An industry report has advised that the open gear lubricant sector is likely to experience substantial future growth.
The research forecast that the size and expansion trajectory for the market would grow at a compound annual growth rate of 6.2 per cent to reach over $2 billion by the year 2030.
There are key differences between open gear oil and conventional gear oil. Open gear oil is described as a sticky and highly viscous lubricant, and is specifically formulated to adhere to slow moving and heavily loaded exposed gears used in industries like cement manufacturing and mining. In contrast, standard gear oil is commonly much thinner and sees use in sealed and faster moving gear boxes.
Researchers explained that many factors were driving the expected growth for the period. These included technological advancements and evolving industrial requirements. However, it also added that an increasing interest in more sustainable solutions and more efficient methods of maintenance were also shaping the market.
Key trends were listed that were likely to influence growth in the sector, like a surge in heavier load lubrication needs, wider use of synthetic lubricants to service open gears, a drive to extend equipment lifespan and the broader use of condition monitoring systems in gear-related mechanisms.
Major players in the open gear lubricant market were mentioned in the report. These included the likes of BP, Chevron, Castrol, Petronas, Mobil, Total, Shell, Kluber and German lubricant maker Fuchs. The latter acquired the expert open gear oil brand Boss Lubricants GmbH & Co last year.
