PUBLISHER: The Business Research Company | PRODUCT CODE: 1657033
PUBLISHER: The Business Research Company | PRODUCT CODE: 1657033
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 $9.35 billion in 2024 to $10.3 billion in 2025 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to automotive industry growth, maintenance and aftermarket demand, regulatory standards.
The transmission fluids market size is expected to see rapid growth in the next few years. It will grow to $15.1 billion in 2029 at a compound annual growth rate (CAGR) of 10.0%. The growth in the forecast period can be attributed to electric vehicle expansion, advancements in fluid technology, globalization of automotive production, increasing vehicle lifespan. Major trends in the forecast period include shift towards synthetic fluids, smart fluids and condition monitoring, customization for diverse applications, collaborations and partnerships.
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 growing demand for passenger vehicles is anticipated to drive the expansion of the transmission fluids market. Passenger vehicles, commonly referred to as cars, are motor vehicles primarily designed for transporting passengers. These vehicles are built to accommodate multiple individuals, ranging from a single person to a small group, and are mainly used for personal and family transportation. The increased demand for transmission fluids arises from the necessity for adequate lubrication, temperature regulation, and overall performance improvement in passenger vehicles. For instance, in May 2023, a report published by the European Automobile Manufacturers Association (ACEA), a trade organization based in Belgium, indicated that a total of 85.4 million motor vehicles were produced worldwide in 2022, marking a 5.7% increase from the prior year. China led production with 27.2 million vehicles, followed by Europe with 16.3 million and North America with 14.9 million vehicles. Thus, the rising demand for passenger vehicles is propelling the transmission fluids market.
Technological developments are a key trend gaining traction in the transmission fluids market. Major players are focusing on innovating products to gain a competitive edge. For instance, in August 2024, Castrol, a UK-based oil and gas company, launched Castrol ON EV Transmission Fluid W2 and W5 These fluids are specifically designed for electric vehicles with wet e-motors and feature low-viscosity formulations that provide low electrical conductivity and enhanced protection for e-motors. They improve cooling and operational efficiency while effectively managing the high torque outputs generated by electric motors, ensuring optimal performance and durability across various vehicle applications.
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 May 2022, Moove, a Netherlands-based mobility fintech company, acquired PetroChoice. This acquisition aims to establish a leading position in the expanding U.S. lubricants market by leveraging PetroChoice's extensive distribution network and product offerings to support Moove's global growth strategy. PetroChoice is a US-based provider of engine lubricants, hydraulic fluids, and metalworking fluids.
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
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
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.
Transmission Fluids Global Market Report 2025 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.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.