Worldwide Transmission Fluids Industry to 2027 - Featuring BASF, Chevron & ExxonMobil Among Others - ResearchAndMarkets.com
- Oct 20, 2020
- Business Wire
DUBLIN--(BUSINESS WIRE)--The "Transmission Fluids Market Size, Share & Trends Analysis Report by Product (Manual, Continuously Variable), by Application (Off Road Vehicles, Automotive), by Region, and Segment Forecasts, 2020 - 2027" report has been added to ResearchAndMarkets.com's offering.
The global transmission fluids market size is expected to reach USD 13.6 billion by 2027 registering a CAGR of 3.8%. High demand for the product from off-road vehicles used for construction purposes across the Asia Pacific and Central America is driving the market globally.
Other key drivers include the rising demand from the automotive sectors of emerging economies, advancement in technology, increased industrial activities, and the use of eco-friendly fluids in the automotive and allied sectors. The demand for technologically advanced and cost-effective operations in the automotive, construction, mining, and agriculture sectors is expected to boost market growth.
The Asia Pacific and North America, together, are expected to be the major markets globally. In terms of revenue and volume, MTFs are the most formulated products in the existing market on account of the diverse range of applications across an array of vehicular segments. Moreover, these fluids need to be constantly upgraded to suit the vehicle type. Right from the off-road automotive market to passenger vehicle and commercial vehicle segments, every type of vehicle requires various transmission fluids based on the kind of engine delivery system and working pattern of the transmission.
However, fluctuations in crude oil prices had a high impact on the market between 2017 and 2019. Production of oil in West Texas increased by 2 million b/d in 2019. Many shale gas exploration companies have become efficient in oil extraction and have devised new ways to keep wells open instead of capping them. At the same time, oil-producing companies in the Middle East are producing oil in large quantities due to the low prices of feedstock to maintain their market share. These factors might project slight restraining order for the industry in the coming years.
Chapter 3 Transmission Fluids Market: Market Variables & Trends Analysis
3.4.1 Key International regulations and impact analysis
18.104.22.168 Upgrades to super shifts synthetic racing transmission fluids
22.214.171.124 Steadily growing number of vehicles on Road
Chapter 4 Transmission Fluids Market: Product Estimates & Trend Analysis
4.2 Trnamission fludis market estimates & forecasts, by product
126.96.36.199 Market Estimates & Forecasts, 2016 - 2027 (Kilotons) (USD Million)
188.8.131.52 Market Estimates & Forecasts, 2016 - 2027 (Kilotons) (USD Million)
184.108.40.206 Market Estimates & Forecasts, 2016 - 2027 (Kilotons) (USD Million)
220.127.116.11 Market Estimates & Forecasts, 2016 - 2027 (Kilotons) (USD Million)
Chapter 5 Trnamission Fluids Market: Application Estimates & Trend Analysis
5.2 Transmission fluids market estimates & forecasts, by application
18.104.22.168 Market Estimates & Forecasts, 2016 - 2027 (Kilotons) (USD Million)
22.214.171.124 Market Estimates & Forecasts, 2016 - 2027 (Kilotons) (USD Million)
Chapter 6 Transmission Fluids Market: Regional Estimates & Trend Analysis
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