There are heaps of other formats as well, but most of them use a similar command structure to
gzip. Tools for 7z, bzip, rar, xz and more compressed file formats should all be available in your package manager. Memory use, processing time, compression ratios and features very by several orders of magnitude depending on which format, tool and options you use. If you have particular needs I would recommend researching the available tools to get the best for the job at hand.