This Gear Oil market report offers list of the chief competitors and provides the strategic insights and analysis of the key factors influencing the industry. The major areas covered in the report include market definition, market segmentation, competitive analysis and research methodology. Moreover, for the businesses, it is the most important to get knowhow of consumer’s demands, preferences, attitudes and their changing tastes about the specific product which can be studied via this report. This Gear oil report best suits the requirements of the client.
Global Gear oil market accounted for USD 7.34 billion in 2016 and is projected to grow at a CAGR of 2.70% during the forecasting to 2024.
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Market Definition: Global Gear Oil Market
Gear oil is a lubricant made specifically for differentials in automobile transmissions and transfer cases. Gear oil is characterized by high viscosity in order to protect the gears byreducing the friction and wear& tear of the gear tooth surfaces, evacuation of the heatcreated by theoperating gear and corrosion protection of the gear parts.
Major Market Competitors:
Some of the major players operating in global gear oil market are Exxon Mobil Corporation, Chevron Corporation, Royal Dutch Shell Plc, BP p.l.c., Lukoil, Total Lubrifiants, PetroChina Company Limited, Idemitsu Kosan Co., Ltd, Sinopec Corp., CITGO Petroleum Corporation, Apar Industries Ltd., FUCHS, and The Lubrizol Corporation among others.
Major Market Drivers and Restraints:
- Rising demand from power industry
- Improved quality of gear oils
- Growing automotive industry
- Strict environmental regulations restricting the use of gear oils
Key Insights in the report:
- Historical and current market size and projection up to 2024.
- Market trends impacting the growth of the global brewing enzymes market.
- Analyze and forecast brewing enzymes market on the basis of type, application, source, form and process
- Trends of key regional and country-level markets for type, application, source, form and process
- Company profiling of key players which includes business operations, product and services, geographic presence, recent developments and key financial analysis.
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On the basis of type, global gear oil market is segmented into mineral oil, synthetic oil, semi-synthetic oil and bio-based oil. Synthetic oil is sub segmented into poly-alpha-olefin(PAO), polyalkylene glycol (PAG) and Group III (hydrocracking).
On the basis application global gear oil market is segmented into general industrial and transportation. General industrial is sub segmented into manufacturing, mining, construction, agriculture, oil & gas and others, whereas transportation is sub segmented into automotive, marine, railway, and aviation. Transportation segment accounts for the highest consumption due to increasing usage gear oils in the automotive industry.
On the basis of geography, global gear oil market report covers data points for 28 countries across multiple geographies namely North America & South America, Europe, Asia-Pacific, and Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil among others. In 2017, North America is expected to dominate the market.
The global gear oil market is consolidated due to the presence of limited number of players concentrated in few countries. These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
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