PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1671386
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1671386
In terms of value, the transmission fluids market is estimated to grow from USD 15.67 billion in 2024 to USD 19.70 billion by 2029, at a CAGR of 4.7%. The increasing demand for automatic and hybrid vehicles is revolutionizing the transmission fluids industry, as such advanced systems require transmission fluids designed to suit their specific needs. Automatic transmissions and hybrid drivetrains demand fluids with specific attributes, including superior friction control, thermal stability, and energy efficiency in contrast to conventional manual transmissions. High-performance transmission fluids are in greater demand as people choose automatic and hybrid vehicles for their convenience, smoother driving, and fuel efficiency. Additionally, this evolution pushes producers to create novel formulations that fulfill the changing technological specifications of contemporary transmissions.
Scope of the Report | |
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Years Considered for the Study | 2018-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Million) and Volume (Million Liters) |
Segments | Type, Base Oil, End-use Industry, and Region |
Regions covered | Asia Pacific, Europe, North America, Middle East & Africa, and South America |
"Manual transmission fluids segment is expected to be the third fastest-growing type of the transmission fluids market, in terms of value, during the forecast period."
One of the most important benefits of manual transmissions is that they are less expensive to maintain than the automatic systems. They contain fewer sophisticated components and are less susceptible to costly malfunctions or failures. This simplicity also applies to the transmission fluids employed, which are usually of longer service life and cheaper to replace. In areas where vehicle maintenance expenses are a major factor for consumers, this affordability enables consistent demand for manual transmission fluids, which will continue to be used across personal and commercial vehicles.
"Semi-synthetic oil is expected to be the second fastest-growing segment of the transmission fluids market, in terms of value, during the forecast period."
Semi-synthetic transmission fluids fill the gap between mineral and full synthetic lubricants by providing longer drain intervals at a cost that is less than premium synthetic products. Their enhanced oxidation stability and thermal stability reduce oil degradation, enabling vehicles to run efficiently for longer intervals before fluid replacement is needed. This minimizes direct maintenance costs and indirect costs of vehicle downtime, which is especially advantageous to fleet operators handling multiple vehicles. This convergence of performance and affordability is responsible for their increasing popularity globally.
"Automotive industry is expected to be the fastest-growing segment of the transmission fluids market, in terms of value, during the forecast period."
Urbanization has immensely boosted car ownership levels, especially in developing areas where increased incomes and better infrastructure make personal vehicles more affordable. As cities grow and populations shift to urban areas, the need for easy and dependable personal mobility increases, with a corresponding rise in the passenger car sales. In highly populated urban areas, congested stop-and-go traffic imposes additional stress on transmission systems, accelerating wear. This leads to an increased rate of fluid replacements and maintenance to provide seamless performance. This growing urban fleet of vehicles creates steady demand for transmissions fluids, cementing the automotive sector's market leadership.
"Middle East & Africa is projected to be the second-fastest growing region, in terms of value, during the forecast period in the transmission fluids market."
The adverse climatic conditions in the Middle East & African region, especially the hot temperatures of Gulf nations and the dry desert climates of places such as parts of North Africa, pose considerable stress on the transmission systems of vehicles. The high ambient temperatures cause the degradation of transmission fluids at a faster rate, which results in poor lubrication efficiency, higher friction, and even overheating. This leads to more frequent fluid changes to keep the vehicle operating efficiently and avoid expensive repairs. This creates an increasing demand for heat-resistant, specialty transmission fluids designed to endure extreme temperatures, leading to durability and steady market expansion.
The key players in this market include ExxonMobil Corporation (US), Shell plc (UK), BP plc (UK), TotalEnergies SE (France), and Chevron Corporation (US), Petroliam Nasional Berhad (PETRONAS) (Malaysia), FUCHS SE (Germany), Valvoline Inc. (US), LUKOIL (Russia), Motul (France), and others.
Research Coverage
This report segments the market for transmission fluids based on type, base oil, end-use industry, and region and provides estimations of value (USD Million) and volume (Million Liters) for the overall market size across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, services, key strategies, associated with the market for transmission fluids.
Reasons to Buy this Report
This research report is focused on various levels of analysis - industry analysis (industry trends), market share analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the transmission fluids market; high-growth regions; and market drivers, restraints, and opportunities.