The global transmission fluids market size reached US$ 7.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 9.6 Billion by 2028, exhibiting a growth rate (CAGR) of 3.45% during 2023-2028.
Transmission fluid refers to a lubricant to facilitate speed and torque conversions from the engine to the wheels for optimum performance. The fluid lubricates the bearings and metallic components in the gearbox of the automobile and prevents them from wear and tear. Some of the commonly used transmission fluids include automatic, manual, specialty and synthetic transmission fluids. In comparison to the traditionally used lubricants, transmission fluids offer superior oxidation, thermal stability, minimal deposit formation, high viscosity index, resistance against rust and corrosion and compatibility with elastomers. As a result, they find extensive applications in passenger cars, construction vehicles and agricultural machinery to deliver optimum on-road performance and provide wear protection to transmission components.
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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The growing automotive industry across the globe represents one of the key factors creating a positive outlook on the market. Furthermore, shifting consumer preferences, along with the increasing demand for improved vehicle performance and reliability, is also driving the market growth. In line with this, transmission fluids are also used in off-road vehicles for improved valve operation, brake band friction and torque conversion. Additionally, various product innovations, such as the development of environment-friendly transmission fluids fortified with anti-wear additives and stable viscosity enhancers, are acting as other growth-inducing factors. These additives prevent oil film breakdown, provide a seamless gear shift mechanism and optimize the fuel economy of the vehicle. Other factors, including the rising expenditure capacities of the consumers, along with the utilization of transmission fluids as coolants in automobiles with automatic transmission, are anticipated to drive the market further.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global transmission fluids market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, base oil and application.
Breakup by Type:
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Automatic Transmission Fluid
Manual Transmission Fluid
Others
Breakup by Base Oil:
Mineral Oil
Synthetic Oil
Semi-synthetic Oil
Breakup by Application:
Passenger and Commercial Vehicles
Off-Road Vehicles
Breakup by Region:
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North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.
Report Coverage:
Report Features
Details
Base Year of the Analysis
2022
Historical Period
2017-2022
Forecast Period
2023-2028
Units
US$ Billion
Segment Coverage
Type, Base Oil, Application, Region
Region Covered
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered
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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Post-Sale Analyst Support
10-12 Weeks
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PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Key Questions Answered in This Report
The global transmission fluids market was valued at US$ 7.9 Billion in 2022.
We expect the global transmission fluids market to exhibit a CAGR of 3.45% during 2023-2028.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous manufacturing units for transmission fluids.
The rising demand for improved vehicle performance and reliability, along with the increasing adoption of transmission fluids in off-road vehicles for improved valve operation, brake band friction, and torque conversion, is primarily driving the global transmission fluids market.
Based on the type, the global transmission fluids market can be categorized into automatic transmission fluid, manual transmission fluid, and others. Currently, automatic transmission fluid exhibit clear dominance in the market.
Based on the base oil, the global transmission fluids market has been segmented into mineral oil, synthetic oil, and semi-synthetic oil. Among these, mineral oil currently holds the largest market share.
Based on the application, the global transmission fluids market can be bifurcated into passenger and commercial vehicles and off-road vehicles. Currently, off-road vehicles account for the majority of the total market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.
Some of the major players in the global transmission fluids market 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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