PUBLISHER: The Business Research Company | PRODUCT CODE: 1392942
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392942
“Transmission Fluids Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on transmission fluids market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for transmission fluids? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The transmission fluids market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Transmission fluids are specialized oils used in automatic transmissions to lubricate the various components, ensuring optimal performance of a car's transmission system.
The main types of transmission fluids include automatic transmission fluid (ATF), manual transmission fluid (MTF), continuously variable transmission fluid (CVT), and dual-clutch transmission fluid (DCT). ATF, or automatic transmission fluid, is specifically designed for vehicles equipped with automatic transmissions. ATF plays a crucial role in functions such as gear lubrication, brake band friction, transmission cooling, and clutch friction operation. The base oils used in these transmission fluids can be mineral-based, synthetic, or semi-synthetic. These transmission fluids find applications in various industries, including automotive, construction, mining, industrial machinery, agriculture, and other end-user industries. They contribute to the smooth operation and longevity of transmission systems across a range of vehicles and machinery.
The transmission fluids market research report is one of a series of new reports from The Business Research Company that provides transmission fluids market statistics, including transmission fluids industry global market size, regional shares, competitors with a transmission fluids market share, detailed transmission fluids market segments, market trends and opportunities, and any further data you may need to thrive in the transmission fluids industry. This transmission fluids market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The transmission fluids market size has grown rapidly in recent years. It will grow from $8. 56 billion in 2023 to $9. 42 billion in 2024 at a compound annual growth rate (CAGR) of 10. 1%. The growth observed in the historical period can be attributed to factors such as the expansion of the automotive industry, increased demand for maintenance and aftermarket services, and adherence to regulatory standards.
The transmission fluids market size is expected to see rapid growth in the next few years. It will grow to $13. 84 billion in 2028 at a compound annual growth rate (CAGR) of 10. 1%. The anticipated growth in the forecast period can be attributed to the expansion of electric vehicles, advancements in fluid technology, the globalization of automotive production, and an increase in the lifespan of vehicles. Significant trends expected in this period encompass a shift towards synthetic fluids, the adoption of smart fluids and condition monitoring technologies, customization to suit diverse applications, as well as increased collaborations and partnerships within the industry.
The anticipated growth in the automotive industry is set to drive the expansion of the transmission fluids market. The global automotive industry's rapid growth is expected to increase the demand for transmission fluids, given their role in preventing hydraulic pump wear and gear immobilization, which can lead to vehicle immobility. Furthermore, evolving consumer behavior, emphasizing enhanced vehicle performance and overall reliability, is contributing to the increased adoption of transmission fluids worldwide. According to the India Brand Equity Foundation (IBEF), the Indian automotive industry is projected to reach $300 billion by 2026. Consequently, the accelerated growth of the automotive industry is expected to drive the demand for transmission fluids in the forecast period.
The surge in demand for passenger vehicles is expected to fuel the growth of the transmission fluids market. Passenger vehicles, commonly referred to as cars, are motor vehicles designed primarily for transporting passengers. The need for proper lubrication, temperature control, and overall performance improvement in passenger vehicles is driving the increased demand for transmission fluids. In 2021, the US Bureau of Transportation Statistics reported an average of 1. 9 vehicles per household. According to Worldatlas, Germany has 566 cars per 1000 people, China has 173 cars per 1000 individuals, Indonesia has 78 vehicles per 1000 individuals, and India has 225 cars per 1000 individuals. Therefore, the demand for passenger vehicles is anticipated to lead to an increased demand for transmission fluids in the forecast period.
Technological advancements emerge as a significant trend gaining traction in the transmission fluids market. Key players in the market are concentrating on introducing innovative products to gain a competitive advantage. For example, in May 2021, Afton Chemical, a US-based company, launched HiTEC 35701, the first electrified transmission fluid. This product addresses the needs of original equipment manufacturers (OEMs) with a range of hardware in one solution, catering to battery electric vehicles.
Major companies in the transmission fluids market are actively introducing innovative products like VersaTrans ULV ATF to maintain their market position. VersaTrans ULV ATF, or Ultra-Low Viscosity Automatic Transmission Fluid, is designed for use in modern vehicles with automatic transmissions. In 2022, Phillips, a Netherlands-based petroleum conglomerate, expanded its product portfolio with the launch of VersaTrans ULV ATF. This automatic transmission fluid is specifically designed to meet evolving specifications for newer Ford and GM vehicles with 9 and 10-speed transmissions. It aims to enhance fuel economy, provide a long service life, and deliver better shift performance under extreme operating conditions.
In July 2021, PLZ Corp, a US-based company specializing in automotive cleaning and maintenance products, acquired Champion Brands LLC for an undisclosed amount. This strategic acquisition is expected to assist PLZ Corp in expanding its full-service automotive offerings and strengthening its overall value proposition. The acquisition of Champion Brands LLC, a US-based manufacturer of specialty lubricants for the automotive and industrial markets, aligns with PLZ Corp's commitment to delivering quality, innovation, and service to its customers.
Major companies operating in the in the transmission fluids market report are 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
Asia-Pacific was the largest region in the transmission fluids market in 2023 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
The countries covered in the transmission fluids market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The transmission fluids market consists of sales of continuously variable transmission fluid and other types. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.