Gear Oils Market Size

Gear Oil Market size was valued at USD 9.23 billion in 2024 and is expected to cross USD 13.73 billion by the end of 2037, expanding at more than 3.1% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of gear oil is estimated at USD 9.46 billion. The recent shift towards increasing the use of bio-based lubricants is driving the growth of the market. For instance, the production of bio-based lubricants was around USD 23 million in Germany in 2021. Therefore, companies have increased the production of environmentally friendly base oil in order to reduce dependence on petroleum and other non-renewable raw material sources.

The adoption of innovative machinery to enhance and optimize production is further supported by the increase in demand for products resulting from a variety of applications, which is boosting the growth of the gear oil market. Also, the increasing use of IoT-based applications is also expected to drive the market growth rapidly.

Frequently Asked Questions (FAQ)

In the year 2025, the industry size of gear oil is estimated at USD 9.46 billion.

The gear oil market size was valued at USD 9.23 billion in 2024 and is expected to cross USD 13.73 billion by the end of 2037, expanding at more than 3.1% CAGR during the forecast period i.e., between 2025-2037. Growing demand from marine industry, increasing implementation of automation in manufacturing and growing adoption in wind turbines will boost the market growth.

Asia Pacific industry is poised to hold largest revenue share 36% by 2037, due to growing consumption of lubricants and greases in the region.

The major players in the market are Repsol, Exxon Mobil Corporation, BP p.l.c., Chevron Products Company, Novvi LLC, Japan Petroleum Exploration Co., Ltd, Cosmo Energy Holdings Co. Ltd, Mitsubishi Corporation, Inpex Corp, Fuji Oil Company Ltd and others

Gear Oils Market Size