The Global Transmission Fluid Market Growing at a CAGR of 3.4%, According To A New Report by Grand View Research, Inc.

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The Global Transmission Fluid Market Growing at a CAGR of 3.4%, According To A New Report by Grand View Research, Inc.

August 30
21:07 2019
The Global Transmission Fluid Market Growing at a CAGR of 3.4%, According To A New Report by Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting
According to report published by Grand View Research,Increasing innovation in fluid processing technologies and advent of fuel-efficient automobile & industrial standards driving lower carbon emissions have been key drivers of the transmission fluid market.

Industry Insights

Expanding automotive sector in emerging economies has driven lubricants consumption in several vehicle types. Growing consciousness regarding the advantages of technologically advanced lubricants is expected to boost product demand. 

Growing consumer awareness regarding environment-friendly, low emission vehicles is expected to foster growth in the overall industry. Innovative fluids are being produced in line with the manufacturing units of the vehicles to cater to transitioning consumer demands of fuel efficient & high-performance vehicles.

                          U.S. transmission fluid market revenue by product, 2014 – 2025 (USD Million)

U.S. transmission fluid market revenue by product, 2014 - 2025 (USD Million)

To view summary of this report, click the link below: 
www.grandviewresearch.com/industry-analysis/transmission-fluids-market

Automotive and construction industries are expected to fuel such specialized lubricants demand. Heavy-duty vehicles are increasingly utilized for farming & building activities, in line with rising population levels across the globe. Growing spending on renovation and infrastructure are also conducive to industry growth.

Heavy-duty vehicles are expected to remain the dominant application with over 51% of the volume share in 2016. Heavy-duty vehicles such as tractors also require high-performance lubricants that deliver desired output for long-term agricultural activities. These require specialized manual transmission fluids (MTF), which are directly sourced to the gearbox and axles of heavy-duty vehicles.

Product Insights 

Asia Pacific is expected to grow the fastest, especially for dual clutch fluids, followed by North America. Several multinationals such as BMW, Honda, Ford, General Motors and others are manufacturing vehicles equipped with dual clutch technologies. Emission control is most important for the transmission box, and stringent CO2 emission regulations are expected to foster high growth in this segment.

Application Insights 

Heavy motor-works such as tractors, sprayers, harvesters and other such big machines require constant lubrication during field applications. These tractors operate in diverse weather conditions, under heavy-load conditions and thus require high performance lubricants to achieve optimum performance.

To request a sample copy of this report, click the link below: 
www.grandviewresearch.com/industry-analysis/transmission-fluids-market/request/rs1

Further key findings from the report suggest:

  • The global transmission fluids demand is anticipated to grow from 2.56 million tons in 2016 at 2.3% CAGR from 2017 to 2025

  • Passenger vehicles are witnessing rapid growth in emerging economies on account of rising consumer disposable income and shift in perception from viewing cars as necessities rather than luxuries

  • ATF emerged as the leading product type owing to the increasing demand for automatic vehicles. Heavy-duty and agriculture machinery & equipment are also utilizing vast amounts of ATF in order to prolong vehicle lifespans.

  • MTF is utilized only in specific manual vehicles, and innovation in this segment has been a critical factor owing to numerous complexities associated with these fluids. A major concern is fuel efficiency enhancement and suppressing transmission noise to enable a smooth transmission.

  • Growing consumer awareness towards lower vehicular emissions have encouraged OEMs to collaborate with lubricant manufacturers in order to achieve the optimum fuel efficiency levels. BASF is one such company that has tie-ups with numerous OEMs and suppliers to develop specific products for each automobile type.

  • Large companies such as BASF SE, Chevron Corporation, Exxon Mobil Corporation and Royal Dutch Shell with extensive global presence dominate the industry. Widespread distribution network along with innovative product portfolio is a major factor driving their success. These companies are also recognized for their extensive R&D operations which lead them to cater all kinds of application sectors globally.

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Regional Insights

The European market comprises of Germany, France, UK, Russia, Spain, Belgium and The Netherlands among other Eastern and Central European countries. Rest of Europe (RoE) dominated the regional market with 31.8% market share in 2015. A revitalized automotive market, along with increasing renovation & refurbishment construction activities is driving consumption in this region.

Grand View Research has segmented the global transmission fluid market on the basis of product, application, and region:

Transmission Fluid Product Outlook (Volume, Kilo Tons; Revenue, USD Million; 2014 – 2025)

  • Automatic Transmission Fluid

  • Manual Transmission Fluid

  • Dual Clutch Transmission Fluid

  • Continuously Variable Transmission Fluid

Transmission Fluid Application Outlook (Volume, Kilo Tons; Revenue, USD Million; 2014 – 2025)

  • Passenger Vehicle

  • Heavy-duty Vehicle

Buy Now Transmission Fluid Market Research Report: www.grandviewresearch.com/checkouts/transmission-fluids-market

 

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Website: www.grandviewresearch.com/industry-analysis/transmission-fluids-market

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