According to the latest report by IMARC Group, titled "Transmission Fluids Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global transmission fluids market reached a value of US$ 7.6 Billion in 2021. Transmission fluids refer to lubricants that are generally extracted from crude oils, which are utilized for lubricating vehicle’s components for delivering optimum performance. They are generally resistant to extreme pressure conditions and act as a hydraulic fluid to produce fictional properties that safeguard the automobile and its metal surfaces and gaskets from heat while facilitating smooth and consistent shifts. In comparison to traditional lubricants, these fluids exhibit superior viscosity index and oxidation and corrosion-resistant properties. The demand for transmission fluid is increasing across the globe due to the easy product availability via online and offline organized retail channels.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Transmission Fluids Market Trends:
The global market is primarily driven by the rising demand across the automotive industry. This is supported by the changing consumer preferences and the increasing demand for improved vehicle performance and reliability. Along with this, the growing manufacturing and selling of automobiles is significantly supporting the product demand. Moreover, the widespread adoption of advanced machinery across the industrial sector on account of rapid industrialization is providing a boost to the market growth. In line with this, the rising infrastructural development projects, including urban rail, waterways and highways, across the developing economies are creating a positive market outlook. Besides this, an enhanced focus on sustainable development among the masses and the implementation of stringent rules by the governments of numerous countries have led to the launch of bio-based transmission fluids, which is acting as a major growth-inducing factor. Other factors, including the escalating adoption of off-road vehicles and extensive research and development (R&D) activities conducted by key players, are also favorably impacting the market. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 9.6 Billion by 2027, exhibiting a CAGR of 4% during 2022-2027.
- On the basis of the type, the market has been segmented into automatic, manual and other transmission fluids.
- Based on the base oil, the market has been classified into mineral, synthetic and semi-synthetic oil.
- On the basis of the application, the market has been categorized into passenger and commercial, and off-road vehicles.
- Based on the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Amsoil Inc., BASF SE, BP P.L.C., Chevron Corporation, Exxon Mobil Corporation, Fuchs Petrolub SE, Lubrizol Corporation, LukOil, PetroChina Company Limited (China National Petroleum Corporation), Petroliam Nasional Berhad, Royal Dutch Shell Plc and Total SE.
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