Technavio, a tech-focused market research firm, has published a new report on the global industrial gear oil market, which is expected to grow at a CAGR of close to 3% during the forecast period 2017-2021.
Based on geographical segmentation, Technavio market researchers categorize the global industrial gear oil market into the following key regions: the Americas, APAC, and EMEA.
Source: Technavio
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Top three contributors for the global industrial oil gear market are elaborated below:
Industrial gear oil market in APAC: The high demand for industrial gear oil in APAC is attributable primarily to the increase in demand for general machinery spurred by the rise in manufacturing activities in the region. Large construction projects, increase in the renewable energy demand, and growing population are some of the key factors that are anticipated to facilitate growth of the industrial gear oil market in APAC during the forecast period.
According to Thanikachalam Chandrasekaran, a lead analyst at Technavio, specializing in research on oil and gas, “Construction ventures in the developing markets are likely to grow at a much quicker rate than that in advanced economies. India and China will contribute a significant share to the overall growth. Other emerging economies such as Indonesia, Vietnam, Bangladesh, Thailand, Malaysia, and the Philippines are also expected to witness growth in the construction market. The surge in construction activities in these APAC countries is likely to propel the demand for industrial gear oil in the coming years.”
Industrial gear oil market in EMEA: The growth in the economy increased customer spending, and fixed investments have boosted the manufacturing and construction sectors in this region. These developments have positively influenced the industrial gear oil market. Advances in technology and growing manufacturing activities in laboratory equipment, medical devices, and wind turbines have also surged the demand for industrial gear oil.
Industrial gear oil market in the Americas: In the Americas, the US is a major revenue contributor to the industrial gear oil market. Major multinational companies are relocating their manufacturing plants to countries such as Brazil and Mexico, owing to the availability of cheap labor, thereby adding to the demand for industrial gear oil in this region. According to Technavio’s market research analysts, the demand for industrial gear oil in the Americas, especially in the US and Latin America is likely to experience a surge during the forecast period due to investments made for capacity additions, renovations, and upgrading from industries such as oil and gas, chemical and petrochemical, automotive, pharmaceutical, and food and beverage.
The leading vendors operating in the global industrial gear oil market are:
- BP
- Chevron Corporation
- Exxon Mobil Corporation
- Royal Dutch Shell
- Total
Other prominent vendors in the market include Apar Industries, CITGO Petroleum, Columbia Petro Chem, FUCHS, Gazprom, Idemitsu Kosan, LIQUI MOLY, The Lubrizol Corporation, LUKOIL, Pertamina, Petrobras, PetroChina, Sinopec, and SK Lubricants.
A more detailed analysis is available in the Technavio report titled, ‘Global Industrial Gear Oil Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Turbine Oil Market 2017-2021
- Global Cryogenic Fuels Market 2017-2021
- Global Petcoke Gasification Market 2017-2021
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