Gear Oil Global Market Report 2024

The global gear oil market has grown steadily in recent years. It will grow from $8.44 billion in 2023 to $8.67 billion in 2024 at a compound annual growth rate (CAGR) of 2.8%. The growth observed in the historical period can be attributed to a focus on equipment maintenance and longevity, adherence to regulatory standards and specifications, a heightened demand for heavy machinery and industrial equipment, advancements in manufacturing processes, and the growth of the automotive industry.

The global gear oil market is expected to see steady growth in the next few years. It will grow to $9.89 billion in 2028 at a compound annual growth rate (CAGR) of 3.4%. The expected growth in the forecast period can be attributed to the shift towards environmentally friendly lubricants, the increasing demand for industrial automation and machinery, a concentrated focus on energy efficiency, and compliance with industry standards and specifications. Major trends expected in the forecast period include a heightened focus on performance enhancement, the development of innovative synthetic and high-performance oils, the formulation of industry-specific lubricants, the integration of digitalization and predictive maintenance strategies, and an increased emphasis on maintenance and condition monitoring in the lubricants sector.

The gear oil market is anticipated to experience significant growth, propelled by the expanding automotive industry. Gear oil plays a crucial role in ensuring the smooth operation of a vehicle's drivetrain and safeguarding essential internal components from wear and heat damage. As an illustration, in August 2023, total vehicle production in the United States surged to 11.77 million units, marking an increase from 10.91 million units in June. This surge in production underlines the pivotal role of gear oil in sustaining the efficiency and longevity of automotive systems, thereby driving the growth of the gear oil market.

The gear oil market is set to be propelled by the growth of the construction industry. Gear oil plays a vital role in lubricating gears and bearings in construction equipment, ensuring smooth operation, reducing friction, and extending the lifespan of critical components. In the fourth quarter of 2022, quarterly construction production increased by 0.3% compared to the third quarter of 2022, with an annual production growth of 5.6% in 2022 compared to 2021. This growth in construction activities underscores the increasing demand for gear oil in maintaining the operational efficiency of construction equipment, thereby contributing to the gear oil market's expansion.

The gear oil market is witnessing a key trend in product innovation, with major companies actively developing advanced lubricant solutions. Motorex, a Switzerland-based chemicals company, exemplifies this trend with the launch of ALPINE PRO 220. This innovative gear oil features a unique combination of wear additives designed to enhance its performance. The cutting-edge technology incorporated in ALPINE PRO 220 reduces wear, extending the service life of critical components such as gear wheels, bearings, and braking discs. The oil's distinctive feature is its ability to provide maximum protection under extreme conditions, including temperatures as low as -50 °F and moist atmospheres like snow mist.

Major companies in the gear oil market are adapting to changing trends in the automotive industry, particularly the rise of electric vehicles (EVs). In response to the growing need for specialized lubricants, companies are developing innovative products such as specialized EV transmission fluids. Castrol, a UK-based oil company, introduced its first dedicated EV Transmission Fluids, D1 and D2. These fully synthetic fluids are designed for workshops certified to service EV powertrains, enhancing gear and bearing protection for transmissions with dry e-motors. The goal is to extend the drivetrain life and increase the range of electric vehicles, aligning with the evolving automotive landscape.

In May 2021, Chevron Corporation, a prominent U.S.-based oil and lubricant manufacturing company, successfully acquired Noble Midstream Partners LP for a total consideration of $33.925 million. This strategic acquisition is designed to strengthen Chevron's leadership positions in the DJ and Permian basins, further solidifying its presence in key energy markets. Additionally, the acquisition facilitates governance streamlining within Chevron's operational structure. Noble Midstream Partners LP, based in the United States, is engaged in the production of crude oil, gear oil, and natural gas.

Major companies operating in the gear oil market report are Exxon Mobile Corporation, Royal Dutch Shell PLC, Chevron Corporation, BP PLC, Total S.A, Sinopec Group, PJSC Lukoil Oil Company, Idemitsu Kosan Company Ltd., Fuchs Petrolub SE, Petrochina Company Limited, Gazprom Neft PJSC, Shell International B.V., China Petrochemical Corporation, Phillips 66 Company, Saudi Arabian Oil Co., Castrol Limited, Liqui Moly GmbH, Calumet Specialty Products Partners, Morris Lubricants, Penrite Oil Company, Carl Bechem GmbH, Valvoline Inc., Peak Lubricants Pty. Ltd., Indian Oil Corporation Ltd., JX Nippon Oil & Energy Corporation, Kemipex Group, Lukoil Oil Company, Gulf Oil Corporation Limited, Pennzoil Company, Quaker Chemical Corporation.

North America was the largest region in the gear oil market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the gear oil market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the gear oil market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of gear oil products include transportation and industrial gear oils. Transportation gear oil is a specialized lubricant formulated for use in transmissions, transfer cases, and differentials in cars and trucks. Various base oils are employed in the production of gear oils, including mineral oil, synthetic oil, semi-synthetic oil, and bio-based oil. These gear oils find applications across a range of industries, including manufacturing, construction, agriculture, oil and gas, mining, and various other end-user sectors.

This report provides gear oil market statistics, including gear oil industry global market size, regional shares, competitors with a gear oil market share, detailed gear oil market segments, market trends, and opportunities, and any further data you may need to thrive in the gear oil industry. This gear oil market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The gear oil market consists of sales of polyalphaolefins (PAOs), esters oils, and polyglycols. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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