DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Transmission Fluids Market by Type (Automatic Transmission Fluid/ATF, Manual Transmission Fluid/MTF, CVT, DCT), Base Oil (Mineral, Synthetic, Semi-Synthetic), End-Use Industry (Automotive, Off-Road Vehicle) - Global Forecast to 2021" report to their offering.
The transmission fluids market is projected to reach USD 8.43 billion by 2021, at a CAGR of 4.1% from 2016 to 2021
There is an increase in the demand for automobiles and heavy machinery for construction in the emerging Asia-Pacific region and Middle Eastern & African markets which is leading to the growth of the overall transmission fluid market. The market is expected to grow at a nominal rate as the automotive market in North America is mature, which is also a major factor restraining the growth of the transmission fluids market.
Transmission fluids help in the efficient operation of the transmission system of any vehicle by keeping its components lubricated and cool. The market for Continuously Variable Transmission Fluids (CVT) and Dual-Clutch Transmission Fluids (DCT) is projected to grow at the highest CAGR from 2016 to 2021, in terms of value. Increasing consumer awareness in choosing fuel-efficient transmission systems, and the inclination towards adopting the new technological changes is driving the market for the other types.
Mineral oil base transmission fluids constitute the major share in the global transmission fluids market. They are produced in large quantities because of their high demand in different end-use industries such as automotive, and off-road vehicles. The market for mineral base oils is driven by the demand from the Asia-Pacific region and the Middle East & Africa due to their low cost and easy availability.
Transmission fluids transmit power from the engine to axles in any vehicle. Thus, they form an integral component of any passenger or commercial vehicle, agriculture equipment, and heavy construction and mining equipment. The automotive end-use industry constitutes a major share of the global transmission fluids market due to the high demand for passenger vehicles. The increasing population worldwide, coupled with an increase in disposable incomes has led to a high increase in vehicle use.
Asia-Pacific to be the fastest-growing market during the forecast period
- Growing Automotive Industry in Asia-Pacific
- Technological Advancements in the Passenger Vehicles Sector
- Market Saturation of Passenger Vehicles in North America
- Industrial Growth in Middle East & Africa
- Afton Chemical Corporation (U.S.)
- Amsoil Inc. (U.S.)
- BASF SE
- BP PLC.
- Chevron Corporation
- Evonik Industries AG (Germany)
- Exxon Mobil Corporation
- Fuchs Petrolub SE
- Gulf Oil Corporation (India)
- Idemitsu Kosan Co. Ltd. (Japan)
- Millers Oil (U.K.)
- Pennzoil (U.S.)
- Petrochina Company Limited (China)
- Petroliam Nasional Berhad (Petronas)
- Royal Dutch Shell PLC.
- Sinopec Limited (China)
- The Lubrizol Corporation
- Total S.A.
- Valvoline (U.S.)
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