Transmission Fluids Market Report by Type (Automatic Transmission Fluid, Manual Transmission Fluid, and Others), Base Oil (Mineral Oil, Synthetic Oil, Semi-synthetic Oil), Application (Passenger and Commercial Vehicles, Off-Road Vehicles), and Region 2024

Transmission Fluids Market Report by Type (Automatic Transmission Fluid, Manual Transmission Fluid, and Others), Base Oil (Mineral Oil, Synthetic Oil, Semi-synthetic Oil), Application (Passenger and Commercial Vehicles, Off-Road Vehicles), and Region 2024-2032

The global transmission fluids market size reached US$ 8.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 10.7 Billion by 2032, exhibiting a growth rate (CAGR) of 2.9% during 2024-2032.

Transmission fluid refers to a lubricant to facilitate speed and torque conversions from the engine to the wheels for optimum performance. The fluid lubricates the bearings and metallic components in the gearbox of the automobile and prevents them from wear and tear. Some of the commonly used transmission fluids include automatic, manual, specialty and synthetic transmission fluids. In comparison to the traditionally used lubricants, transmission fluids offer superior oxidation, thermal stability, minimal deposit formation, high viscosity index, resistance against rust and corrosion and compatibility with elastomers. As a result, they find extensive applications in passenger cars, construction vehicles and agricultural machinery to deliver optimum on-road performance and provide wear protection to transmission components.

The growing automotive industry across the globe represents one of the key factors creating a positive outlook on the market. Furthermore, shifting consumer preferences, along with the increasing demand for improved vehicle performance and reliability, is also driving the market growth. In line with this, transmission fluids are also used in off-road vehicles for improved valve operation, brake band friction and torque conversion. Additionally, various product innovations, such as the development of environment-friendly transmission fluids fortified with anti-wear additives and stable viscosity enhancers, are acting as other growth-inducing factors. These additives prevent oil film breakdown, provide a seamless gear shift mechanism and optimize the fuel economy of the vehicle. Other factors, including the rising expenditure capacities of the consumers, along with the utilization of transmission fluids as coolants in automobiles with automatic transmission, are anticipated to drive the market further.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global transmission fluids market report, along with forecasts at the global, regional and country level from 2024-2032. Our report has categorized the market based on type, base oil and application.

Breakup by Type:

• Automatic Transmission Fluid
• Manual Transmission Fluid
• Others

Breakup by Base Oil:

• Mineral Oil
• Synthetic Oil
• Semi-synthetic Oil

Breakup by Application:

• Passenger and Commercial Vehicles
• Off-Road Vehicles

Breakup by Region:

• North America
• United States
• Canada
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Others
• Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Russia
• Others
• Latin America
• Brazil
• Mexico
• Others
• Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Amsoil Inc., BASF SE, BP P.L.C., Chevron Corporation, Exxon Mobil Corporation, Fuchs Petrolub SE, Lubrizol Corporation, LukOil, PetroChina Company Limited (China National Petroleum Corporation), Petroliam Nasional Berhad, Royal Dutch Shell Plc and Total SE.

Key Questions Answered in This Report

1. What was the size of the global transmission fluids market in 2023?

2. What is the expected growth rate of the global transmission fluids market during 2024-2032?

3. What has been the impact of COVID-19 on the global transmission fluids market?

4. What are the key factors driving the global transmission fluids market?

5. What is the breakup of the global transmission fluids market based on the type?

6. What is the breakup of the global transmission fluids market based on the base oil?

7. What is the breakup of the global transmission fluids market based on the application?

8. What are the key regions in the global transmission fluids market?

9. Who are the key players/companies in the global transmission fluids market?