Automotive Gear Oil Market, Market Size, Application Report

Automotive Gear Oil Market, Market Size, Application Analysis, Regional Outlook, Competitive Strategies And Forecasts, 2016 To 2024

Format: PDF  |  Report ID: 175

The automotive gear oil industry is expected witness significant growth over the next eight years owing to its rising demand for industrial, automotive and construction machinery. The automotive gears are rotating machine parts having cogs which couple with another rotating part to transmit torque. The product is useful for lubricating the gears, reduce engine heating, provide high transmission efficiency, protect from rusting & corrosion, provide better oxidation and proper clutch friction. All these qualities of gear oil make it the least cost lubricant for the gears and this, in turn, is likely to take the market further regarding usage and expansion. Increasing demand for the light motor vehicles, passenger cars, and heavy-duty commercial motor vehicles is expected to be a primary driver for the growth of this sector.

The market is forecasted to register growth at a CAGR of around 1.8% over the next eight years period owing to growing automotive industry across various parts of the world. Regarding volume, the global lubricant industry is expected to reach 44,000 kilo tons mark by 2020, of which the product holds a significant share. The automotive gear oil has high viscosity, which is necessary for the protection of gears, better performance, and better transmission of oil throughout the gear chains. Rising demand for the product in manufacturing units, automobiles and construction machines to carry out smoother working and increase the durability of the equipment is anticipated to drive the need over the next eight years. The increasing number of vehicles and machinery in the manufacturing facilities is likely to bring about an upswing in the growth trajectory of this sector.

The product is broadly classified as petroleum based and synthetic gear oil. High resistance power and reduced energy consumption offered by synthetic gear oil are expected to provide a competitive advantage for the product as compared to its counterpart. As a result, manufacturers are likely to increase the production capacities of synthetic gear oils to meet the rising consumer demand. The product can reduce noise in the transmission process, offer protection against extreme temperature and pressure and help to remove the damaged particles away from contact areas, which is expected to boost its demand for industrial and construction operation over the next eight years.

The North America is the most dominant market for automotive gear oil, attributing to a large volume of vehicles, and also, it holds the largest share of this sector, followed by Europe and then Asia-Pacific. The Asia-Pacific is expected to witness an upward trend in the growth of the concerned sector as the emerging economies such as India, China, Thailand, Malaysia, Indonesia, and Sri Lanka are becoming the largest small car markets on the global level. The presence of the main automotive companies in Japan such as Honda, Suzuki, Yamaha, Nissan and Toyota are expected to have a positive impact on the market growth. Increasing levels of disposable incomes, developing public transportation infrastructure, increasing the number of private vehicles, rising amount of mobility & commuting, and growing amount of goods transportation from micro, small & medium enterprises in the region are set to boost the demand with a substantive growth over the next eight years. Expansion of industrial machinery and automotive sector in Qatar is expected to expand product market in this region. Saudi Arabia is supposed to witness considerable growth in the industry on account of development and expansion of shipping ports and rail lines in this area.

Rapid industrialization in the emerging economies such as India, Brazil, Mexico, and China has encouraged the end- user applications in industrial machinery to use gear oil in more quantities which is expected to foster the growth of this sector at a global level. Also, the rising spending on construction activities in Asia-Pacific and South America is a major driver for the growth of this industry. The increasing use of the product as hydraulic oil, bearing oil, engine oil and in wire rope, applications are likely to have a positive impact on the industry growth over the projected period. Increasing demand for electric vehicles in the Europe is anticipated to drive the market growth over the next eight years. Rising investments in public transportation and increasing construction renovation activities in the region are expected to open new avenues for the market growth over the projected period.

The industry characterized by the presence of numerous players with the strong foothold in the market. Prominent players in the market include Lubrication Engineers Inc., Royal Dutch Shell Plc., Fuchs Lubricants Co., Chevron Corporation, Exxon Mobil Corporation (XOM), Saudi Arabian Oil Co., Hindustan Petroleum Corporation Limited, and China Petroleum & Chemical Corporation (Sinopec).

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