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Transmission Fluids Market Analysis: $14.9 Billion by 2029 With a CAGR of 9.8%
Transmission Fluids
Transmission Fluids Market Value Projection: How Much Will the Market Size by 2025?
In recent times, there has been a robust growth in the size of the transmission fluids market. The market value is projected to increase from $9.35 billion in 2024 to $10.24 billion in 2025, representing a compound annual growth rate (CAGR) of 9.5%. The expansion during the historical period is largely due to the growth of the automotive industry, maintenance and aftermarket demand, as well as regulatory standards.
What Will Be the Market Growth Forecat for Transmission Fluids in 2029?
The market size for transmission fluids is anticipated to experience significant growth in the upcoming years, predicted to reach a value of $14.9 billion in 2029 with a compound annual growth rate (CAGR) of 9.8%. Factors contributing to this growth projected in the forecast period include the proliferation of electric vehicles, innovations in fluid technology, the global spread of automotive manufacturing, and a rise in vehicle longevity. Dominant trends predicted for the forecast period involve the increased usage of synthetic fluids, the advent of smart fluids and condition monitoring, the tailoring of fluids for a variety of applications, and collaborations and partnerships within the industry.
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What Are the Core Competitive Drivers in the Transmission Fluids Industry?
The escalating auto industry is set to act as a catalyst for the expansion of the transmission fluids market. The increase of auto industry's footprint worldwide is projected to stimulate the use of transmission, which aids in preventing hydraulic pump deterioration and gears getting stuck on neutral, causing vehicles to become immobile. In addition, the swift evolution of consumer attitudes and their desire for enhanced vehicle performance and dependability is leading to the heightened adoption of transmission fluids globally. As per the India Brand Equity Foundation (IBEF), the automotive industry in India is anticipated to hit $300 billion by 2026. As such, the swift progression of the auto industry is projected to command a need for transmission fluids throughout the predicted period.
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Which Transmission Fluids Market Segment Is Projected to See the Fastest Growth?
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
Which Trends Are Opening New Opportunities in the Transmission Fluids Market?
Technological advancements are becoming a significant trend in the transmission fluids market. To stay competitive, primary players in the market are accentuating on the introduction of novel products. Castrol, a British oil and gas organization, for instance, unveiled the Castrol ON EV Transmission Fluid W2 and W5 in August 2024. These products are tailored for electric vehicles equipped with wet e-motors and are characterized by low-viscosity formulas that provide reduced electrical conductivity and heightened protection for e-motors. These fluids boost cooling and operational efficacy and adeptly deal with the high torque outputs produced by electric motors. This ensures top-tier performance and longevity across a range of vehicle applications.
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Who Are the Leaders 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
Which Regional Transmission Fluids Markets Offer the Greatest Growth Potential?
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
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