Global transition to low-carbon economy and a lot of companies like BHP Billiton, Glencore etc., venturing into mining are leading to the growth of the mining industry, which is one of the lucrative industrial gear oils marketplaces. The catapulting demand from the mining machinery industry is bolstering the growth of the industrial gear oils market. According to a recently published business intelligence report by IndustryARC, the industrial gear oils market is poised to witness a lucrative valuation of $6.32 billion by the end of 2023. Furthermore, the report estimates that the demand for industrial gear oils will observe growth at a CAGR of 1.61% during the forecast period 2018-2023.
The industrial gear oils market research report titled, “Industrial Gear Oils Market: By Gear Configuration (Worm Gears, Spur Gears, Helical Gears, Bevel Gears, others); By Application (Wind Turbine Gearboxes, Shock loads, Mining Machinery, Extreme loads, etc.); by Make-up (Synthetic, Mineral oil, Additives, Bio-based, Others) & Geographic Analysis - Forecast (2018-2023)” provides a detailed assessment of all the major end-user industries that are supporting the market. Furthermore, the analyst provides a peek in to the latest trends, opportunities, and challenges with relevant facts, figures, and statistics which will impart the dynamics of the industrial gear oils market. The report also lists out the challenges in the market along with the foreseeable solutions that will help market players to align their business strategies. Industrial Gear Oils Market: Geographical Analysis & Leading Segments
According to the geographical scrutiny executed by the analyst the most lucrative region in 2017 is the Americas. The region is estimated to witness the industrial gear oils market revenue of $1310.17m by the end of 2023. This is attributable to the opportunities offered by the manufacturing industries in the US, Canada, and Mexico. The consumption of mineral-based gear oil is gaining grounds in the region because of its superior quality and various advantages.
The industrial gear oils market is segmented based on the application in manufacturing, steel, construction, mining, agriculture, energy, and other industries. Out of all the end-user industries, the manufacturing industry generated maximum revenues $2,201.2m in 2017.
“The perceptible increasing demand for the goods from various sectors worldwide is leading to an augmented production in the the manufacturing industry, and the industry is also witnessing a production upsurge in order to fulfill the sustainable development goals (SDGs) by the United Nations (UN); which is enhancing the supply of industrial gear oils in the manufacturing sector.”, remarks the analyst in the industrial gear oils market intelligence report.
Industrial Gear Oils Market: Trends and Growth Drivers
· The Growing Renewable Energy Industry –
Over the years, there has been a decline in the conventional resources, which is leading to a growth of the renewable energy sector. This is quite evident in the growth prospects in the wind energy sector, especially in Europe. Furthermore, China is emerging as a foreseeable leader in the wind energy sector. The renewable energy sector is a major consumer of industrial gear oils, and therefore, the industrial gear oils market is reaping significant revenues from the renewable energy sector.
· Energy Consumption: A Substantial Application Driver –
Industrial gear oils are energy-conserving, and the industries are in need for saving energy. Furthermore, governments are also regulating the energy-consumption in various sectors. Subsequently, the organizations are adopting energy-saving products. Hence, the application of industrial gear oils is increasing, which is further flourishing the industrial gear oils market.
Industrial Gear Oils Market: Competitive Landscape
Some of the key companies identified in the industrial gear oils market intelligence report that are striving to capitalize on the customer-base are Fuchs Lubritech GmbH, Royal Dutch Shell plc, Exxon Mobil Corporation, Phillips 66 Lubricants, Lubricating Specialties Company, Afton Chemical Corporation, Lubrizol Corporation, Total S.A., BP P.L.C, and Chevron Corporation.
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What can you expect from the report?
The industrial gear oils market report is prepared with the main agenda to cover the following 20 points:
1. Market Size by Product Categories & Applications 11. Demand Analysis (Revenue & Volume)
2. Market trends & Relevant Market Data 12. Country level Analysis
3. Manufacturer Landscape 13. Competitor Analysis
4. Distributor Landscape 14. Market Shares Analysis
5. Pricing Analysis 15. Value Chain Analysis
6. Top 10 End user Analysis 16. Supply Chain Analysis
7. Product Benchmarking 17. Strategic Analysis
8. Product Developments 18. Current & Future Market Landscape Analysis
9. Mergers & Acquisition Analysis 19. Opportunity Analysis
10. Patent Analysis 20. Revenue and Volume Analysis
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