Transmission fluid is one of the fluids used in vehicles for manual as well as automatic transmissions during locomotion of the engine. Transmission fluid is generally available in red or green color. It is dyed in order to distinguish it from other fluids and motor oils, which are used in vehicles. The application of transmission fluids used in vehicles, for gear lubrication, valve operation, torque converter and for brake band friction. Transmission fluid possesses significant properties such as excellent thermal stability, anti-wear protection for hydraulic and transmission systems, better fuel economy, compatibility with seal materials, and high level of torque capacity for excellent power transfer and acceleration.
The type of transmission fluids market can be segmented into automatic transmission fluid (ATF), manual transmission fluid (MTF), dual clutch transmission fluid (DCTF). and continuously variable transmission fluid (CVTF). Transmission fluids are primarily used in passenger vehicles and heavy duty vehicles. ATF has emerged as the leading product type owing to the increase in demand for automatic vehicles. Heavy duty vehicles and agriculture machinery & equipment also utilize vast amount of ATF in order to prolong vehicle lifespan. MTF is used in specific manual vehicles. Innovation in this segment has been a critical factor owing to numerous complexities associated with these fluids.
One of the major drivers for transmission fluids in heavy duty vehicle segment is the manufacturers of transmission fluids, which have extensive presence globally and dominating the market with their extensive distribution network along with their innovative product portfolio. Increase in consumer preference for less carbon emission control vehicles has encouraged manufacturers to achieve minimum fuel efficiency and continue to have tie ups with OEM to develop novel transmission fluids for automotive.
Others factors expected to drive the demand for transmission fluids include rise in automotive fleet for on-road as well as off-road use and expansion in the industrial sector in developed and developing regions.
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Rise in awareness about the benefits of industrially advanced lubricants is expected to augment the transmission fluids market. Manufacturers have strong opportunity to introduce innovative transmission fluids which are being useful to fulfill consumer demands of fuel effective & high-performance vehicles. Expansion in automotive and construction industries is estimated to boost the demand for transmission fluids during the forecast period.
The automotive sector in Europe is anticipated to expand at a steady CAGR in the near future. After Europe, Asia Pacific and North America are expected to gain key share of the transmission fluids market in terms of value during the forecast period.
Prominent players operating in the transmission fluids market include BASF SE, Chevron Corporation, Exxon Mobil Corporation, and Royal Dutch Shell. These companies have extensive presence are renowned for their broad research & development operations.