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Pressnews.biz (Press Release) Apr 23, 2015
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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