Global Automatic Transmission Fluid (ATF) Market to Offer Increased Growth Prospects for Manufacturers
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Automatic Transmission Fluid Market: Market Dynamics and Restraints
Majorly, increasing adoption of automatic transmission system all over globe is driving the market of ATF globally. Vehicles with automatic transmission system is increasing rapidly as various automobile manufacturers are introducing automatic transmission in their line of brands to offer better driving experience to customers. An automatic transmission system allows the automobilist to pay more attention to the road instead of being worrying of getting distracted by all the extra effort required for lever shift. Thus increasing adoption of automatic transmission system is pulling up the demand of ATF. Since ATF can also be used as hydraulic oil for power steering system of 4WD, use of ATF will be also driven by increase in power steering system in vehicles and air compressor. Apart from regular passenger cars various other vehicles such as HMV, special armored vehicles, cranes etc. in near future will be installed with automatic transmission system which will again create a new space for the growth of ATF market.
Decline in production of crude oil, steep fall in automobile manufacturing due to decline in demand, and recent turmoil in Arab spring, ban on export and import amongst countries, economic sanctions, and increase in adoption of electrical vehicle will bring in circumstance which brings in possibility to destabilize the ATF market.
Automatic Transmission Fluid Market: Market Segmentation
The global ATF market is segmented into parts based on applications.
Based on the application, ATF market is segmented into:
Vehicle Transmission System Uses
Power Steering Use
Automatic Transmission Fluid Market: Regional Outlook
Regarding geography, the ATF market has been categorized into seven key regions including North and Latin America, Eastern Europe, Western Europe, Asia-Pacific excluding Japan, Japan, and the Middle East & Africa. The ATF market is globally expected to register healthy CAGR during the forecast period. Despite the soft economy, consumers of North America are buying cars which raise the demand for ATF in countries such as Canada and the US, this made, North America leading region in ATF market. In Western Europe, due to presence of reputed global automotive manufacturers and other mechanical equipment manufacturing industry in this region and growth in sales of various automotive will bring in demand for ATF. Countries such as China, India are the principal countries in Asia-Pacific excluding Japan region development wise. These countries are witnessing establishments of many industries such as automotive and other industries and with increase in economic stability of individuals will trigger the sales of various automotive and other equipment which do needs ATF as lubricants. Such a scenario in APEJ will generate the demand of ATF by making Asia Pacific Excluding Japan third leading region. Japan on other hand is also an optimistic market for ATF. Latin America and the Middle East and Africa are predicted to acquire the ATF market in the near future.
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Automatic Transmission Fluid Market Players
Some of the players of global ATF market include Exxon Mobil Corporation, AMSOIL, Valvoline LLC, Castrol Limited, Red Line Synthetic Oil, Lucas Oil Products, Inc., TOTAL Lubricants and others.
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