LONDON--(BUSINESS WIRE)--Technavio has announced the top five leading vendors in their recent global industrial gear oil market 2017-2021 report. This market research report also lists 14 other prominent vendors that are expected to impact the market during the forecast period.
Competitive vendor landscape
According to the research analysis, the global industrial gear oil market is a highly competitive market with major vendors competing based on price, quality, and market presence. However, the market has harsh conditions due to the gradual decrease in the price of oil and gas in the global commodity market, a slowdown in the marine and mining industries.
“Leading companies are aggressively pursuing their efforts to gain market share in the market through joint ventures, MOUs or acquisitions by enhancing their capabilities to gain a competitive edge. Many established players in the market are following the green trend by adding biosynthetic and sustainable lubricants to their product portfolio. Strict environmental regulations along with fluctuating prices of base stock are compelling players to go green,” says Thanikachalam Chandrasekaran, a lead analyst at Technavio for oil and gas research.
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Technavio market research analysts identify the following key vendors:
BP is one of the major players in the energy industry. The company is present in the upstream segment and downstream segment. In the lubricants sector, BP is one of the leading manufacturers of motor oils and lubricants. The company offers industrial gear oil through its lubricant division under transmission and gear oils.
The company is involved in exploring, production, transportation, and refining of crude oil and natural gas. Chevron Corporation has a wide range of products in the industrial gear oil arena. These products have a history of providing longer equipment life, extended drain intervals, improved fuel economy, and end-to-end protection.
Exxon Mobil Corporation
Exxon Mobil Corporation is a leading player in the petroleum and petrochemical business worldwide. It is one of the largest refiners and base stock manufacturers worldwide. It provides industrial gear oil lubricants to maximize production and ensure safe operations. It offers a wide range of synthetic and mineral oil-based lubricants for the industrial gear oil industry.
Royal Dutch Shell
Royal Dutch Shell produces and refines petroleum, lubricants, and other chemicals in addition to fuels. The company has a huge presence in the global industrial gear oil lubricants market, as it offers a broad range of specially designed products and services for this segment.
Total is an energy sector company, having its presence in both upstream and downstream sectors. Total also operates in the renewable energy and power generation sectors. In the lubricants sector, Total supplies lubricants to all the industries in energy, chemicals, metals, textiles, glass, food, marine, and mining. In the industrial gear oil lubricants segment, Total provides its services through industry lubricants.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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