Industrial Gear Oils Market is expected to reach $6,372 million by 2023

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Industrial Gear Oils Market is expected to reach
6,372 million by 2023
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Asia Pacific dominates the Industrial Gear Oils
Market during the forecast period. It is expected
to generate a revenue of 3030.97 million by 2023
at a CAGR of 1.99. The maximum share in the
region is held by India and China, due to growing
population and rapid industrialization in the
region. The governments in the Asia Pacific
region have launched different policies for
driving the domestic economy. As a result,
commercial segments are expected to grow rapidly.
In China, the competition among the industrial
gear oil manufacturers has become high in recent
times, since multinational companies are
concentrating on the Chinese market. India is the
largest producer of coal and steel, and this
drives the demand for industrial machinery which
in turn spurs the demand for industrial gear oil
in the region.
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Selected Analysis done in the full Report

• The manufacturing segment in 2016 held a share of
  2,201.2 million. It is expected to generate
  2559.34 million by 2023 at a CAGR of 1.79. The
  industrial gear lubricant has several
  applications in the manufacturing industry such
  as in paper, food, pulp, cement, textile, etc.
  The lubricants can provide protection against
  wear and tear, and oxidative stability.
• The gearbox machinery used in the food industry
  consists of lubrication of enclosed gear and
  conveyor applications, which needs the food grade
  lubricant to prevent food contamination caused by
  oils and greases.The manufacturing industry uses
  both mineral and synthetic oils. The application
  differs according to the requirements of the
  product or organization. European countries use
  synthetic gear oil as it prolongs the machine
  life for a longer duration.

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Excerpts on Market Growth Factors Mentioned in
the Full Report
Use of industrial gear oils in wind mill
applications drive the demand for gear oil.  
Manufacturers are now choosing automated devices
due to the increasing demand for goods, and for
delivering goods in a short span of time.
  Hydro Safe provides good anti-wear performance
products in many applications and can be used as
a substitute for conventional petroleum oil.
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Key Players of the PCB Market

• FUCHS LUBRITECH GMBH
• ROYAL DUTCH SHELL PLC
• EXXON MOBIL CORP
• PHILLIPS 66 LUBRICANTS
• LUBRICATING SPECIALTIES COMPANY and More

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