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Transmission Fluid Market - Global Outlook and Forecast 2022-2027

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    Report

  • 258 Pages
  • July 2022
  • Region: Global
  • Arizton
  • ID: 5639211
1h Free Analyst Time
1h Free Analyst Time

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The global transmission fluid market is expected to grow at a CAGR of 5.15% during 2022-2027.

Transmission fluid is a product that provides lubrication for the transmission assembly which consists of transmission, gearbox, and axle. It helps to reduce the friction and heat generated during the operation. As the gearbox runs at high speed it is necessary to provide good quality lubricant to avoid malfunction of the vehicle. Transmission fluid is essential to improve the vehicle’s performance as the transmission transfers the power generated in the engine to the vehicle’s wheels. Therefore, transmission fluid is the critical component offering smooth functioning of the transmission assembly. When transmission assembly is in operation, transmission fluid acts as a lubricant and protects the many moving parts such as clutch, gearbox, propeller shaft, differential and axle, and live axle. The transmission fluid market changes as the customers demand better-performing lubricants to enhance the fuel economy and deliver better performance. Transmission fluids are manufactured from mineral oils derived from crude oil in the past. However, as the automotive industry developed, the mineral oil-based transmission fluid could not perform as per the new engine and transmission requirements. Therefore, demand for synthetic oil-based transmission fluid and additives is increasing rapidly. Advancements in technology helped the transmission fluid industry cater to diverse needs such as increasing the shelf life of the transmission, reducing carbon footprint, improving fuel economy, supplying lubricants with low viscosity, and meeting the increasing vehicle emission standards. The growing use of passenger cars in emerging economies has fueled the transmission fluid market. The global transmission fluid market shipment is expected to grow at a CAGR of 4.16% during the forecast period.

MARKET TRENDS & DRIVERS


Increasing Demand for Passenger and Commercial Vehicles in Emerging Economies


The demand for commercial and passenger vehicles in India, China, Brazil, and South Korea is growing because of rapid development in the automotive and infrastructure industry. Over the past decades, the automotive market has developed immensely in R&D, production capacity, competitive standards, and continuous development. The infrastructure industry in emerging economies has proliferated because of low-cost labor, low-cost raw material, government subsidiaries, and high foreign direct investment (FDI). According to the International Organisation of Motor Vehicle Manufacturers (OICA), since 2005, the automobile industry has shown rapid growth in emerging economies because of rapid industrialization and increased foreign direct investment (FDI). Therefore, it has created well-paying jobs in emerging economies which has increased the buying power of customers. In addition, during the COVID-19 pandemic, demand for passenger cars had grown as people preferred private vehicles to travel instead of public transportation. Also, during the pandemic, the transport of food and medical supplies increased the demand for commercial vehicles.

OPPORTUNITIES


Rapid Growth in Electric Vehicle Market


Electric vehicle (EVs) runs on electric motors but transmitting the power from motors to wheel transmission assembly is required. Electric vehicle transmission assembly comprises a single or multi-gearbox and axle rod to transfer power. Therefore, even though EVs run on the electric motor, they still require some lubricant, such as transmission fluid, for better performance of the vehicle. Governments and many automotive manufacturers are focusing on electric cars to increase the production and use of electric vehicles.

Electric cars have become popular among customers because of rising crude oil prices; also, EVs help reach the environmental objectives. Additionally, electric vehicles are more efficient than conventional ICE vehicles. Electric vehicles help to reduce greenhouse gas emissions by up to a significant amount. Furthermore, EVs do not produce any exhaust, significantly reducing air pollution. Understanding the market scenario of EVs, many lubricant manufacturers such as Castrol (UK), Valvoline (US), Shell PLC (US), and TotalEnergies (France) have launched a new range of transmission fluids that are compatible with EVs. Therefore, an increase in the EV fluids market will increase the demand for transmission fluid.

CHALLENGES


Matured Market for Passenger Vehicles in Developed Economies


US, Germany, and Japan are the developed countries, and the passenger car market is matured in this region as most of the population owns at least one car per person. Therefore, no major driving factors will increase the demand for passenger cars. Consequently, it will affect the transmission fluid market. Additionally, the GDP growth in the developed countries such as the US, Germany, and Japan did not show a significant increase compared to India, Indonesia, and China. This slow growth in GDP affected the development of the passenger car market because when the economic conditions are good, people purchase more passenger cars. For the developed countries, economic conditions are not favorable for the passenger car market. According to the US Bureau of Transportation Statistics, the average number of vehicles in the household is 1.9. As per Worldatlas, Germany has 566 cars per 1000 people while China has 173 cars per 1000 individuals, Indonesia has 78 vehicles per 1000 individuals, and India has 225 cars per 1000 individuals. As per the data mentioned above, developed countries have a significantly high number of cars, and because of that, the demand for passenger cars has been steady in developed countries. The points mentioned above indicate that the passenger car market in developed nations like the US, Germany, and Japan is mature. Therefore, the demand for passenger cars is steady and will negatively impact the transmission fluid demand.

TRANSMISSION FLUID MARKET SEGMENT ANALYSIS


The Passenger car is expected to be the largest segment in the transmission fluid market. Transmission fluid is the most common automotive lubricant used in passenger cars. Transmission fluids play an essential role in the overall performance of vehicles with protection against wear and tear of moving parts in a transmission assembly. Transmission fluid oil consists of base oils and various additives, which give a broad spectrum of properties. The global transmission fluid products are widely used in multiple vehicles such as passenger cars, commercial vehicles, heavy vehicles, electric vehicles, hybrid vehicles, and others.

Transmission fluid is generally available in three oil types: entirely synthetic, semi-synthetic, and mineral oil. All three oil types have some advantages, but the fully synthetic oil-based transmission fluid is the largest oil type segment in the transmission fluid market. Synthetic lubricants are derived from Group III, Group IV, and Group V base oils. Fully synthetic oil is more expensive than mineral oil and semi-synthetic oil, which helps consumers get premium-quality transmission fluid. Entirely synthetic oils increase vehicle performance, excellent parts protection, and better fuel efficiency.

Segmentation by Applications

  • Passenger Car
  • Commercial Vehicle
  • Heavy Vehicles
  • Others

Segmentation by Oil Type

  • Fully Synthetic Oil
  • Mineral Oil
  • Semi-Synthetic Oil
The global transmission fluid market is diverse, with many established and potential growth markets. APAC is the leading market for transmission fluid because of the low cost of labor and abundant availability of raw materials. Additionally, the automotive segment in the APAC region has shown significant growth in recent years, which is a major driving factor for the transmission fluid market. APAC will dominate the market through the forecast period. However, there are many countries with a high scope for expansion that will challenge the dominance of APAC.

Segmentation by Region

  • North America
  • US
  • Canada
  • Europe
  • Germany
  • France
  • UK
  • Spain
  • Italy
  • Russia
  • Rest Of Europe
  • APAC
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Rest of APAC
  • Latin America
  • Brazil
  • Mexico
  • Rest Of Latin America
  • Middle East & Africa
  • Iran
  • Saudi Arabia
  • South Africa
  • UAE
  • Rest of MEA

COMPANY AND STRATEGIES


The key players have undertaken various strategies to grow in the transmission fluid market. Companies in the transmission fluid industry compete strategically. The growth in sustainable processes and initiative has been a challenge for all companies globally. Investments in R&D, technological advancement, and environmental and economic difficulties drive the demand for innovative and sustainable transmission fluid products.

Some major players in the market include Exxon Mobil Corporation (US), British Petroleum (UK), Shell (UK), Gulf Oil (US), Idemitsu (Japan), Castrol (US), Fuchs (Germany), and Chevron Corporation (US). These players have adopted expansion, acquisitions, new product development, joint ventures, and others to increase their revenues in the transmission fluid market.

The transmission fluid market is provided for the forecast years 2022 to 2027 and the base year of 2021. The market is segmented as per application, oil type, and geography for the years considered. The report provides a holistic approach to the transmission fluid market to enable customers to analyze the market efficiently.
For further information and clarification on the market, analyst discussion can also be arranged at the feasibility of the client.

Key Vendors

  • Castrol Limited
  • Chevron Corporation
  • ExxonMobil
  • Shell PLC
  • TotalEnergies

Other Prominent Vendors

  • Bharat Petroleum Corporation Limited
  • BP PLC
  • FUCHS
  • Gazpromneft - Lubricants Ltd
  • GS Caltex Corporation
  • Gulf Oil International limited
  • Hindustan Petroleum Corporation Limited
  • Idemitsu Kosan Co., Ltd.
  • Indian Oil Corporation Limited
  • Kuwait Dana Lubes Company
  • Liqui Moly
  • Motul
  • Pennzoil
  • Petro-Canada Lubricant Inc.
  • Petroliam Nasional Berhad (PETRONAS)
  • Phillips 66
  • Ravensberger Schmierstoffvertrieb GmbH (Ravenol)
  • Repsol
  • Sinopec
  • Valvoline Inc.

KEY QUESTIONS ANSWERED


1. HOW BIG IS THE TRANSMISSION FLUID MARKET?
2. WHAT IS THE GROWTH RATE OF THE GLOBAL TRANSMISSION FLUID MARKET?
3. WHAT ARE THE GROWTH FACTORS IN THE GLOBAL TRANSMISSION FLUID MARKET?
4. WHO ARE THE KEY PLAYERS IN THE GLOBAL TRANSMISSION FLUID MARKET?
5. WHICH REGION HOLDS THE LARGEST SHARE IN THE TRANSMISSION FLUID MARKET?

Table of Contents

1 Research Methodology2 Research Objectives3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.1.1 Inclusions
4.1.2 Exclusions
4.1.3 Market Estimation Caveats
4.2 Base Year
4.3 Scope of the Study
4.3.1 Market Segmentation by Geography
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation
6 Executive Insights
6.1 Market Synopsis
6.1.1 Market Trends
6.1.2 Segment Review
6.1.3 Companies & Strategies
7 Market at a Glance
8 Introduction
8.1 Overview
8.2 Expert Insights
9 Market Opportunities & Trends
9.1 High Demand for Passenger & Commercial Vehicles in Emerging Economies
9.2 Development of New Engines & Transmission Assemblies
10 Market Growth Enablers
10.1 Development of Eco-Friendly Transmission Fluids
10.2 Increased Ev Demand
10.3 Urbanization & High Middle-Income Population
11 Market Restraints
11.1 Mature Passenger Vehicle Market in Developed Economies
11.2 Fluctuations in Crude Oil Prices
12 Market Landscape
12.1 Market Overview
12.2 Market Size & Forecast
12.3 Value Chain Analysis
12.3.1 Raw Material Suppliers & Manufacturers
12.3.2 Distributors & Suppliers
12.3.3 End-Users
12.4 Macroeconomic Factors
12.4.1 Automotive Industry
12.4.2 Construction & Infrastructure Industry
12.5 Five Forces Analysis
12.5.1 Threat of New Entrants
12.5.2 Bargaining Power of Suppliers
12.5.3 Bargaining Power of Buyers
12.5.4 Threat of Substitutes
12.5.5 Competitive Rivalry
13 Application
13.1 Market Snapshot & Growth Engine (Value)
13.2 Market Snapshot & Growth Engine (Volume)
13.3 Market Overview
13.4 Passenger Cars
13.4.1 Market Overview
13.4.2 Market Size & Forecast (Value & Volume)
13.4.3 Market by Geography
13.5 Commercial Vehicles
13.5.1 Market Overview
13.5.2 Market Size & Forecast (Value & Volume)
13.5.3 Market by Geography
13.6 Heavy Vehicles
13.6.1 Market Overview
13.6.2 Market Size & Forecast (Value & Volume)
13.6.3 Market by Geography
13.7 Others
13.7.1 Market Overview
13.7.2 Market Size & Forecast (Value & Volume)
13.7.3 Market by Geography
14 Oil Type
14.1 Market Snapshot & Growth Engine (Value)
14.2 Market Snapshot & Growth Engine (Volume)
14.3 Market Overview
14.4 Fully Synthetic Oil
14.4.1 Market Overview
14.4.2 Market Size & Forecast (Value & Volume)
14.4.3 Market by Geography
14.5 Semi-Synthetic Oil
14.5.1 Market Overview
14.5.2 Market Size & Forecast (Value & Volume)
14.5.3 Market by Geography
14.6 Mineral Oil
14.6.1 Market Overview
14.6.2 Market Size & Forecast (Value & Volume)
14.6.3 Market by Geography
15 Geography
15.1 Market Snapshot & Growth Engine (Value)
15.2 Market Snapshot & Growth Engine (Volume)
15.3 Geographic Overview
16 North America
16.1 Market Overview
16.2 Market Size & Forecast
16.2.1 Value
16.2.2 Volume
16.3 Application
16.3.1 Market Size & Forecast
16.4 Oil Type
16.4.1 Market Size & Forecast
16.5 Key Countries
16.6 US
16.6.1 Market Size & Forecast
16.7 Canada
16.7.1 Market Size & Forecast
17 Latin America
17.1 Market Overview
17.2 Market Size & Forecast
17.2.1 Value
17.2.2 Volume
17.3 Application
17.3.1 Market Size & Forecast
17.4 Oil Type
17.4.1 Market Size & Forecast
17.5 Key Countries
17.6 Brazil
17.6.1 Market Size & Forecast
17.7 Mexico
17.7.1 Market Size & Forecast
17.8 Rest of Latin America
17.8.1 Market Size & Forecast
18 Middle East & Africa
18.1 Market Overview
18.2 Market Size & Forecast
18.2.1 Value
18.2.2 Volume
18.3 Application
18.3.1 Market Size & Forecast
18.4 Oil Type
18.4.1 Market Size & Forecast
18.5 Key Countries
18.6 Iran
18.6.1 Market Size & Forecast
18.7 Saudi Arabia
18.7.1 Market Size & Forecast
18.8 South Africa
18.8.1 Market Size & Forecast
18.9 Uae
18.9.1 Market Size & Forecast
18.10 Rest of Mea
18.10.1 Market Size & Forecast
19 Europe
19.1 Market Overview
19.2 Market Size & Forecast
19.2.1 Value
19.2.2 Volume
19.3 Application
19.3.1 Market Size & Forecast
19.4 Oil Type
19.4.1 Market Size & Forecast
19.5 Key Countries
19.6 Germany
19.6.1 Market Size & Forecast
19.7 France
19.7.1 Market Size & Forecast
19.8 UK
19.8.1 Market Size & Forecast
19.9 Spain
19.9.1 Market Size & Forecast
19.10 Italy
19.10.1 Market Size & Forecast
19.11 Russia
19.11.1 Market Size & Forecast
19.12 Rest of Europe
19.12.1 Market Size & Forecast
20 Apac
20.1 Market Overview
20.2 Market Size & Forecast
20.2.1 Value
20.2.2 Volume
20.3 Application
20.3.1 Market Size & Forecast
20.4 by Oil Type
20.4.1 Market Size & Forecast
20.5 Key Countries
20.6 China
20.6.1 Market Size & Forecast
20.7 India
20.7.1 Market Size & Forecast
20.8 Japan
20.8.1 Market Size & Forecast
20.9 South Korea
20.9.1 Market Size & Forecast
20.10 Indonesia
20.10.1 Market Size & Forecast
20.11 Rest of Apac
20.11.1 Market Size & Forecast
21 Competitive Landscape
21.1 Competition Overview
21.1.1 Product Development
21.1.2 Partnerships & Joint Ventures
22 Key Company Profiles
22.1 Castrol Limited
22.1.1 Business Overview
22.1.2 Castrol Limited in Global Transmission Fluid Market
22.1.3 Product Offerings
22.1.4 Key Strategies
22.1.5 Key Strengths
22.1.6 Key Opportunities
22.2 Chevron Corporation
22.2.1 Business Overview
22.2.2 Chevron Corporation in Global Transmission Fluid Market
22.2.3 Product Offerings
22.2.4 Key Strategies
22.2.5 Key Strengths
22.2.6 Key Opportunities
22.3 Exxon Mobil Corporation
22.3.1 Business Overview
22.3.2 Exxon Mobil Corporation in Global Transmission Fluid Market
22.3.3 Product Offerings
22.3.4 Key Strategies
22.3.5 Key Strengths
22.3.6 Key Opportunities
22.4 Shell plc
22.4.1 Business Overview
22.4.2 Shell plc in Global Transmission Fluid Market
22.4.3 Product Offerings
22.4.4 Key Strategies
22.4.5 Key Strengths
22.4.6 Key Opportunities
22.5 Totalenergies Se
22.5.1 Business Overview
22.5.2 Totalenergies Se in Global Transmission Fluid Market
22.5.3 Product Offerings
22.5.4 Key Strategies
22.5.5 Key Strengths
22.5.6 Key Opportunities
23 Other Prominent Vendors
23.1 Bharat Petroleum Corporation Limited
23.1.1 Business Overview
23.1.2 Product Offerings
23.2 Bp plc
23.2.1 Business Overview
23.2.2 Product Offerings
23.3 Fuchs Petrolub Se
23.3.1 Business Overview
23.3.2 Product Offerings
23.4 Gazpromneft - Lubricants Ltd.
23.4.1 Business Overview
23.4.2 Product Offerings
23.5 Gs Caltex Corporation
23.5.1 Business Overview
23.5.2 Product Offerings
23.6 Gulf Oil International Limited
23.6.1 Business Overview
23.6.2 Product Offerings
23.7 Hindustan Petroleum Corporation Limited
23.7.1 Business Overview
23.7.2 Product Offerings
23.8 Idemitsu Kosan Co. Ltd.
23.8.1 Business Overview
23.8.2 Product Offerings
23.9 Indian Oil Corporation Limited
23.9.1 Business Overview
23.9.2 Product Offerings
23.10 Kuwait Dana Lubes Company
23.10.1 Business Overview
23.10.2 Product Offerings
23.11 Liqui Moly
23.11.1 Business Overview
23.11.2 Product Offerings
23.12 Motul
23.12.1 Business Overview
23.12.2 Product Offerings
23.13 Pennzoil
23.13.1 Business Overview
23.13.2 Product Offerings
23.14 Petro-Canada Lubricants Inc.
23.14.1 Business Overview
23.14.2 Product Offerings
23.15 Petroliam Nasional Berhad (Petronas)
23.15.1 Business Overview
23.15.2 Product Offerings
23.16 Phillips 66 Company
23.16.1 Business Overview
23.16.2 Product Offerings
23.17 Ravensberger Schmierstoffvertrieb GmbH (Ravenol)
23.17.1 Business Overview
23.17.2 Product Offerings
23.18 Repsol
23.18.1 Business Overview
23.18.2 Product Offerings
23.19 Sinopec
23.19.1 Business Overview
23.19.2 Product Offerings
23.20 Valvoline Inc.
23.20.1 Business Overview
23.20.2 Product Offerings
24 Report Summary
24.1 Key Takeaways
24.2 Strategic Recommendations
25 Quantitative Summary
25.1 Application
25.1.1 Passenger Cars (Value & Volume)
25.1.2 Commercial Vehicles (Value & Volume)
25.1.3 Heavy Vehicles (Value & Volume)
25.1.4 Others (Value & Volume)
25.2 Oil Type
25.2.1 Fully Synthetic Oil (Value & Volume)
25.2.2 Mineral Oil (Value & Volume)
25.2.3 Semi-Synthetic Oil (Value & Volume)
26 Geography
26.1 North America
26.1.1 Application (Value & Volume)
26.1.2 Oil Type (Value & Volume)
26.2 Europe
26.2.1 Application (Value & Volume)
26.2.2 Oil Type (Value & Volume)
26.3 Apac
26.3.1 Application (Value & Volume)
26.3.2 Oil Type (Value & Volume)
26.4 Latin America
26.4.1 Application (Value & Volume)
26.4.2 Oil Type (Value & Volume)
26.5 Middle East & Africa
26.5.1 Application (Value & Volume)
26.5.2 Oil Type (Value & Volume)
27 Appendix
27.1 Abbreviations

Companies Mentioned

  • Castrol Limited
  • Chevron Corporation
  • ExxonMobil
  • Shell PLC
  • TotalEnergies
  • Bharat Petroleum Corporation Limited
  • BP PLC
  • FUCHS
  • Gazpromneft - Lubricants Ltd
  • GS Caltex Corporation
  • Gulf Oil International limited
  • Hindustan Petroleum Corporation Limited
  • Idemitsu Kosan Co., Ltd.
  • Indian Oil Corporation Limited
  • Kuwait Dana Lubes Company
  • Liqui Moly
  • Motul
  • Pennzoil
  • Petro-Canada Lubricant Inc.
  • Petroliam Nasional Berhad (PETRONAS)
  • Phillips 66
  • Ravensberger Schmierstoffvertrieb GmbH (Ravenol)
  • Repsol
  • Sinopec
  • Valvoline Inc.

Methodology


Our research comprises a mix of primary and secondary research. The secondary research sources that are typically referred to include, but are not limited to, company websites, annual reports, financial reports, company pipeline charts, broker reports, investor presentations and SEC filings, journals and conferences, internal proprietary databases, news articles, press releases, and webcasts specific to the companies operating in any given market.

Primary research involves email interactions with the industry participants across major geographies. The participants who typically take part in such a process include, but are not limited to, CEOs, VPs, business development managers, market intelligence managers, and national sales managers. We primarily rely on internal research work and internal databases that we have populated over the years. We cross-verify our secondary research findings with the primary respondents participating in the study.



 

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