IMARC Group has recently released a new research study titled “Transmission Fluids Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a detailed analysis of the transmission fluids market report, drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios. The global market size reached US$ 7.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 9.6 Billion by 2027, exhibiting a CAGR of 4% during 2022-2027.
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What is transmission fluid?
Transmission fluids refer to lubricants that are generally extracted from crude oils, which are utilized for lubricating vehicle’s components for delivering optimum performance. They are generally resistant to extreme pressure conditions and act as a hydraulic fluid to produce fictional properties that safeguard the automobile and its metal surfaces and gaskets from heat while facilitating smooth and consistent shifts.
In comparison to traditional lubricants, these fluids exhibit superior viscosity index and oxidation and corrosion-resistant properties. The demand for transmission fluid is increasing across the globe due to the easy product availability via online and offline organized retail channels.
What are the growth prospects and trends in the global industry?
The market is primarily driven by the rising demand across the automotive industry. This is supported by the changing consumer preferences and the increasing demand for improved vehicle performance and reliability. Along with this, the growing manufacturing and selling of automobiles is significantly supporting the product demand.
The widespread adoption of advanced machinery across the industrial sector on account of rapid industrialization is providing a boost to the global transmission fluids market growth. In line with this, the rising infrastructural development projects, including urban rail, waterways and highways, across the developing economies are creating a positive market outlook.
Besides this, an enhanced focus on sustainable development among the masses and the implementation of stringent rules by the governments of numerous countries have led to the launch of bio-based transmission fluids, which is acting as a major growth-inducing factor.
Other factors, including the escalating adoption of off-road vehicles and extensive research and development (R&D) activities conducted by key players, are also favorably impacting the market.
Competitive Landscape With Key Players:
The competitive landscape of the transmission fluids market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Amsoil Inc.
- BASF SE
- BP P.L.C.
- Chevron Corporation
- Exxon Mobil Corporation
- Fuchs Petrolub SE
- Lubrizol Corporation
- PetroChina Company Limited (China National Petroleum Corporation)
- Petroliam Nasional Berhad
- Royal Dutch Shell Plc
- Total SE
Key Market Segmentation:
The report has segmented the global transmission fluids market based on type, base oil, application and region.
Breakup by Type:
- Automatic Transmission Fluid
- Manual Transmission Fluid
Breakup by Base Oil:
- Mineral Oil
- Synthetic Oil
- Semi-synthetic Oil
Breakup by Application:
- Passenger and Commercial Vehicles
- Off-Road Vehicles
Breakup by Region:
- North America
- Latin America
- Middle East and Africa
Explore Full Report With TOC & List of Figures: https://www.imarcgroup.com/transmission-fluids-market
Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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