Gear oil Market Analysis
Gear oil is a lubricant that contains organosulfur compounds. It is usually of high viscosity and made specifically for transfer cases, transmissions, and differentials in transports vehicles and machinery markets. It is widely used for gearing and high maintenance purposes. Some of the additives such as molyconc F, molyconc super 100, and molyconc super 100 are added in gear oil to increase the lubricating properties and to prevent surface fatigue and scuffing. The synthetic gear oil is created artificially from chemical compounds and has higher thermal stability and retention, while other oils are derived from the crude oil as a product of the oil distillation process. The gear oil is widely used as a reduction of friction, wear of the gear tooth surfaces, removal of the heat generated by the operating gear, and protection of the gear parts from the corrosion. The transportation industry, plastic manufacturing, power generation plants, and construction sector are likely to witness high demand for gear oil during the forecast period.
COVID-19 impact analysis
- The global market for gear oil is severely impacted by the outbreak of the COVID-19 pandemic.
- The suspension of activities in the construction, plastic manufacturing, and automobile sectors is anticipated to limit the demand for gear oil, globally.
- Furthermore, the movement of transports and vehicles are on a halt in a pandemic situation, which may cause decline in demand for gear oil during the forecast timeframe.
- Owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted the supply chain of numerous industries across the globe, thereby increasing the supply–demand gap.
- Thus, inadequate supply of raw materials will further hamper the production rate of gear oil, thus negatively impacting the market growth.
Top impacting factors: market scenario analysis, trends, drivers, and impact analysis:
The friction caused due to movement and heat generating by the operating gear in vehicles requires lubrication for smooth function, hence, gear oil is widely used for this purpose. The major driving factor of the gear oil market is rapid industrialization and increase in use of machinery in manufacturing industries. Heavy construction machineries are susceptible to corrosion. The application of gear oil on these machineries will prevent the corrosion, which is anticipated to boost the market growth. Furthermore, increase in rate of construction projects in developed and developing economies is anticipated to fuel the need for gear oil. Introduction of bio-based gear oil is anticipated to notably contribute toward the market growth, owing to its environment-friendly nature, as it does not result in carbon emission. However, higher prices, material compatibility, and limited miscibility of gear oils hamper the growth of the market.
Key benefits of the report
- This study presents the analytical depiction of the global gear oil market industry along with the current trends and market estimation to determine the imminent investment pockets.
- The report represents information related to key drivers, restraints, and opportunities along with detailed analysis of the gear oil market share.
- The current market is quantitatively analyzed to highlight the gear oil market growth scenario.
- The report provides a detailed market analysis depending on competitive and how the competition will take shape in coming years.
- This report helps users in comprehending the key product segments and their future.
Questions answered in the global gear oil market research report:
- Which are the leading players active in the global gear oil market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What should be the response of the gear oil market players amid the COVID-19 pandemic?
- What are the projections for the future that would help in taking further strategic steps?
- What is the outlook of the industry?
- What are the emerging key segments in the gear oil market?
- What are the major changes and assessments in market dynamics?
Gear Oil Market Report Highlights
By End User
Key Market Players
Sinopec Limited, Chevron Corporation, Royal Dutch Shell Plc, Exxon Mobil Corporation