The global transmission fluid market is expected to reach USD
11.96 billion by 2025, growing at a CAGR of 3.4%, according to a new report by
Grand View Research, Inc. 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.
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.
U.S. transmission fluid market
revenue by product, 2014 - 2025 (USD Million)
Browse full research report on Transmission Fluids Market: http://www.grandviewresearch.com/industry-analysis/transmission-fluids-market
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.
Access Press Release By Grand View Research: http://www.grandviewresearch.com/press-release/global-transmission-fluids-market
About Grand View Research,
Inc:
Grand View Research, Inc. is a U.S. based market research and consulting
company, registered in the State of California and headquartered in San
Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
For more information: http://www.grandviewresearch.com
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