Gear Oils Market Analysis

Type (Mineral-based Lubricants, Synthetic-based Lubricants)

Gear oil market from the synthetic -based lubricants are expected to hold the largest share of 54% during the forecast period. The growth can be attributed to the enhanced properties of synthetic-based lubricants such as assisting in temperature control by absorbing the heat generated by the moving vehicle parts and transmitting them to a cooler or sump. Also, these types of lubricants are used extensively in automobiles due to their superior properties. Consequently, it is anticipated that rising automobile production and the installation of new machinery will further fuel the segment's expansion. The need for synthetic fibers is also increasing as a result of technological developments like the NSF Food Lubricants standard, which was established for the use of synthetic lubricants by significant equipment manufacturers in the food sector.

Industry Vertical (Chemical & Petrochemical, Oil & Gas, Energy & Power, Automotive, Food & Beverages, Healthcare)

The automotive segment in the gear oil market is anticipated to hold a share of 34% during the forecast period. The growth can be attributed to the rise in sales of passenger vehicles like buses, lorries, and other consumer cars. Public transportation has improved in rising economies like China, India, and Brazil as a result of economic expansion in these countries. The need for commercial automotive lubricants is anticipated to increase due to this trend. Over the projected period, rising sales of commercial vehicles including heavy-duty trucks and construction machinery like cranes, bulldozers, and concrete mixers are anticipated to support the expansion of the Middle East & Africa region. As per a report, with more than 21 million vehicles manufactured in 2021, China is the greatest producer of passenger automobiles in the world, making up nearly one-third of global output. Therefore, these factors are escalating the growth of this segment.

Our in-depth analysis of the global gear oil market includes the following segments: