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

  • Report ID: 5363
  • Published Date: Nov 02, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Gear Oil Market size is anticipated to cross USD 13 Billion by the end of 2036, growing at a CAGR of 3% during the forecast period, i.e., 2024-2036. In the year 2022, the industry size of gear oil was over USD 9 Billion. The recent shift towards increasing the use of bio-based lubricants is driving the growth of the market. For instance, the production of bio-based lubricants was around USD 23 million in Germany in 2021. Therefore, companies have increased the production of environmentally friendly base oil in order to reduce dependence on petroleum and other non-renewable raw material sources.

The adoption of innovative machinery to enhance and optimize production is further supported by the increase in demand for products resulting from a variety of applications, which is boosting the growth of the gear oil market. Also, the increasing use of IoT-based applications is also expected to drive the market growth rapidly.

Gear Oils Market Overview
Get more information on this report: Request Free Sample PDF

Gear Oil Market: Growth Drivers and Challenges

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.


  • 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

Gear Oil Market: Key Insights

Base Year


Forecast Year



~ 3%

Base Year Market Size (2023)

 ~ USD 9 Billion

Forecast Year Market Size (2036)

 ~ USD 13 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
Get more information on this report: Request Free Sample PDF

Gear Oil Segmentation

Type (Mineral-based Lubricants, Synthetic-based Lubricants)

Gear oil market from the synthetic -based lubricants are expected to hold the largest share of 54% during the forecast period. The growth can be attributed to the enhanced properties of synthetic-based lubricants such as assisting in temperature control by absorbing the heat generated by the moving vehicle parts and transmitting them to a cooler or sump. Also, these types of lubricants are used extensively in automobiles due to their superior properties. Consequently, it is anticipated that rising automobile production and the installation of new machinery will further fuel the segment's expansion. The need for synthetic fibers is also increasing as a result of technological developments like the NSF Food Lubricants standard, which was established for the use of synthetic lubricants by significant equipment manufacturers in the food sector.

Industry Vertical (Chemical & Petrochemical, Oil & Gas, Energy & Power, Automotive, Food & Beverages, Healthcare)

The automotive segment in the gear oil market is anticipated to hold a share of 34% during the forecast period. The growth can be attributed to the rise in sales of passenger vehicles like buses, lorries, and other consumer cars. Public transportation has improved in rising economies like China, India, and Brazil as a result of economic expansion in these countries. The need for commercial automotive lubricants is anticipated to increase due to this trend. Over the projected period, rising sales of commercial vehicles including heavy-duty trucks and construction machinery like cranes, bulldozers, and concrete mixers are anticipated to support the expansion of the Middle East & Africa region. As per a report, with more than 21 million vehicles manufactured in 2021, China is the greatest producer of passenger automobiles in the world, making up nearly one-third of global output. Therefore, these factors are escalating the growth of this segment.

Our in-depth analysis of the global gear oil market includes the following segments:


  • Mineral-based Lubricants
  • Synthetic-based Lubricants

          Industry Vertical

  • Chemical & Petrochemical
  • Oil & Gas
  • Energy & Power
  • Automotive
  • Food & Beverages
  • Healthcare


  • Manufacturing
  • Agriculture
  • Mining
  • Steel
  • Energy
  • Wind Turbine Gearboxes
  • Shock Loads
  • Mining Machinery
  • Extreme Loads
  • Worm Drives

Want to customize this research report as per your requirements? Our research team will cover the information you require to help you take effective business decisions.

Customize this Report

Gear Oil Industry - Regional Synopsis

APAC Market Forecast

Asia Pacific gear oil market is expected to hold the largest share of 36% during the forecast period. The growth can be attributed to the growing consumption of lubricants and greases in the region. Due to its extensive manufacturing activity across a variety of industries and its fast-paced development in the industrial and automotive sectors, Asia Pacific is one of the world's largest manufacturers and users of lubricants. As per the recent report, compared to the prior year, China's industrial production rose by roughly 3.6% in 2022. Also, the region holds the leading position in the marine industry, owing to a large number of ports and increasing trade activities with the neighbouring nations. These factors are accelerating the market growth in the region.

North America Market Statistics

The gear oil market in North America is expected to hold a share of 27% during the forecast period. The market is rising owing to the restoration of the automobile industry in the region. High-end construction machinery is needed to build these skyscrapers, increasing the demand for lubricants. A growing oil and gas industry in North America is providing value-creation opportunities for producers of industrial lubricants. In the local oil and gas industry, drilling and exploration activities are driving up demand for gear oil. Due to the rising demand for lubrication for particular applications in cars, building construction, metallurgy, and other areas, the region is also predicted to experience relatively significant expansion in the gear oils market. Therefore, these factors may positively impact the market growth of gear oil in the region.

Companies Dominating the Gear Oil Market

  • Repsol
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Exxon Mobil Corporation
  • BP p.l.c.
  • Chevron Products Company
  • Novvi LLC

Research Nester
Gear Oils Market Region

Author Credits:  Richa Gupta

  • Report ID: 5363
  • Published Date: Nov 02, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Growing demand from marine industry, increasing implementation of automation in manufacturing and growing adoption in wind turbines are some of the factors driving the market growth.

The market size of gear oil is anticipated to attain a CAGR of 3% over the forecast period, i.e., 2024-2036.

The major players in the market are Repsol, Exxon Mobil Corporation, BP p.l.c., Chevron Products Company, Novvi LLC, Japan Petroleum Exploration Co., Ltd, Cosmo Energy Holdings Co. Ltd, Mitsubishi Corporation, Inpex Corp, Fuji Oil Company Ltd and others

The synthetic-based lubricants segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Gear Oils Market Report Scope

FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.

 Request Free Sample Copy

Have questions before ordering this report?

Inquiry Before Buying