Press release
Transmission Fluids Market Overview, Outlook, Insights, Drivers, Demand, Analysis 2024-2033: A Comprehensive Perspective on Industry Dynamics
Transmission Fluids Market
The Business Research Company offers in-depth market insights through Transmission Fluids Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The transmission fluids market size has grown rapidly in recent years. It will grow from $8.56 billion in 2023 to $9.42 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to automotive industry growth, maintenance and aftermarket demand, regulatory standards.
The transmission fluids market size is expected to see rapid growth in the next few years. It will grow to $13.84 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to electric vehicle expansion, advancements in fluid technology, globalization of automotive production, increasing vehicle lifespan. Major trends in the forecast period include shift towards synthetic fluids, smart fluids and condition monitoring, customization for diverse applications, collaborations and partnerships.
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Market Segmentation:
The transmission fluids market covered in this report is segmented -
1) By Type: Automatic Transmission Fluid (ATF), Manual Transmission Fluid (MTF), CVT Fluid, DCT Fluid
2) By Base Oil: Mineral, Synthetic, Semi-Synthetic
3) By End User Industry: Automotive Industry, Construction, Mining, Industrial Machinery, Agriculture, Other End-User Industries
Major Driver - The Automotive Industry Fuels Growth In The Transmission Fluids Market
The growing automotive industry is expected to propel the growth of the transmission fluids market. The rapid growth in the automotive industry across the globe is expected to boost the utilization of transmission, as they help in avoiding hydraulic pump wear out and the gear stuck in neutral that leads to the immobility of the vehicles. Additionally, rapidly changing consumer behavior and their need for better vehicle performance and overall reliability are contributing to increased utilization of transmission fluids across the globe. According to the India Brand Equity Foundation (IBEF), the Indian automotive industry is expected to reach $300 billion by 2026. Therefore, the rapid growth automotive industry is expected to demand for transmission fluids during the forecast period.
Competitive Landscape:
Major companies operating in the transmission fluids market report are BP PLC, Shell PLC, Exxon Mobil Corporation, Chevron Corporation, The PJSC Lukoil Oil Company, Afton Chemical Corporation, Amalie Oil Company, AMSOIL Inc., Ashland Global Holdings Inc., China National Petroleum Corporation, CITGO Petroleum Corporation, ConocoPhillips Company, FUCHS PETROLUB SE, Gazprom Neft PJSC, Gulf Oil International Limited, Idemitsu Kosan Co. Ltd., Indian Oil Corporation Ltd., JXTG Nippon Oil & Energy Corporation, The Lubrizol Corporation, Morris Lubricants, Motul S. A., Neste Oyj, PetroChina Company Limited, Petronas Lubricants International Sdn Bhd, The Phillips 66 Company, SK Lubricants Co. Ltd., TotalEnergies SE, Valvoline Inc., Warren Oil Company Inc., ZF Friedrichshafen AG
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Top Trend - Technological Advancements Propel The Transmission Fluids Market
Technological developments are a key trend gaining popularity in the transmission fluids market. Major players in the market are focusing on bringing innovative products to obtain an edge in the market against their competitors. For instance, in May 2021, Afton Chemical, a US-based company launched the first electrified transmission fluid. This HiTEC 35701 is unique as it delivers key platform technology for battery electric vehicles and meets the needs of OEMs with a range of hardware in one product.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Transmission Fluids Market Characteristics
3. Transmission Fluids Market Trends And Strategies
4. Transmission Fluids Market - Macro Economic Scenario
5. Transmission Fluids Market Size And Growth
…..
27. Transmission Fluids Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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