Transmission fluids are specialized oils used as lubricant for better performance of car“s transmission. Transmission fluid helps to decrease break band friction, proper valve operation, and lubricate the gears. Transmission fluid is basically available in green or red colour to differentiate it from engine oil and other fluids in vehicles.
Increasing innovations in fluid processing technologies and growing utilization of heavy duty vehicles are key factors driving growth of the global transmission fluids market. In addition, growing awareness about benefits of advanced lubricants which minimize vehicle emissions is a major factor expected to boost growth of the global transmission fluids market during the forecast period.
However, saturation of passenger vehicles market is a key factor restraining growth of the global transmission fluids market. Additionally, decreasing consumer spending on new vehicles is another major factor expected to hamper growth of the global transmission fluids market over the forecast period.
Temperature sensors installed in fluid-applied components such as valve or oil pan to monitor temperature and ensure longer machine operational lifespan is expected to provide lucrative growth opportunities for the end products over the forecast period.
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The global transmission fluids market is segmented on the basis of type, base oil, application, and region. On the basis of region, into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Asia Pacific is expected to be the fastest growing market in terms of revenue during the forecast period. This can be attributed to rapid growth of construction and agricultural industries in countries such as India, China, Japan, and South Korea, leading to increase demand for transmission fluids used in the heavy machineries. Moreover, the market in North America is projected to show steady growth in the global transmission fluids market followed by Europe, over the forecast period owing to high number of vehicles in the region.
Prominent players profiled in the global transmission fluids market include Afton Chemical, BASF SE, Amsoil Inc., BP p.l.c., Chevron Corporation, Exxon Mobil Corporation, Valvoline LLC, Total S.A., Royal Dutch Shell plc., and Millers Oils Ltd.
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