According to an IndustryArc report, the Industrial Gear Oils Market in 2016 was valued at $5563 million and is expected to grow rapidly considering the large industrialization and manufacturing activities especially in the BRICS (Brazil, Russia, India, China and South Africa) region.
Industrial Gear oils are used across various industries namely the mining, construction, energy, oil and gas, chemicals, food and beverage industries as they involve heavy machinery and drive systems which need to be heavily lubricated, well oiled, under heavy pressures and high temperatures. This market is segmented based on its applications, end user industry and gearbox configuration. One application which is witnessing a large demand for Industrial Gear Oils is the renewable energy industry in the construction of wind turbines.
