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.