The global market for gear oil is envisaged to exhibit growth at a healthy pace in the next few years, with growth opportunities driven by the vast rise in global demand for heavy construction machinery. The market is predicted to witness healthy growth avenues across developed as well as developing economies; developing economies across regions such as Asia Pacific and Latin America will demand heavy construction machinery for the vast number of new construction projects in the public as well as commercial infrastructure sectors. Developed economies are expected to utilize construction machinery for the refurbishment and improvement of aging infrastructure.
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The global gear oil market is expected to witness a significant rise in demand for bio-based oils in the next few years. Stringent regulations are requiring industries to adhere to emission reduction norms and an overall rise in usage of products manufactured from bio-based raw materials has been witnessed in the recent past. Bio-based gear oils are expected to gain massive demand in developed economies and are expected to witness steady rise in market opportunity in regions with emerging economies and a string industrial sector.
As the market features the presence of a number of small and large companies, it has a largely fragmented vendor landscape and is highly competitive. Development in the field of bio-based gear oil is expected to remain one of the core strategies adopted by leading vendors in the market as a way to stay ahead of their peers.
Gear oil is a form of fluid lubricant which is used in gearboxes. Gear oils are utilized to reduce the friction caused due to movement, remove the heat generated by the operating gear, and protect the gear parts from corrosion. An ideal gear oil provides efficient, reliable, and low-maintenance operation of gears at different conditions such as variable speed, oil contaminations, and working temperatures.
The usage of gear oils depends primarily on the nature of the application it is being used for. The viscosity of the gear oil is a major factor affecting its usage and performance in different end-user industry. Additives can also be added to the gear oils to impart certain functions and characteristics, making them more application specific. In terms of type of base oils, gear oils are classified as bio-based oil, mineral oil, synthetic oil and semi synthetic oil.
Gear oils are employed in a wide range of end-user industries. Some common fields of application of gear oils include transportation, rubber and plastic manufacturing, power generation, mining, the oil & gas industry, construction, and agriculture. For selection of an ideal gear oil, criteria such as its viscosity, base oil, and the type of lubricant utilized must be checked. Each application type requires certain specifications in terms of its viscosity and the additives being used along with the gear oil.
The usage of gear oils is estimated to rise further due to rising standard of living as well the rapid rate of industrialization, which in turn is anticipated to drive the market in the near future., The usage of semi-synthetic base oils in gear oil is high as compared to the other types of base oils. Semi-synthetic oils offer better performance in conditions where chances of being exposed to contamination and dust are high. Following semi-synthetic oils, the usage of synthetic oils is anticipated to increase in the near future.
The utilization of gear oils is substantially high in the transportation industry since the last few years. Rise in the number of modes of transport at public as well as personal level is fuelling the demand for gear oils. Furthermore, there has been a rise in the spending power of the population in the developing nations in regions such Middle East & Africa. This, in turn, is propelling the demand for gear oils.
Asia Pacific is a major market for gear oils. The presence of various industries in the region is considered to be a primary factor for the demand of gear oils in the region. Increasing construction activities in the countries in Asia such as China and Japan is projected to boost the demand for gear oils in the region.
Europe and Middle East & Africa are anticipated to provide opportunities for the gear oil market due to the development of various industries and manufacturing units in these regions. North America is estimated to witness substantial growth of the gear oil market in the near future. Demand for gear oils in transportation is likely to drive the market in the near future. Expansion of the gear oil market in Latin America is primarily due to the increase in agricultural practices and transportation in countries such as Mexico and Brazil.
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Key players operating in the gear oil market include Royal Dutch Shell plc, Sinopec Limited, Exxon Mobil Corporation, and Chevron Corporation.
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