The global market for gear oil is expected to grow at a rapid pace in the upcoming years with higher growth opportunities driven by the global demand for heavy construction machinery. The market is predicted to grow in developing as well as developed economies. Regions of Asia Pacific and Latin America will demand heavy construction machinery for a number of construction projects in the public as well as private sectors.
Developed economies are expected to utilize machinery for renovation and refurbishment of infrastructure. Also the global gear oil market is expected to rise at a significant level as the demand for bio based oil is high. The stringent regulations governing the industries regarding emission reduction is making industries adhere to these norms.
Bio based gear oils is increasingly in demand in the developed nations and is expected to witness a rise in market. The market features the presence of a number of small as well as large companies and is a highly competitive one. Development in the field of bio based gear oil remains one of the core strategies in order to remain ahead of the peers in this industry.
Overview of Gear Oil Market:
Gear oil is a form of lubricant that is commonly used in gearboxes. Gear oils are used to reduce friction in machinery or gear parts, caused due to movement. It also protects the gear from corrosion which is caused due to overheating.
The usage of gear oil basically depends on the nature of application it is being used for. The major factor affecting the usage and performance of gear oil is the viscosity of the oil. Additives can be added to the gear oils to improve its functionality. Some of the common fields where gear oils are used are transportation, power generation, oil & gas, mining industry, construction, agriculture etc.
Gear oil usage is expected to rise further due to the rapid changes in industrialization and higher standard of living, all of these will drive the market to grow in the near future. Over the past few decades, the use of gear oil is significantly high in the field of transportation. It is because of the rise in the modes of transport, both public and personal level.