Major players in the transmission fluids market are BP, Shell plc, ExxonMobil, Chevron Corporation, Lukoil, TotalEnergies, Pennzoil, Lubrizol, Sinopec, Evonik Industries, PETRONAS, Fuchs Petrolub, Valvoline, Idemitsu Kosan, and Phillips 66 Company.
New York, Sept. 12, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Transmission Fluids Global Market Report 2022" - https://www.reportlinker.com/p06319229/?utm_source=GNW
The global transmission fluids market is expected to grow from $7.46 billion in 2021 to $7.84 billion in 2022 at a compound annual growth rate (CAGR) of 5.17%. The transmission fluids market is expected to grow to $9.51 billion in 2026 at a compound annual growth rate (CAGR) of 4.94%.
The transmission fluids market consists of sales of transmission fluids by entities (organizations, sole traders, and partnerships) that refer to the oils that are used in automatic transmissions to lubricate the components of a car’s transmission for optimum performance. The transmission fluids help in cleaning and protecting metal surfaces from wear, enhancing the cooling function, reducing high operating temperatures, and increasing rotational speed and temperature change.
The main type is automatic transmission fluid (ATF), manual transmission fluid (MTF), CVT, and DCT.The automatic transmission fluid (ATF) refers to a type of transmission fluid that is designed for cars that have automatic transmissions.
The automatic transmission fluid help in functions like gear lubrication, brake band friction, transmission cooling, and clutch friction operation.The base oil used in transmission fluids includes mineral, synthetic, and semi-synthetic oils.
The transmission fluids are used by various industries ranging from the automotive industry, construction, mining, industrial machinery, agriculture, and other end-user industries.
Asia Pacific was the largest region in the transmission fluids market in 2021 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 and Africa.
The transmission fluids market research report is one of a series of new reports 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 growing automotive industry is expected to propel the growth of the transmission fluids market.The rapid growth in the automotive industry across the globe is expected to boost the utilization of transmission, as they help in avoiding hydraulic pump wear out and the gear stuck in neutral that leads to the immobility of the vehicles.
Additionally, rapidly changing consumer behaviour and their need for better vehicle performance and overall reliability are contributing to increased utilization of transmission fluids across the globe.According to the India Brand Equity Foundation (IBEF), the Indian automotive industry is expected to reach $300 billion by 2026.
Therefore, the rapid growth automotive industry is expected to demand for transmission fluids during the forecast period.
Technological developments are a key trend gaining popularity in the transmission fluids market.Major players in the market are focusing on bringing innovative products to obtain an edge in the market against their competitors.
For instance, in May 2021, Afton Chemical, a US-based company launched the first electrified transmission fluid. This HiTEC® 35701 is unique as it delivers key platform technology for battery electric vehicles and meets the needs of OEMs with a range of hardware in one product.
In July 2021, PLZ Corp, a US-based company that offers a wide range of high-quality and professional automotive cleaning and maintenance products, acquired Champion Brands LLC for an undisclosed amount.This acquisition is expected to help PLZ corp expand the full-service automotive offering and strengthen the value proposition.
It also helps in delivering quality, innovation, and service to the customers. Champions Brands LLC is a US-based manufacturer of specialty lubricants for the automotive and industrial markets.
The countries covered in the transmission fluids market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
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