Global Gear Oils Market to Reach $9 Billion by 2027
Amid the COVID-19 crisis, the global market for Gear Oils estimated at US$8.1 Billion in the year 2020, is projected to reach a revised size of US$9 Billion by 2027, growing at a CAGR of 1.5% over the analysis period 2020-2027. Mineral Oil, one of the segments analyzed in the report, is projected to record a 1.6% CAGR and reach US$4.6 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Synthetic Oil segment is readjusted to a revised 1.1% CAGR for the next 7-year period.
The U.S. Market is Estimated at $2.2 Billion, While China is Forecast to Grow at 3% CAGR
The Gear Oils market in the U.S. is estimated at US$2.2 Billion in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of US$1.7 Billion by the year 2027 trailing a CAGR of 3% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 0.1% and 1% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 0.5% CAGR.
Semi-Synthetic Oil Segment to Record 1.6% CAGR
In the global Semi-Synthetic Oil segment, USA, Canada, Japan, China and Europe will drive the 1.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.5 Billion in the year 2020 will reach a projected size of US$1.7 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.2 Billion by the year 2027, while Latin America will expand at a 2.3% CAGR through the analysis period.
Select Competitors (Total 41 Featured):
Amid the COVID-19 crisis, the global market for Gear Oils estimated at US$8.1 Billion in the year 2020, is projected to reach a revised size of US$9 Billion by 2027, growing at a CAGR of 1.5% over the analysis period 2020-2027. Mineral Oil, one of the segments analyzed in the report, is projected to record a 1.6% CAGR and reach US$4.6 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Synthetic Oil segment is readjusted to a revised 1.1% CAGR for the next 7-year period.
The U.S. Market is Estimated at $2.2 Billion, While China is Forecast to Grow at 3% CAGR
The Gear Oils market in the U.S. is estimated at US$2.2 Billion in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of US$1.7 Billion by the year 2027 trailing a CAGR of 3% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 0.1% and 1% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 0.5% CAGR.
Semi-Synthetic Oil Segment to Record 1.6% CAGR
In the global Semi-Synthetic Oil segment, USA, Canada, Japan, China and Europe will drive the 1.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.5 Billion in the year 2020 will reach a projected size of US$1.7 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.2 Billion by the year 2027, while Latin America will expand at a 2.3% CAGR through the analysis period.
Select Competitors (Total 41 Featured):
- ADDINOL Lube Oil GmbH
- Advanced Lubrication Specialities
- Amalie Oil Co.
- Bechem Lubrication Technology, LLC
- Bel-Ray Company LLC
- BP PLC
- Chevron Corporation
- Croda International PLC
- Eni SpA
- Exxon Mobil Corporation
- Fuchs Petrolub SE
- Indian Oil Corporation Ltd.
- Liqui Moly GmbH
- LUKOIL Lubricants Company
- Morris Lubricants
- Peak Lubricants Pty Ltd
- Penrite Oil
- PetroChina Company Limited
- Phillips 66 Company
- Rock Valley Oil & Chemical Co.
- Royal Dutch Shell PLC
- Sinopec Yangzi Petrochemical Co., Ltd.
- Total SA
Frequently Asked Questions about the Global Market for Gear Oils
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I. METHODOLOGY
II. EXECUTIVE SUMMARY
III. MARKET ANALYSIS
IV. COMPETITION
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