The “Gear Oil Market by Base Oil (Mineral, Synthetic, Semi-Synthetic, Bio-based), End-Use Industry (General Industrial (Manufacturing, Mining, Construction, Oil & Gas), Transportation (Automotive, Marine, Aviation)), Region – Global Forecasts to 2022” report has been added to Research and Markets’ offering.

The gear oil market was valued at USD 7.32 Billion in 2016 and is projected to reach USD 8.58 Billion by 2022, at a CAGR of 2.69% from 2017 to 2022

The increase in the use of automatic transmission systems is hindering the growth of manual transmission systems, which, in turn, is expected to restrain the growth of the gear oil market as gear oils do not contain the additives required for the easy functioning of automatic transmissions. Thus, the growth of the gear oil market is expected to decline between 2017 and 2022. Moreover, the stringent implementation of various environmental regulations related to the use of environment-friendly products in developed economies is expected to limit the demand for gear oils between 2017 and 2022.

Read more on PR Newswire