According to the report “Industrial Gear Oils Market: By Types (Mineral, Synthetic, Food Grade and Worm); By Application (Manufacturing, Steel, Mining, Construction, Agriculture, Energy and Others) & Geography -Forecast (2017-2021)” published by IndustryARC, estimates the market to reach $6.14 billion by 2021.
Browse 11 Market Tables, 137 Figures spread through 188 slides and an in-depth TOC on “Global Industrial Gear Oils Market (2017 - 2021)” - http://industryarc.com/Report/1307/Industrial-gear-oils-market-analysis.html
Industrial gear oils are used as lubricating oils which serve the function of keeping the inner workings of the machinery smooth and reduce friction. It is used in many industries such as manufacturing industry, steel industry, mining, construction, agriculture and so on. However, energy and manufacturing industry are the major industries which are occupying prominent share among all other applications.It has industrial applications in which industries utilize heavy machinery for the production. Thus, the use of industrial gear oils plays a vital role in the day to day processes of the industries. They also help in reducing the energy requirement of the processes by reducing the generated heat. Nowadays, more emphasis is being laid on developing better gear oils for enhanced productivity, reliability and environmental concerns. As per a recent report from IndustryARC, the global industrial gear oil market was $5.56 billion as of 2016, and is estimated to grow at a CAGR of 1.61% till 2021.
Industrial gear oil industry is an established market with major players involved globally with high level of competitiveness to gain business from clients. The sizes of gearboxes have been gradually reducing and so has the volume consumption of industrial gear oil. Huge initial capital investment is required to enter industrial gear oil market which restricts the new entrants. Also the industrial gear oil market is already dominated by established players having dedicated customers. Financial status of the major suppliers is very strong as the supply of raw materials supply for industrial gear oils market is dominated by very few companies. The quality of industrial gear oil is directly proportional to the quality of the additives used in it. Most of the industrial gear oil products are not patent protected and hence, product imitation is easy. Currently, customers are demanding more end products like synthetic-based gear oil; due to which, the dominance of suppliers is declining in the industrial gear oil market gradually. Mineral gear oil held the maximum share in the overall industrial gear oils market which accounted for revenue of 2.16 billion in 2016.
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The service life of oil is one of the major challenges for industrial gear oil and frequent oil change increases the operating cost of the machinery. The demand for synthetic gear oil has been flat during the last five years in APAC, which includes emerging countries like China and India. This is due to the higher prices of synthetic gear oils as compared to the mineral based gear oils. Food grade gear oils accounted for 18.6% of the total revenue and 11% of the total volume in the global industrial gear oil market in 2016. Demand for Synthetic gear oils is growing at a higher rate due to its properties such as high viscosity, heavy load-carrying capacity, rust & corrosion prevention and friction control. Synthetic gear oils are primarily used in heavy-duty industrial gear drives.
The Prominent Players in this Market Include
Royal Dutch Shell PLC
These companies through its broad range of products, product expansion and innovation have been successful in catering to a variety of customers, consequently maintaining their hold over the market. Manufacturers of industrial gear oil must follow the regulations and specifications laid by the regulatory bodies such as API (American Petroleum Institute), SAE (Society of Automotive Engineers) and AGMA (American Gear Manufacturers Association). Amongst recent developments, acquisitions stood as the major activity in 2014 and 2015. Among the key players of the industrial gear oil market, Lubrizol Corporation acquired two companies during 2014 and 2015 and Fuchs Lubricants Co. acquired two companies in 2014 itself. Fuchs Lubricants Co. Is striving to broaden its product portfolio through acquisitions and strengthen its presence in the global industrial gear oil market.
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