (China), Sinopec Limited (China), LUKOIL (Russia), Fuchs Petrolub SE (Germany), and Idemitsu Kosan Co., Ltd. (Japan), among others.
Exxon Mobil Corporation (U.S.) is one of the leading gear oil producers in the world. In December 2016, the company launched new gear oil, namely, Mobil DTE PM Excel for paper machinery. The launch of this new gear oil aimed at strengthening the product portfolio of the company to enable it to enhance its shares in the gear oil market.
Royal Dutch Shell plc (Netherlands) is another leading manufacturer of gear oil, globally. The company focuses on new product launches to strengthen its market presence. For instance, in February 2017, the company launched new gear oil for scooters. This product launch is expected to help the company in strengthening its foothold in the gear oil market.
Another gear oil manufacturer, Chevron Corporation (U.S.) expanded its polyalphaolefin (PAO) production capacity by 10,000 tons per annum in March 2016. PAO is marketed by the company under brand name Synfluid, which is a major base stock for gear oil. This expansion helped the company to enhance its gear oil production capacity.
This report provides a detailed analysis of the gear oil market. In this report, the gear oil market has been segmented on the basis of the base oil, end-use industry, and region. On the basis of the base oil, the market has been segmented into mineral oil, synthetic oil [polyalphaolefin (PAO), polyalkylene glycol (PAG), esters, and group III], semi-synthetic oil, and bio-based oil. Based on the end-use industry, the 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 market has also been segmented on the basis of regions into Asia-Pacific, Europe, North America, the Middle East & Africa, and South America
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
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