Press release
Transmission Fluids Global Market Exhibit a Remarkable CAGR of 10.1% and is Expected to Reach $13.84 Billion By 2028 | BP PLC, Shell PLC, Amalie Oil Company, AMSOIL Inc.
Transmission Fluids Market
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.
Market Overview -
Transmission fluids are oils that are used in automatic transmissions to lubricate the components of a car's transmission for optimum performance.
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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
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.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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