The 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 forecast period of 2017 to 2024.
Complete report on Global Gear Oil Market Research Report 2017-2024 spread across 350 Pages, profiling Top companies and supports with tables and figures
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Some of the major players operating in this market are
- Exxon Mobil Corporation
- Chevron Corporation
- Royal Dutch Shell Plc
- BP p.l.c.
- Total Lubrifiants
- PetroChina Company Limited
- Idemitsu Kosan Co., Ltd
- Sinopec Corp.
- CITGO Petroleum Corporation
- Apar Industries Ltd.
- FUCHS and The Lubrizol Corporation
Major market drivers: Global Gear Oil Market
- Rising demand from power industry
- Improved quality of gear oils
- Growingautomotive industry
- Strict environmental regulations restricting the use of gear oilsRigid environmental regulations pertaining to the sustainability of structures
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Customize report of " Global Gear Oil Market" as per customers requirement also available.
Global Gear Oil Market is segmented on the basis of
Market Segmentations in Details:
On the basis of Type, global gear oil market is segmented into mineral oil, synthetic oil, semi-synthetic oil and bio-based oil.Synthetic oilis 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
- North America
- South America
- Middle East & Africa
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Global Gear Oil Market Company Share Analysis:
The Global Gear Oil Market Report 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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