Automotive Gear Oil Market

Automotive Gear Oil market was valued at USD 8,270 million in 2020 and anticipated to grow at 3.1% CAGR during the forecast period.

Automotive Gear Oil Market Overview

Gear Oil is a lubricant used for automotive manual transmission for cars, trucks, and other machinery. It has high viscosity for better performance and protection of gear. The gear system in cars and trucks include different metal components, causing heat and wear-and-tear. The gear oil helps in transmission for smooth running and most importantly, it protects the car gear system from heat damage.

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Major Automotive Gear Oil Market Drivers

The factors driving the global automotive gear oil market include the increasing demand for passenger cars and commercial vehicles. Federal Chamber of Automotive Industries stated that in 2021, new cars sales would grow despite COVID-19 lockdown and supply chain problems. According to the International Organization of Motor Vehicle Manufacturer, in 2021 Q2, the total number of sales of new vehicles was reached to 44.4 million globally, which is 22.7% more than total of sales in 2019. Rapid industrialization will also boost the demand for heavy-duty commercial vehicles, which will propel automotive gear oil market growth. According to Daimler India, the medium and heavy truck market will grow 50-80% in 2021. The increasing level of disposable income and developing public transportation infrastructure will act as a catalyst in the market for automotive gear oil.

Synthetic gear oil offers high resistance power and decreases energy consumption, providing a competitive advantage to the automotive gear oil market. The synthetic gear oil reduces transmission noise and offers protection in extreme temperatures and pressure. For instance, in 2020, Dana Limited introduced Spicer XFE 75W-85 synthetic gear lubricant for commercial vehicles.

Restraint in the Automotive Gear Oil Market

However, the gear oil is typically intended to work with the manual transmission, whereas transmission fluid is engineered to work with automatic transmission. Transmission fluid is hydraulic oil and is exceptionally thinner than gear oil. The increased demand for automatic transmission vehicles will hamper the automotive gear oil market growth.

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Type – Segment Analysis

Based on the type, synthetic gear oil is expected to grow at a higher CAGR in global automotive gear oil over the forecast period. The demand for synthetic gear oil is increasing because it has properties of lower friction coefficient in the gearbox, better film strength, and a better relationship between viscosity and temperature. Mineral gear oil generally thins out at a high temperature and thickens at shallow temperature. Hence, the broad operational temperature and oxidative stability are driving the market growth.

Application – Segment Analysis

Based on the application, passenger vehicle is expected to grow at a higher CAGR in global automotive gear oil over the forecast period. In 2020, according to the International Organization of Motor Vehicle Manufacturer sales statistics, globally, the total sales of all vehicles, including passenger and commercial vehicles, was 77.9 million, in which the passenger vehicle sales were 53.5 million, i.e., 68.74% of total sales of all vehicles. Rapid urbanization is increasing the need for transportation, due to which the market size of passenger vehicles is increasing.

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Regional – Segment Analysis:

Based on the region, the APAC region is expected to grow at a higher CAGR over the forecast period. The rising population and rapid industrialization of the region boost demand for passenger vehicles and commercial vehicles. In 2020, According to the International organization of Motor Vehicle manufacturer’s sales statistics, the APAC region covered 51.43% of total sales for all types of vehicles. The existence of key players in the region such as HP Lubricants, Indian Oil Corporation Ltd, Henan Luwei Auto Parts Co., Ltd., Behran Oil Co., among others, will propel the market growth of automotive gear oil.

Top Market Players 

Various notable players operating in the market, include, Royal Dutch Shell plc, TotalEnergies, Gulf Oil International (a part of Hinduja Group), Castrol Limited, BP p.l.c., Exxon Mobil Corporation, Chevron Corporation, HP Lubricants, Indian Oil Corporation Ltd, Behran Oil Co., among others.

Key Developments:

• • In 2020, Castrol India Limited announced that Castrol lubricants would be available at Jio-bp retail outlets across India. Castrol lubricants will be available at the joint venture’s fuel retailing outlet of 1400 sites which is expected to grow to 5500 sites within five years.

Segments covered in the Report:

The global Automotive Gear Oil market has been segmented on the basis of type, application, and region. Based on type, the market is segmented into mineral gear oil, and synthetic gear oil. Based on application, the market is segmented into passenger vehicle, and commercial vehicle.

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Market Segmentation

Global Automotive Gear Oil Market by Type

• • Mineral Gear Oil
  • Synthetic Gear Oil

Global Automotive Gear Oil Market by Application

• • Passenger Vehicle
  • Commercial Vehicle

Global Automotive Gear Oil Market by Region

• • North America Automotive Gear Oil Market (Option 1: As a part of the free 25% customization)

    • North America Automotive Gear Oil Market by Type
    • North America Automotive Gear Oil Market by Application
    • US Automotive Gear Oil Market All-Up
    • Canada Automotive Gear Oil Market All-Up

  • Europe Automotive Gear Oil Market (Option 2: As a part of the free 25% customization)

    • Europe Automotive Gear Oil Market by Type
    • Europe Automotive Gear Oil Market by Application
    • UK Automotive Gear Oil Market All-Up
    • Germany Automotive Gear Oil Market All-Up
    • France Automotive Gear Oil Market All-Up
    • Spain Automotive Gear Oil Market All-Up
    • Rest of Europe Automotive Gear Oil Market All-Up

  • Asia-Pacific Automotive Gear Oil Market (Option 3: As a part of the free 25% customization)

    • Asia-Pacific Automotive Gear Oil Market by Type
    • Asia-Pacific Automotive Gear Oil Market by Application
    • China Automotive Gear Oil Market All-Up
    • India Automotive Gear Oil Market All-Up
    • Japan Automotive Gear Oil Market All-Up
    • Rest of APAC Automotive Gear Oil Market All-Up

  • RoW Automotive Gear Oil Market (Option 4: As a part of the free 25% customization)

    • RoW Automotive Gear Oil Market by Type
    • RoW Automotive Gear Oil Market by Application
    • Brazil Automotive Gear Oil Market All-Up
    • South Africa Automotive Gear Oil Market All-Up
    • Saudi Arabia Automotive Gear Oil Market All-Up
    • UAE Automotive Gear Oil Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Automotive Gear Oil Market All-Up

Major Players Operating in the Automotive Gear Oil (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Royal Dutch Shell plc
  • TotalEnergies
  • Gulf Oil (a part of Hinduja Group)
  • Castrol Limited
  • BP p.l.c.
  • Exxon Mobil Corporation
  • Chevron Corporation
  • HP Lubricants
  • Indian Oil Corporation Ltd
  • Behran Oil Co.