What Has Been the Progress and Growth of the Transmission Fluids Market in Recent Years?
The transmission fluids market has seen considerable growth due to a variety of factors.
• The market size for transmission fluids has seen a swift expansion in the previous years. The market is projected to surge from $9.35 billion in 2024 to $10.3 billion in 2025, with a compound annual growth rate (CAGR) of 10.1%.
This progression during the historic period is as a result of growth in the automotive industry, demand for maintenance and aftermarket, along with regulatory standards.
What Can Be Expected from the Transmission Fluids Market in the Coming Years?
The transmission fluids market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the transmission fluids market is anticipated to experience swift expansion. The market is projected to attain a value of $15.1 billion in 2029, displaying a Compound Annual Growth Rate (CAGR) of 10.0%.
The anticipated growth during the forecast period can be credited to the development of electric vehicles, innovations in fluid technology, worldwide proliferation of automotive production, and extended vehicle lifespan. The forecast period is likely to witness trends such as a move towards synthetic fluids, intelligent fluids and condition surveillance, personalization for a range of applications, along with collaborations and partnerships.
What Are the Critical Driver Fuelling the Transmission Fluids Market's Growth?
The expansion of the automotive industry is anticipated to drive the growth of the transmission fluids market. The surge in automotive industry worldwide is predicted to promote the use of transmission, which aids in preventing hydraulic pump deterioration and gears getting stuck in neutral causing vehicle immobilization. Furthermore, swift changes in consumer habits and their demand for enhanced vehicle performance and reliability are leading to an upsurge in the usage of transmission fluids globally. The India Brand Equity Foundation (IBEF) projects that the Indian automotive industry will attain a value of $300 billion by 2026. Hence, the burgeoning automotive industry is set to stimulate the demand for transmission fluids in the projected period.
How Is the Transmission Fluids Market segmented?
The transmission fluids market covered in this report is segmented –
1) By Type: Automatic Transmission Fluid (ATF), Manual Transmission Fluid (MTF), CVT Fluid, DCT Fluid
2) By Base Oil: Mineral, Synthetic, Semi-Synthetic
3) By End User Industry: Automotive Industry, Construction, Mining, Industrial Machinery, Agriculture, Other End-User Industries
Subsegments:
1) By Automatic Transmission Fluid (ATF): Dexron Series, Mercon Series, Multi-Vehicle ATF
2) By Manual Transmission Fluid (MTF): Gear Oil, Synthetic MTF, Conventional MTF
3) By CVT Fluid: CVT Fluid For Passenger Vehicles, CVT Fluid For Commercial Vehicles
4) By DCT Fluid: DCT Fluid for Passenger Vehicles, DCT Fluid for High-Performance Vehicles
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What New Trends Are Influencing the Transmission Fluids Market?
Advancements in technology have emerged as a significant trend in the transmission fluids sector. The key players in this market are committed to introducing uniquely innovative products to gain an advantage over rivals. For instance, in August 2024, Castrol, an oil and gas entity based in the UK, announced the arrival of Castrol ON EV Transmission Fluid W2 and W5. These solutions were specifically designed for electric vehicles with wet e-motors and possess low-viscosity formulations that guarantee low electrical conductivity while improving protection for e-motors. These fluids enhance cooling, operational efficiency, and effectively manage the high torque produced by electric motors. This ensures maximum performance and endurance in multiple vehicle applications.
Who Are the Key Players in the Transmission Fluids Market?
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
What Is The Most Dominant Region In The Transmission Fluids Market?
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
