Press release
The Automotive Industry Fuels Growth In The Transmission Fluids Market: An Emerging Driver Transforming The Transmission Fluids Market Landscape
Transmission Fluids Market Share
What Is the Projected Growth of the Transmission Fluids Market?
In recent times, the market for transmission fluids has seen a rapid expansion. Its value is anticipated to rise from $9.35 billion in 2024 to $10.3 billion in 2025, displaying a compound annual growth rate (CAGR) of 10.1%. The market's growth in the historical period is linked to the progress of the automotive industry, demand for maintenance and aftermarket products, and existing regulatory standards.
The market size for transmission fluids is forecasted to experience swift expansion in the coming years, reaching a value of $15.1 billion by 2029 with a compound annual growth rate (CAGR) of 10.0%. This projected growth within the forecast timeframe is due to factors including the growth of the electric car sector, advancements in fluid technologies, the globalization of car production, and a rise in vehicle longevity. A shift towards synthetic fluids, smart fluids, and condition monitoring, along with customization for various applications and cooperative agreements are some of the key trends expected to dominate during this period.
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What Are the Different Transmission Fluids Market 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
Subsegments:
1) By Automatic Transmission Fluid (ATF): Dexron Series, Mercon Series, Multi-Vehicle ATF
2) By Manual Transmission Fluid (MTF): Gear Oil, Synthetic MTF, Conventional MTF
3) By CVT Fluid: CVT Fluid For Passenger Vehicles, CVT Fluid For Commercial Vehicles
4) By DCT Fluid: DCT Fluid for Passenger Vehicles, DCT Fluid for High-Performance Vehicles
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What Are the Primary Drivers Shaping the Transmission Fluids Market?
The projected surge in the automotive industry is set to drive the expansion of the transmission fluids market. The swift growth observed in the global automotive industry is anticipated to enhance the use of transmission fluids as they prevent hydraulic pump wear and stuck gears in neutral, both of which can cause vehicles to become immobile. Changing consumer preferences and the quest for superior vehicle performance and reliability also contribute to the increased worldwide consumption of transmission fluids. As reported by the India Brand Equity Foundation (IBEF), it is projected that the Indian automotive industry could attain $300 billion by 2026. Therefore, the fast-paced expansion of the automotive industry is foreseen to increase the demand for transmission fluids during the predicted period.
Which Companies Are Leading in the Transmission Fluids Market?
Major companies operating in the transmission fluids market include 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
What Are the Major Trends Shaping the Transmission Fluids Market?
Advancements in technology are becoming a significant trend within the transmission fluids market. Market leaders are centering their efforts on the creation of groundbreaking products to establish a market edge over their competition. For example, in August 2024, Castrol, a UK-based oil and gas entity, unveiled Castrol ON EV Transmission Fluid W2 and W5. These products are tailored for electric vehicles equipped with wet e-motors, incorporating low-viscosity formulations that provide diminished electrical conductivity and heightened protection for e-motors. These fluids enhance cooling and operational efficiency, successfully managing the substantial torque outputs produced by electric motors. This ensures maximum performance and longevity across various vehicle uses.
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What Are the Top Revenue-Generating Geographies in the Transmission Fluids Market?
Asia-Pacific was the largest region in the transmission fluids market in 2024 and is expected to be the fastest-growing region in the forecast period. The regions covered in the transmission fluids market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Transmission Fluids Market?
2. What is the CAGR expected in the Transmission Fluids Market?
3. What Are the Key Innovations Transforming the Transmission Fluids Industry?
4. Which Region Is Leading the Transmission Fluids Market?
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