The global transmission fluids market is estimated to be valued at USD 6.88 Billion in 2016, and is projected to reach USD 8.43 Billion by 2021, at a CAGR of 4.1% during the forecast period. The growth rate of the market in the next five years is projected to be steady in North America and Europe, while it is projected to grow the highest in the Asia-Pacific region and the Middle East & Africa.
Seattle, WA -- (SBWIRE) -- 03/31/2017 -- The report "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", The global market for transmission fluids is estimated to be valued at USD 6.88 Billion in 2016 and is projected to grow at a CAGR of 4.1% to reach USD 8.43 Billion by 2021. The growing automotive industry in the Asia-Pacific region is expected to boost the transmission fluids market during the forecast period.
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ATF to be the largest transmission fluid type during the forecast period
ATF constitutes the major share of the overall transmission fluids market in terms of value. These are specialized fluids having lower temperature fluidity and higher frictional properties than engine oils or gear oils. ATF performs various functions in the transmission system, including lubrication, clutch application, cooling, and providing a link between the transmission and engine through a hydraulic coupling or torque converter. Due to the versatile nature, ATF is largely being used in the automobile industry and is expected to constitute a major share of the transmission fluids market from 2016 to 2021.
Semi-synthetic base oil to register the highest CAGR in the transmission fluids market from 2016 to 2021
The transmission fluids market is segmented into different base oil categories, namely, mineral, synthetic, and semi-synthetic. The semi-synthetic base oil segment is expected to grow at the highest CAGR in the transmission fluids market from 2016 to 2021. The demand for semi-synthetic base oil is gaining momentum due to its added advantages over conventional mineral based transmission fluids. They are cheaper than purely synthetic base transmission fluids, and offer better drain intervals than mineral oil base transmission fluids.
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Off-road vehicle to be the fastest-growing end-use industry for transmission fluids during the forecast period
Automotive and off-road vehicle are the two broadly classified end-use industries of the transmission fluids market. The off-road vehicle industry shows tremendous growth potential in the Middle East & Africa and the Asia-Pacific region. Thus, the transmission fluids market is expected to grow at the fastest rate for the off-road vehicle industry.
Asia-Pacific to be the fastest-growing market for transmission fluids during the forecast period
The growth of the transmission fluids market in the Asia-Pacific region is attributed to the rising population due to which, there is an increasing demand for additional residential construction. This growth pattern signifies an increase in construction activities, thereby leading to an increase in the consumption of transmission fluids for heavy vehicles used in the construction industry. Also, rising disposable incomes and improved standards of living are leading to consumers opting for new vehicles for their comfort, thus, leading to a rise in vehicle sales.
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Currently, the global transmission fluids market is led by various market players such as Total S.A. (France), BP PLC (U.K.), Royal Dutch Shell Plc. (Netherlands), Chevron Corporation (U.S.), Lukoil (Russia), and Exxon Mobil Corporation (U.S.).
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