Industrial Gear Oils Market to reach $5.8 Billion by 2020 Due to Higher Demand from Manufacturing Plants in BRICS Countries

The report " Industrial Gear Oils Market (2014 – 2020); By Type (Mineral, Synthetic, Food Grade, Worm Gear Oils); By Application (Manufacturing Industry, Steel Industry, Mining, Construction, Agriculture, Energy and Others) and By Geography - Global Forecast and Analysis to 2020", defines and segments the industrial gear oils market into various sub-segments with an in-depth analysis and market size estimation. It also identifies drivers and restraints for this market with insights into trends, opportunities, and challenges.

Browse Market Data Tables and Figures spread through 180 pages and in-depth TOC on “Industrial Gear Oils Market (2014 – 2020); By Type (Mineral, Synthetic, Food Grade, Worm Gear Oils); By Application (Manufacturing Industry, Steel Industry, Mining, Construction, Agriculture, Energy and Others) and By Geography - Global Forecast and Analysis to 2020”

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. Gear oil is made up of two components: base oil and additives. Gear oils contain 80% to 90% base oil and 10% to 20% additives. Base Oil is produced by refining crude oil and Additives are added to enhance the lubricant performance and extend the equipment life by imparting desirable properties to the oil, such as reduced wear and friction, increase viscosity, corrosion and oxidation protection and so on. Industrial gear oil is a part of lubricant oils. Lubricant is a substance used to improve efficiency by providing lubricity. Lubricants are used in many industries such as in manufacturing plants, motor vehicles, railway locomotives, aero plane, agricultural pump sets, and generators and so on.

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Global Industrial Gear Oil Market has been segmented by different types such as mineral gear oil, synthetic gear oil, food grade gear oil and worm gear oil. Industrial gear oil market has a wide range of applications among different end users such as manufacturing industries, steel industry, mining, construction, agriculture, energy and so on. Each of these segments is further broken down to give an in-depth analysis of the market.

Rapid industrialization in BRICS countries is the main driving factor of this market

Industrialization is associated with rapid technological changes and manufacturing activities. Since the last decade, the BRICS countries are going through a phase of development in which industrialization has been an integral part. Due to the rising demand for various products, the manufacturing industry in BRICS countries is growing rapidly. This growth can be observed across industries like mining, steel, construction and others. A gradual shift from labour intensive manufacturing to capital intensive manufacturing like chemical, machinery, electrical, optimal equipment and so on has increased the consumption of industrial gear oil. Apart from the BRICS countries, Indonesia, Mexico and South Korea are also considered as the emerging markets where manufacturing activities are in the upward trend.  Increasing industrial activities is a major driving factor for the demand of industrial gear oil.

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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.

APAC region is the leading producer of industrial gear oils and has the highest market share in the global industrial gear oil market. In the APAC region, China is one of the major manufacturers of industrial gear oils. The European market is relatively smaller as compared to the APAC; however, it is growing rapidly as well with the high CAGR. With In the global arena, the APAC and Americas regions hold 66% of the Industrial gear oils market share.

In this report, the market has been segmented by geography as America, Europe, APAC and the Middle East & Africa. Market size and forecast are provided for each of these regions. A detailed qualitative analysis of the factors responsible for driving and restraining growth of the industrial gear oil market and future opportunities are provided as well in the report.

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