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The gear oil market is projected to grow at a CAGR of 2.69% during the forecast period from 2017 to 2022.
The gear oil market is expected to reach USD 8.58 billion by 2022, at a CAGR of 2.69% from 2017 to 2022. The growth of the gear oil market is primarily due to the massive industrial growth taking place in the Middle East Africa and AsiaPacific regions, coupled with the rising demand for gear oils from the power and automotive industries. The factors restraining the growth of the gear oil market are the technological advancements and environmental regulations. The growth of the gear oil market is hampered by several regulatory guidelines issued by a number of governing bodies, which exert pressure on the manufacturers of gear oils to develop environmentfriendly products. In addition, technological advancements, such as development of automatic transmission systems, portable and reduced size gear boxes, and hybrid electric vehicles HEVs, which consume less or no gear oil, are also expected to hinder the growth of the gear oil market during the forecast period.
Among base oils, the mineral oil segment is estimated to lead the gear oil market in 2017.
Among base oils, the mineral oil segment is estimated to lead the gear oil market in 2017. Factors such as the easy availability of mineral oilbased gear oils as well as their low costs are expected to drive the growth of the gear oil market during the forecast period. Moreover, the growth of the mineral oil segment of the market can be attributed to the increased demand for mineral oilbased gear oils from the Middle East Africa and AsiaPacific regions. However, the mineral oil segment of the gear oil markets in the North American and European regions is expected to grow at low CAGRs during the forecast period due to the slow economic growth in these regions.
Among enduse industries, the general industrial segment is projected to lead the gear oil market during the forecast period.
The general industrial segment is projected to lead the gear oil market during the forecast period, owing to high demand for gear oils in different industries. The general industrial segment of the gear oil market has been broadly classified into manufacturing, mining, construction, oil gas, and agriculture, among others. The increase in the construction activities in the residential sector of China and rapid infrastructural developments taking place in India are expected to fuel the demand for gear oils in the construction industry between 2017 and 2022.
The AsiaPacific gear oil market is projected to grow at the highest CAGR between 2017 and 2022.
The AsiaPacific region is the largest market for gear oils across the globe. The increasing disposable income of the middleclass population of the AsiaPacific region makes it an attractive market for gear oils. The tremendous growth in the industrial production and increased trade activities in the region are primarily responsible for the high consumption of gear oils in the AsiaPacific region, thereby fueling the growth of the AsiaPacific gear oil market.
Breakdown of profiles of primary interviews for the report
By Company Type Tier 130%, Tier 243%, and Tier 327%
By Designation C Level43%, Director Level30%, and Others27%
By Region North America37%, Europe23%, AsiaPacific26%, and RoW14%
Some of the key companies profiled in this report 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.
The gear oil market has been segmented on the basis of base oil, enduse industry, and region. On the basis of the base oil, the market has been subsegmented into mineral oil, synthetic oil [polyalphaolefin PAO, polyalkylene glycol PAG, esters, and group III], semisynthetic oil, and biobased oil. Based on the enduse industry, the market has been classified 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. On the basis of region, the market has been segmented into AsiaPacific, Europe, North America, Middle East Africa, and South America.
This report covers the following studies:
Market segmentation based on base oil, enduse industry, and region and their subsegments
Market dynamics including drivers, restraints, opportunities, and challenges
Value chain analysis
Porter's five forces analysis with respect to the gear oil market
Profile of the key market players of the gear oil market
Original Article: Gear Oil Market by Base Oil Mineral, Synthetic, SemiSynthetic, Biobased, EndUse Industry General Industrial Manufacturing, Mining, Construction, Oil Gas, Transportation Automotive, Marine, Aviation, Region Global Forecasts to 2022 [Report Updated: 19062NEXT ARTICLE