Industrial Gear Oil Market size to grow by USD 351.06 thoussand t from 2022 to 2027, 55% of Market Growth is Expected in APAC during the forecast period, Technavio

NEW YORK, Feb. 23, 2024 /PRNewswire/ -- The industrial gear oil market size is estimated to increase by USD 351.06 thousand t from 2023 to 2027. The market is estimated to progress at a CAGR of 2.95%, according to a recent market study by Technavio. The market is segmented by region APAC, North America, Europe, South America, and Middle East and Africa. An analysis of key leading countries has been included. APAC is estimated to account for 55% of the global market growth during the forecast period. The growth of the industrial gear oil market in APAC is high. This can be attributed to an increase in manufacturing activities, which, in turn, is propelling the demand for general machinery, thereby driving the need for industrial gear oil. The region is a successful global manufacturing hub, and registers significant investments in all its major industries. An increase in the number of large construction projects in the renewable energy sector to meet energy demand and population growth will contribute to the growth of the industrial gear oil market in APAC. Request a sample report

This report also offers a 5-year historical (2017-2021) data projection of market size, segmentation, and region. Discover market potential and make informed business decisions based on qualitative and quantitative evidence highlighted in Technavio reports. Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak. The Bargaining Power of Buyers & Suppliers and the Threat of New Entrants, Rivalry, and Substitutes have also been analyzed and rated between LOW-HIGH to provide a holistic view of market favorability. Request a sample report

Find Technavio's Exclusive Analysis of

• Price Sensitivity, Adoption Lifecycle, Customer Purchase Basket, Adoption Rates, and Purchase Criteria
• One of the core components of the customer landscape is price sensitivity, an analysis of which will help companies refine marketing strategies to gain a competitive advantage. 
• Another key aspect is price sensitivity drivers (purchases are undifferentiated, the purchase is a key cost to buyers, and quality is not important), which range between Neutral, LOW and HIGH.
• Furthermore, market adoption rates for all regions have been covered.

The addictions therapeutics market report also offers information on the criticality of inputs, R&D, CAPEX, technology, and products of 15 vendors listed Below -

ADVANCED LUBRICATION SPECIALTIES, AMALIE OIL CO., BASF SE, BP Plc, Chevron Corp., China Petrochemical Corp., Croda International Plc, Dyade Lubricants B.V., Exxon Mobil Corp., FUCHS PETROLUB SE, Hinduja Group Ltd., Petromin Corp., Shell plc, TotalEnergies SE, United Grease and Lubricants, Valvoline Inc., Apar Industries Ltd., Gandhar Oil Refinery India Ltd., Petroleos de Venezuela SA, and PJSC LUKOIL. Download Sample Report to provide a deeper understanding of the competitive landscape, Technavio has profiled key players along with the study that categorizes the global market segmentation.

Segmentation Analysis

This report extensively covers market segmentation by application (manufacturing, mining, agriculture, energy, and others), product (mineral-based lubricants and synthetic-based lubricants), and geography (APAC, North America, Europe, South America, and Middle East and Africa). 

• The market share growth by the manufacturing segment will be significant for market growth during the forecast period. The manufacturing industry is regarded as essential to both social and economic progress. Some of the factors which depend heavily on its manufacturing sector include a nation overall, and particularly its economic development. A nation's economic strength is determined by the growth of its manufacturing sectors and the share of manufacturing in GDP is, therefore, a basic indicator of the significance of the sector in a country's economy. Hence, growth in the manufacturing sector will spur the growth of the market in focus during the forecast period. For insights on global, regional, and country-level parameters with growth opportunities from 2017 to 2027. Buy report!

Global urbanization and industrialization

Global urbanization and industrialization are always on the growing side. This is due to some of the co-mediators having a consistent demand for commodities such as iron in ferroalloy metals, bauxite in non-ferrous metals, gold and silver in precious metals, gypsum and talc in industrial minerals, and coal in energy or mineral fuels. These commodities are an essential part of many day-to-day household and construction industry requirements and additionly, there are a few other mineral types, such as lithium, that are slowly gaining pace. These minerals can be one of the leading drivers of the metal and mining industry, in the nearby future. Hence, such factors contributing to the growth of the global industrial lubricants market, will grow the market during the forecast period.

• The rising demand from the marine industry is an emerging trend in the global industrial gear oil market growth.
• The increasing adoption of automatic lubrication systems is a major challenge impeding the growth of the global industrial gear oil market. In addition to the forecast, the report also highlights the key opportunities by analyzing drivers, trends, challenges for the market. VIEW PDF SAMPLE !

Analyst Review

The Market is experiencing significant growth, driven by several key sectors including wind energy, automotive, and industrial segments. With the rising demand for wind turbines in both onshore and offshore installations, the need for reliable lubrication solutions for main gearboxes and gear motor components has surged. Synthetic gear oils are gaining traction due to their superior performance over mineral-based counterparts, offering enhanced protection and efficiency. Incorporating advanced performance additives, these oils cater to diverse applications in power generation across thermal, hydro, and nuclear segments. As investment in renewable energy escalates and electricity consumption continues to rise, the industrial gear oil market is poised for sustained expansion, paralleling growth in construction activities and population.

In the dynamic landscape of the Industrial Gear Oil Market, the renewables segment emerges as a pivotal driver, fostering demand for sustainable lubrication solutions. Vehicle production amplifies this demand, necessitating high-performance gear oils to optimize operational efficiency. Localization rates play a crucial role, enhancing accessibility and affordability across diverse markets. As a manufacturing hub, the industry thrives on innovation, continuously refining end-user products to meet evolving needs. With a focus on sustainability and efficiency, industrial gear oils serve as the backbone, ensuring seamless operations across a spectrum of applications. In this dynamic ecosystem, the convergence of renewables, vehicle production, localization rates, manufacturing hubs, and end-user products delineates the trajectory of the market. VIEW PDF SAMPLE !

Related Reports:

The automotive differential gear market size is expected to increase to USD 4.85 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.07%.

The industrial gear motors and drives market size is expected to increase by USD 4.76 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.33%. 

Table of Contents:

1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

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SOURCE Technavio