Global Gear Oil Market: Snapshot
The global market for gear oil is envisaged to exhibit growth at a healthy pace in the next few years, with growth opportunities driven by the vast rise in global demand for heavy construction machinery. The market is predicted to witness healthy growth avenues across developed as well as developing economies; developing economies across regions such as Asia Pacific and Latin America will demand heavy construction machinery for the vast number of new construction projects in the public as well as commercial infrastructure sectors. Developed economies are expected to utilize construction machinery for the refurbishment and improvement of aging infrastructure.
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The global gear oil market is expected to witness a significant rise in demand for bio-based oils in the next few years. Stringent regulations are requiring industries to adhere to emission reduction norms and an overall rise in usage of products manufactured from bio-based raw materials has been witnessed in the recent past. Bio-based gear oils are expected to gain massive demand in developed economies and are expected to witness steady rise in market opportunity in regions with emerging economies and a string industrial sector.
As the market features the presence of a number of small and large companies, it has a largely fragmented vendor landscape and is highly competitive. Development in the field of bio-based gear oil is expected to remain one of the core strategies adopted by leading vendors in the market as a way to stay ahead of their peers.
Gear Oil Market: Overview
Gear oil is a form of fluid lubricant which is used in gearboxes. Gear oils are utilized to reduce the friction caused due to movement, remove the heat generated by the operating gear, and protect the gear parts from corrosion. An ideal gear oil provides efficient, reliable, and low-maintenance operation of gears at different conditions such as variable speed, oil contaminations, and working temperatures.
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The usage of gear oils depends primarily on the nature of the application it is being used for. The viscosity of the gear oil is a major factor affecting its usage and performance in different end-user industry. Additives can also be added to the gear oils to impart certain functions and characteristics, making them more application specific. In terms of type of base oils, gear oils are classified as bio-based oil, mineral oil, synthetic oil and semi synthetic oil.
Gear oils are employed in a wide range of end-user industries. Some common fields of application of gear oils include transportation, rubber and plastic manufacturing, power generation, mining, the oil & gas industry, construction, and agriculture. For selection of an ideal gear oil, criteria such as its viscosity, base oil, and the type of lubricant utilized must be checked. Each application type requires certain specifications in terms of its viscosity and the additives being used along with the gear oil.
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