Industrial Gear Oils Market - By Gear Configuration; By Application ; by Make-up & Geographic Analysis - Forecast (2024 - 2030)

Industrial Gear Oils Market Size is forecast to reach $ 5820.0 Million by 2030, at a CAGR of 3.80% during forecast period 2024-2030.According to an IndustryArc report, the Industrial Gear Oils Market in 2030 was valued at $5820.0 million and is expected to grow rapidly considering the large industrialization and manufacturing activities especially in the BRICS (Brazil, Russia, India, China and South Africa) region. Industrial Gear oils are used across various industries namely the mining, construction, energy, oil and gas, chemicals, food and beverage industries as they involve heavy machinery and drive systems which need to be heavily lubricated, well oiled, under heavy pressures and high temperatures. This market is segmented based on its applications, end user industry and gearbox configuration. One application which is witnessing a large demand for Industrial Gear Oils is the renewable energy industry in the construction of wind turbines.

Industrial Gear oils are made of 2 major ingredients – the base oil and additives – that aim to suppress undesirable properties and enhance desirable ones so as to ease the functioning of automatic transmission. Wind energy, one of the popular renewable energy source has become a favorite worldwide, particularly in the European Union. The efficiency of the wind-turbines clearly depends on the reliability of the gear boxes that are an integral part of these machines. In addition, worm gear drives in industrial applications such as lifts, elevators, conveyor belts and torsen differentials are also witnessing a large demand. Thus, for the effective, reliable and long term running of these gear based machines, gear oils help to fulfill these requirements. 

As the wind energy is rapidly evolving and a high growth industry, this large growth rate would directly boost the demand for high performance, excellent corrosion and oxidation resistance, enhanced bearing and long life operational performance industrial gear oil. Furthermore, as the developing countries in the APAC region such as India and China invest and build large manufacturing facilities and transportation technologies due to heavy urbanization and population growth, the reliable operation of machines in these sectors would be vital, which are impacted by gear oil performance. In addition, many responsible customers who are environment friendly and prefer sustainable alternatives to synthetic oil gears, would increasingly demand for bio-based alternatives.

The prime challenge faced by the Industrial Gear Oils market is the unstable crude oil market wherein the latter could directly impact the former, as crude oil is the prime raw material needed to manufacture gear oils for industries. Crude oil is the most volatile product in the world, and thus selling price of certain industrial gear oils would be dictated by the fluctuating prices of oil. Moreover, as concerns for environmental impact of industrial gear oils are rising among many industrial customers, key players would be forced to develop and market bio-based lubricants that are derived from vegetable oils that deliver an equivalent performance when compared to synthetic or mineral based gear oils. 

The base year of the study is 2023, with forecast done up to 2030. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Industrial Gear Oils market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the types of plastics in the Industrial Gear Oils market, and their specific applications in different types of vehicles.

Industrial Gear Oils– By Gear Configuration: Worm Gears, Spur Gears, Helical Gears, Bevel Gears, Light Duty Gears and Others

Industrial Gear Oils– By Application: Wind Turbine Gearboxes, Shock loads, Mining Machinery, Extreme loads, Worm drives and others

Industrial Gear Oils– By Make-up: Synthetic, Mineral oil, Additives, Bio-based and others

Industrial Gear Oils– By End-User: Agriculture, Chemicals, Oil and gas, Mining, Energy and Power, Construction, Food and Beverage, Transportation and Fleet, Paper and Pulp and Others

The Industrial Gear Oils market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:

• North America: The U.S., Canada, Mexico
• South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
• Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
• APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
• Middle East and Africa: Israel, South Africa, Saudi Arabia

Some of the Key players in this market that have been studied for this report include: Addinol Lube Oil GmbH, Advanced Lubrication Specialitis Inc., Amalie Oil Co., BP P.L.C., Bechem Lubrication Technology LLC, Chevron Corporation, Croda International PLC, ExxonMobil Corporation and others.

• Researchers at the Nanotechnology & Catalysis Research Centre (NANOCAT), University of Malaya, Malaysia developed a potential antioxidant for Industrial Gear Oils. Esters of Thiolated Butylated Hydroxytoluene (BHT) derived from vegetable oils were discovered to have profound antioxidant properties, a vital property in industrial gear oils that prevent oxidation, rust and   As the gear oils used in heavy duty industries are exposed to high temperatures and heavy pressures, the thermal stability, antioxidant behavior, structural integrity and performance are a cause of concern for many industrial customers. End user industries are aiming for gear oils with longer life cycles and which fulfill the above criteria. Bio-based lubricants available in the market have yet to compete on par with synthetic based gear oils and thus discoveries like this can push the green industrial gear oils to become a viable replacement to environmentally damaging synthetic and mineral based lubricants. 
• Researchers are actively seeking improvised nanomaterials for functioning as a lubricant additive due to their compact size and large surface area. A novel attempt to create an oil soluble Ni-promoted Molybdenum disulfide (MoS2) nanostructure has been successful by the Centre for NanoScience and Technology based in India. As industries aim to deliver gearboxes that are expected to operate heavy loads at high speeds and harsh conditions, without undergoing major surface failures and frictional damages. Thus, nanotechnology additive solutions as this can prove to improve the performance of traditionally used industrial gear oils thereby driving growth and increased demand for high performance gear oils.

Key Market Players:

The Top 5 companies in the Industrial Gear Oils Market are:

1. Shell PLC
2. Petronas Lubricants International
3. BP PLC
4. Phillips 66
5. Chevron Corporation

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