Global Industrial Gear Oil Market 2017-2021
About Industrial Gear Oil
Lubricants play a vital role in sectors such as automotive, aviation, manufacturing, and marine. These are used in both new and old machines and equipment to reduce friction, which increases with time due to wear and tear of surfaces. Lubricants for industrial gear oil applications are used to minimize wear and tear in gearbox by reducing binding and friction. In some extreme cases, these may also prevent or reduce electrical resistivity, while increasing thermal conduction.
Technavio’s analysts forecast the global industrial gear oil market to grow at a CAGR of 2.89% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global industrial gear oil market for 2017-2021. To calculate the market size, the report considers the volume consumed in the lubricants market for gearbox applications and excludes aftermarket/services market.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Industrial Gear Oil Market 2017-2021
Technavio recognizes the following companies as the key players in the global industrial gear oil market: BP, Chevron Corporation, Exxon Mobil Corporation, Royal Dutch Shell, and Total.
Other Prominent Vendors in the market are: Apar Industries, CITGO Petroleum, Columbia Petro Chem, FUCHS, Gazprom, Idemitsu Kosan, LIQUI MOLY, The Lubrizol Corporation, LUKOIL, Pertamina, Petrobras, PetroChina, Sinopec, and SK Lubricants.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is increasing number of industry-specific products. One of the major trends in the market is the growing production of industry-specific lubricants. In terms of competitive offerings, two types of players exist in the market. The first constitutes companies that offer generic products and the second includes those companies that manufacture industry-specific products. In the recent years, many vendors have been increasingly focusing on offering specific mining lubricants.”
According to the report, one of the major drivers for this market is growth in the global construction industry. Infrastructure development has a direct impact on various sectors of the global economy. The need for better infrastructure leads to a high demand for heavy construction machinery such as trucks, crane, and others, as these can be useful in a wide range of construction activities. As there will be more demand for heavy machinery, there will be more manufacturing activity which will lead to higher number of manufacturing of heavy machinery, which will lead to a rise in demand of global industrial gear oil market.
Further, the report states that one of the major factors hindering the growth of this market is decrease in mining-related investments. There is a significant decline in the mining-related investments from the past few years. The economies globally where the mining plays an important role by contributing in their own GDPs have all shown a considerable decline in local and the foreign direct investments (FDI). There is a lack of demand for minerals and metals due to lowering of demand from the manufacturing sector. BRICS, which represents one-third of foreign direct investments in the mining sector, has shown a decline due to the weak economy. Only India has shown some respite from this scenario as its economy is stable due to high government spending in the infrastructure sector and the promotion of its manufacturing sector.
BP, Chevron Corporation, Exxon Mobil Corporation, Royal Dutch Shell, Total, Apar Industries, CITGO Petroleum, Columbia Petro Chem, FUCHS, Gazprom, Idemitsu Kosan, LIQUI MOLY, The Lubrizol Corporation, LUKOIL, Pertamina, Petrobras, PetroChina, Sinopec, and SK Lubricants.
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