DUBLIN--(BUSINESS WIRE)--The "Global Gear Oils Market - Segmented by Type, End-user Industry, and Geography - Growth, Trends, and Forecast (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.
The gear oils market is estimated to be valued at 2,110.02 kilotons in 2018 and is expected to register a CAGR of 2.19% during the forecast period, 2018-2023.
Growing Demand from Wind Energy to Increase the Consumption
Gear oils find their applications in wind turbines for lubrication of the main gearbox and other gear motor components. There is a rising demand for synthetic gear oils in wind turbines due to their enhanced properties over their mineral based counterparts due the performance additives used during the formulation of synthetic oils, as per the requirement.
Power generation from wind energy is growing at a rapid pace globally with continuously increasing installed capacities of wind turbines every year. The decrease in the prices in the offshore industry has been one of the contributors to the growth of wind power generation market by generating investments in the offshore industries in Europe, North America and Asia-Pacific regions, which is further expected to boost the demand for gear oils during the forecast period.
- Automotive Sector - The Dominating Segment
- United States to Witness Moderate Growth
Developments in the Market
- March 2018: A 20-year contract has been signed between Brazilian energy and logistics company Cosan SA Industria e Comercio and Exxon Mobil to produce, import, distribute, and sell certain Mobil products in four South American countries.
- May 2017: Total Lubricants and CLAAS, a major player in the agriculture machinery industry, renewed their partnership until 2021.
Key Topics Covered
2. Executive Summary
3. Market Insights
4. Market Dynamics
5. Market Segmentation & Analysis
6. Regional Market Analysis
7. Competitive Landscape
8. Company Profiles
- BP PLC
- China Petroleum & Chemical Corporation (Sinopec)
- Chevron Corporation
- Exxon Mobil Corporation
- Gazprom Neft PJSC
- Gulf Oil Corporation Limited
- Idemitsu Kosan Co. Ltd.
- Indian Oil Corporation Ltd.
- JX Nippon Oil & Energy Corporation
- Royal Dutch Shell Plc.
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