Industrial Gear Oils Market- variety of lubricant oils improving the efficiency of gears by providing lubricity.
Industrial gear oil is a lubricant fluid used in industrial gearboxes to reduce friction, protection against corrosion and to ensure efficient, low maintenance operation of gears at different speeds, temperature and oil contaminations. This market witnesses its applications in many industries such as in manufacturing plants, motor vehicles, railway locomotives, aero plane, agricultural pump sets, and generators and others. Industrial Gear Oils Market being a part of the Industrial Lubricants Market, is a pretty niche and strong market segment.
IndustryARC’s latest market study projects that the Global Industrial Gear Oils Market shall reach $5.8 Billion during the forecast period 2015-2020 due to high demand from Manufacturing Plants in BRICS.
Even though there has been a decline in the global consumption of industrial gear oil due to factors like smaller gearboxes and superior service life, the revenue is gradually increasing. China is a key player in the textile manufacturing industry which is a key segment for industrial gear oil as it is used in the textile manufacturing machineries. Industrial gear oils for manufacturing must have the capacity to handle extreme pressure and uneven high loads.
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Developing countries like Brazil, Russia, India, China and South Africa (aka BRICS) is all set to stimulate the demand for Industrial Gear Oils owing to their rapid industrialization. According to IndustryARC, 38% of the Global Lubricant Market shall be composed by Industrial Lubricant Market, by the end of 2020. Experts have concluded this figure based on the history of Industrial Gear Oils Market which was around 2% of Global Lubricant Market, in 2014. It has been accounted that APAC dominates the global market with around 44% and projected to grow at 2.1% CAGR till 2020. European market is in second place and Americas in third. High demand in APAC and Europe owes to the high growth rate of industrial sectors such as manufacturing, construction in these regions.
Market Application Brief:
- Mineral gear oil: available in light and heavy grades that provide rust protection to internal gears and bearings.
- Synthetic gear oils: used in heavy-duty industrial gear drives that require gear lubricants with high viscosity, heavy load-carrying capacity, rust & corrosion prevention and friction control.
- Food grade gear oil: mainly used for food processing industrial applications, to handle food, feed and pharmaceuticals, especially during high loads and high moisture conditions.
- Worm gears: used in various industries and machinery applications which operate under extremely high or low temperatures and act as speed reducers.
REPORT SCOPE: Market Segmentation:
Industrial Gear Oils Market is classified into 3 broad types depending on the below mentioned factors:
- By Type: Mineral Gear Oils, Synthetic Gear Oils, Food Grade Gear Oils and Worm Gear Oils.
- By Application: Manufacturing Industry, Steel Industry, Mining, Construction, Agriculture, Energy and Others.
- By Geography: Americas, Europe, APAC and ROW.
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Key Market Players:
Few notable competitors of the market which are studied, analyzed and mentioned in this research report of Industrial Gear Oils Market by IndustryARC research experts are:
- Chem Arrow Corporation
- CLC Lubricants, Inc.
- D-A Lubricant Company, Inc.
- Exxon Mobil Corporation
- Fuchs Lubricants Co.
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