Chicago, July 22, 2022 (GLOBE NEWSWIRE) -- According to Arizton’s latest research report, the transmission fluid market is expected to grow at a CAGR of 5.15% during 2022-2027. Governments work closely with environmental agencies and NGOs to lay down stringent emission regulations to reduce the impact of harmful gases on the environment and human health. These regulations push lubricant manufacturers to develop eco-friendly transmission fluids that comply with emission regulations.
Global Transmission Fluid Market Report Scope
| Report Attributes | Details | |
| MARKET SIZE (2027) | $13.96 Billion | |
| MARKET SIZE (2021) | $10.32 Billion | |
| CAGR (2022-2027) | 5.15% | |
| SHIPMENT-CAGR (2022-2027) | 4.16% | |
| BASE YEAR | 2021 | |
| FORECAST YEAR | 2022-2027 | |
| MARKET SEGMENTS | Applications, Oil Type, and Region | |
| COUNTRIES COVERED | US, Canada, Brazil, Mexico, Rest of Latin America, Iran, Saudi Arabia, South Africa, UAE, Rest of MEA, Germany, France, UK, Spain, Italy, Russia, Rest of Europe, China, India, Japan, South Korea, Indonesia, and Rest of APAC | |
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Development of New Engines & Transmission Assemblies
High R&D investments help the automobile industry to develop new engines and transmission assemblies that run on ethanol, CNG, biodiesel, hydrogen fuel, and hybrid technologies. The development of new engines and transmission assemblies positively affects the demand for alternate powertrains as they deliver better engine performance and are more fuel-efficient. Therefore, the global demand for new and efficient vehicles is high.
Alternate powertrain-based vehicles are environment friendly. Various laws and incentives are provided by the government to promote the use and production of alternate powertrain vehicles, and NGOs run various awareness campaigns to educate people about the long-term impact of conventional fuel vehicles on the environment and human health. Governments globally lay down strict restrictions on vehicle emissions. Therefore, the demand for alternate powertrains increased over the past few years.
Key Insights
- Transmission fluids are important for smooth functioning of transmission assembly and vehicles. Major players in the segment include Castrol Limited (UK), ExxonMobil (US), Shell (UK), Chevron (US), Total Energies (France), and others operate through strategies such as expansion, acquisition, new product launch to further their reach in the market.
- The passenger car segment of the transmission fluid market is expected to be the largest application segment in 2021, accounting for 42.86% of the market. Ford (US), Tata (India), BMW (Germany), and Hyundai (South Korea) have entered into agreements with lubricant manufacturers to develop high-quality transmission fluid.
- Electric vehicles market in developed countries and emerging economies is developing at rapid speed as many automotive manufacturers are taking advantage of various stringent emission regulations that results in to increase in demand of electric vehicles, this will drive the transmission fluid market in coming future.
- Application segments of such as commercial vehicles and heavy vehicles are growing rapidly in developed as well as developing economies because of rapidly growing infrastructure and construction industry which is creating a healthy environment for transmission fluid market.
- Transmission Fluid are manufactures from different oil types such as mineral oils and synthetic oils. Fully synthetic oils derived from mixture of synthetic oil and additives that offers properties such as better viscosity, low pour point, wind range of working temperature and during forecasted period it will show annual growth of 5.47%.
- The stringent emission regulation laid down by various government have impacted the transmission fluid market positively. Automotive manufacturers have invested the large amount to develop hybrid powertrain vehicles, newly designed engine and transmission assembly which will mitigate the impact of emission of vehicle. Therefore, many of the lubricant manufacturer have developed transmission fluid that will be compatible for new developments in vehicles which are eco-friendly and sustainable that resulted in huge investment in R&D.
- In future, advanced technologies such as transmission fluid for electric vehicles, hybrid engines, innovative engine and transmission designs, weight reduction techniques of used for engine parts and transmission assembly, and next-generation vehicle design will further drive the market by enabling advantages such as higher efficiency, longer lifespan, and reduced operational costs.
- Emerging economies such as India, China, Indonesia, South Korea, Mexico, Brazil, Colombia, Argentina, and others are the major markets for transmission fluid. Growing population, developing infrastructure, rising disposable incomes, growing middle class, and growing prevalence of chronic diseases are major factors for growth in the region.
Applications
- Passenger Car
- Commercial Vehicle
- Heavy Vehicles
- Others
Oil Type
- Fully Synthetic Oil
- Mineral Oil
- Semi-Synthetic Oil
Region
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Russia
- Rest Of Europe
- APAC
- China
- India
- Japan
- South Korea
- Indonesia
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest Of Latin America
- Middle East & Africa
- Iran
- Saudi Arabia
- South Africa
- UAE
- Rest of MEA
Key Vendors
- Castrol Limited
- Chevron Corporation
- ExxonMobil
- Shell PLC
- TotalEnergies
Other Prominent Vendors
- Bharat Petroleum Corporation Limited
- BP PLC
- FUCHS
- Gazpromneft – Lubricants Ltd
- GS Caltex Corporation
- Gulf Oil International limited
- Hindustan Petroleum Corporation Limited
- Idemitsu Kosan Co., Ltd.
- Indian Oil Corporation Limited
- Kuwait Dana Lubes Company
- Liqui Moly
- Motul
- Pennzoil
- Petro-Canada Lubricant Inc.
- Petroliam Nasional Berhad (PETRONAS)
- Phillips 66
- Ravensberger Schmierstoffvertrieb GmbH (Ravenol)
- Repsol
- Sinopec
- Valvoline Inc.
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