The transmission Fluids Market is Segmented By Type (Automatic Transmission Fluid (ATF), Manual Transmission Fluid (MTF), Dual-Clutch Transmission Fluid (DCT), Continuously Variable Transmission Fluid (CVT)), By Base Oil (Mineral, Synthetic, Semi-synthetic), By End-User (Automotive Industry, Construction, Mining, Industrial Machinery, Agriculture, Others), By Distribution Channel (E-Commerce, Offline), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2029
The global transmission fluids market has reached at a CAGR of 2.15% during the forecast period 2023-2029.
Transmission Fluids Market Scope and Summary
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Metrics |
Details |
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Market CAGR |
2.15% |
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Segments Covered |
By Type, By Base Oil, By End-User, By Distribution Channel, and By Region |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other vital insights. |
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Fastest Growing Region |
Asia Pacific |
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Largest Market Share |
North America |
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Transmission is simply the gearbox that transforms speed and torque from a rotating power source, i.e., engine, to another device using gear and gear trains, i.e., wheels. Transmission fluid is utilized to lubricate the components of a vehicle's transmission to ensure peak performance. The fluid is classified into automatic transmission fluid and manual transmission fluid. Synthetic transmission fluid and specialty fluids are also utilized and specified in various gearboxes, including CVT and dual-clutch types.
Source: DataM Intelligence Analysis (2023)
Transmission Fluids Market Dynamics and Trends
The increasing demand for transmissfluidsluid from the automobile sector is expected to drive the global transmission fluids market. However, the disruption in supply networks globally with reduced vehicular traffic is likely to restrain the market.
The increasing demand for transmission fluid from the automobile sector
According to AAMCO, UTI's transmission supplier and one of the recognized automotive brands, transmission fluid greases the metal elements and bearings inside a car's manual gearbox and keeps them from grinding down as they move. In the automotive industry, transmission fluid is designed for special transmission requirements, such as valve operation, brake band friction, torque converter, and gear lubrication.
Transmission fluids are highly recommended in car vehicles to avoid hydraulic pump degradation and the gear becoming stuck in neutral, resulting in vehicle immobility. In November 2021, CRP Automotive introduced a new transmission fluid for ZF/Porsche Dual Clutch Transmissions vehicles. Pentosin FFL-8 Transmission Fluid is the sole authorized first-fill double-clutch transmission fluid (DCTF) for the ZF/Porsche Double Clutch Transmission with a wet clutch. It is valid for Porsche Panamera models from 2017 onwards.
The disruption in supply networks globally with reduced vehicular traffic
The global supply networks are being disrupted due to reduced vehicular traffic, low demand for products from aftermarkets and OEMs, and oil and lubricant manufacture discontinuation, including transmission fluids. The primary cause of the interruption is the temporary suspension of automotive production, which creates the most product demand.
Moreover, the raw materials utilized to manufacture transmission fluids are mostly derived from crude oil. According to the Energy Information Administration (EIA), Brent crude oil spot prices in 2020 averaged US$ 40 a barrel in June, up from multi-year lows in April. After OPEC+ countries decided to extend the most severe output restrictions, prices climbed, while several previously shut-down areas wanted additional liquid fuels.
Furthermore, the global oil inventory averaged 8.4 million barrels per day, causing crude oil prices to plummet dramatically. Because of crude oil price volatility, raw material prices for transmission fluids are volatile. As a result, the global transmission fluids market is projected to get hampered by supply chain reduction and fluctuating raw material prices.
COVID-19 Impact on Transmission Fluids Market Growth
Several countries' economic growth has slowed due to the COVID-19 pandemic, owing to the stoppage of manufacturing facilities, decreased demand, and supply chain disruption. The automotive industries are the most significant industries that use transmission fluids, severely impacted by COVID-19. During this pandemic, raw material suppliers, OEMs, and other linked businesses are being pushed to rethink their strategies to serve the industry.
Moreover, supply chain interruptions, logistical constraints, workforce unavailability, limited component availability, low corporate cash, demand reduction, and manufacturing halt due to lockdown in several nations have all negatively impacted the industry.
Transmission Fluids Market Segment and Shares Analysis
Based on type, the global transmission fluids market is segmented into automatic transmission fluid (ATF), manual transmission fluid (MTF), dual-clutch transmission fluid (DCT) and continuously variable transmission fluid (CVT), and others.
Automatic transmission fluid (ATF) is used in vehicles with automatic gearboxes. It's also seen in particular in more recent manual transmission vehicles. The fluid meets the needs of automatic transmissions and aids in various operations such as gear lubrication, torque converter operation, clutch friction action, valve body operation, brake band friction, and transmission cooling.
Automatic transmission fluid is usually thinner and clears with a red tint, while some automatic transmission fluids are now blue/green or even amber in color, depending on the manufacturer. It lubricates the moving parts of an automatic transmission and provides hydraulic pressure and friction to make the internal parts work.
Automatic and manual transmission fluids degrade and become polluted with particles and dirt over time. While transmission fluid does not need to be changed as frequently as motor oil, it is crucial to keep an eye on it and check it regularly.
Source: DataM Intelligence Analysis (2023)
Transmission Fluids Market Geographical Analysis
The global transmission fluids market is segmented into North America, Europe, South America, Asia-Pacific, and Middle East & Africa based on geography.
Asia-Pacific is estimated to be the significant market for transmission fluids over the forecast period owing to increased urbanization, disposable income and thus growing end-users, particularly automotive and building & construction industries. China, Australia, Korea, and India account for the vast majority of demand.
China is one of the leading vehicle producers as the country manufactured 25,225,242 automobiles in 2020. In addition, the growing popularity of EVs in the country is likely to drive demand for Transmission Fluids throughout the forecast period. The government of China intends to have a minimum of 5,000 fuel cell electric vehicles (EVs) by 2025 and a million by 2030.
Source: DataM Intelligence Analysis (2023)
Transmission Fluids Companies and Competitive Landscape
The global transmission fluids market is highly competitive with multinational businesses and several brands. Major players in the market include BP PLC, Royal Dutch Shell Plc, Exxon Mobil Corporation, Chevron Corporation, Lukoil, Total S.A., Kemipex, Valvoline Inc., General Motors, and Phillips 66 Company, among others. The major players in the market are known to incorporate numerous market strategies to achieve growth in the global Transmission Fluids market; these include mergers, technological developments, launches, acquisitions, contributions, and collaborations.
Phillips 66 Company
Overview: The Phillips 66 Company is a global oil corporation located in Houston, Texas, U.S. The company manufactures natural gas liquids and petrochemicals. The corporation has a global footprint with operations in U.S., Australia, UK, Germany, Austria, and Switzerland.
Product Portfolio: Phillips 66 automatic transmission fluids ensure smooth shift performance even under harsh operating circumstances.
Key Development:
- In August 2019, Phillips 66 Company released Phillips 66 Triton 295 automatic transmission fluid (ATF), suitable for Allison transmissions utilized on highways. Its product adds to Phillips 66's ATF range and is ideal for intracity transit buses, school buses, emergency vehicles, garbage vehicles, and commercial utility vehicles.
Why Purchase the Report?
- To visualize the global transmission fluids market segmentation by type, base oil, end-user, distribution channel, and region and understand key commercial assets and players.
- Identify commercial opportunities in the global transmission fluids market by analyzing trends and co-development.
- Excel data sheet with numerous data points of transmission fluids market-level with four segments.
- PDF report consisting of cogently put together market analysis after exhaustive qualitative interviews and in-depth market study.
- Product mapping available as excel consisting of critical products of all the major market players
The global transmission fluids market report would provide approximately 69 tables, 65 figures, and almost 210 pages.
Target Audience 2023
- Service Providers/ Buyers
- Industry Investors/Investment Bankers
- Automotive Companies
- OEMs
- Research Professionals
Frequently Asked Questions
What is the Projected CAGR value of the Transmission Fluids Market?
The Transmission Fluids Market is expected to grow at a high CAGR of 2.15% during the forecasting period 2023-2029.
Which region controlled the global market during 2023-2029?
North America region Controls the Transmission Fluids Market during 2023-2029.
Which is the fastest-growing region in the Transmission Fluids Market?
Among all regions, Asia Pacific is the fastest-growing market share during the forecast period.
Trending Topics
Automotive Transmission Market