Gear Oil Market Size & Share, by Type (Mineral-based Lubricants, Synthetic-based Lubricants); Industry Vertical (Chemical Petrochemical, Oil Gas, Energy Power, Automotive, Food Beverages, Healthcare); Application (Manufacturing, Agriculture, Mining, Steel, Energy, Wind Turbine Gearboxes, Shock Loads, Mining Machinery, Extreme Loads, Worm Drives) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

Growth Drivers

• Growing Demand from Marine Industry – The seaborne trade has observed a steady increase, which is likely to drive the market growth due to the need for gear oil for marine engines and other parts of ships. Significant growing economies like China and India have developed into key hubs for the production of a variety of goods and commodities. Bulk goods like grain and oil are transported aboard container ships. For instance, the majority of the commodities that are traded by the United States are transported via waterways, primarily by seagoing vessels. Over 41% of the entire value of products traded by the United States is transported by ships. Therefore, the expansion of the marine industry is escalating the gear oil market growth rapidly.
• Increasing Implementation of Automation in Manufacturing – The increasing demand for automation in the manufacturing sector is escalating the market growth rapidly. Through increased production capacity, predictable maintenance, and lower costs, automation increases efficiency. These advantages also assist the business in developing a wide range of product kinds that appeal to consumers while requiring little investment and producing a favourable return on investment. Because of this, there is a greater reliance on machinery and equipment, both of which need regular maintenance and lubrication to operate. As a result, the gear oil market is expanding due to the increase in demand for industrial equipment backed by automation.
• Growing Adoption in Wind Turbines – Gear oils are extensively used in the gearbox and other gear motor components. There is an increasing demand for gear oils in wind turbines, because of their improved properties over their mineral-based counterparts. Additionally, with the installed capacity of wind turbines consistently rising each year, the production of electricity from wind energy is expanding quickly on a global scale. One factor in the rise in power generation has been the decline in offshore sector prices. These factors are driving the market growth.

Challenges

• Adoption of Automatic Lubrication Systems – Increased use of automatic lubrication systems will result in less lubricant being needed, which will have an effect on gear oil market expansion. Significant damage may cause an eight-month delay in the renovation process. The end-user is forced to pursue an alternative path for better maintenance and servicing as a result of these delays. The development of the global market for gear oils would be hampered by all of these reasons throughout the forecast period.
• Fluctuation of Raw Material Prices to Restraint Market Growth
• Growing Apprehensions About Environmental Pollution to Limit Uptake