Transmission & Hydraulic Fluids Market - Forecast(2023 - 2028)

Report Code: CMR 56704 Report Format: PDF + Excel

Transmission & Hydraulic Fluids Market Overview

Transmission & Hydraulic Fluids Market size is expected to be valued at US$10.6 billion by the end of the year 2026 and the transmission & hydraulic fluids industry is set to grow at a CAGR of 4.7% during the forecast period from 2021-2026. Transmission & hydraulic fluids are used for transmitting power in hydraulic equipment and in other power transmission applications. Various types of transmission fluids such as polyalkylene glycols and glycol ether is used in many applications such as brake fluids, metal-on metal applications for thermal stability and power transmission. Automatic transmission fluid and manual transmission fluid are the main categories of transmission fluid which is used in automotive engines and machineries used in construction sector. Other chemical substance such as organophosphate, isoflurophate and others are used as performance additives to engine oils. This is hugely driving the transmission & hydraulic fluids market.

COVID-19 impact

During the Covid-19 pandemic, the transmission & hydraulic fluids market was heavily affected in terms of production, supply and distribution. The economic shutdown and the various legal restrictions following the global pandemic led to an abrupt halt of the functioning of the transmission & hydraulic fluids market. The restrictions imposed on the export and import of goods across the world affected the transmission & hydraulic market, since inter-state and inter-country travels and trades was banned during the pandemic. The transmission & hydraulic market however started to improve by the year end of 2020 and is estimated to improve in the coming months of the year 2021.

Report Coverage

The report: “Transmission & Hydraulic Fluids Market – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Transmission & Hydraulic Fluids Industry.
By Type: Transmission Fluids (Automatic Transmission Fluid, Manual Transmission Fluid and Continuously Variable Transmission Fluid) and Hydraulic Fluids (Mineral Oil, Synthetic Oil, Semi-Synthetic Oil, Gear Oil and Grease and Lubricants)
By Application: Automotive, Industrial, Mining, Power-sports, Metallurgy & Metal Working and Others.
By Geography: North America (U.S, Canada, Mexico), Europe (Germany, UK, France, Italy, France, Netherlands, Belgium Spain, Russia and Rest of Europe), APAC (China, Japan India, South Korea, Australia, New Zealand, Indonesia, Taiwan, Malaysia), South America (Brazil, Argentina, Colombia, Chile and Rest of South America) and RoW (Middle East and Africa). 

Key Takeaways

  • Asia-Pacific market held the largest share in the transmission & hydraulic fluids market owing to the increase in demand for heavy machinery and equipment in the construction sector.
  • The increase in demand for heavy weight construction machinery and hydraulic equipment in the construction sector is driving the transmission & hydraulic fluids market.
  • Rising demand for technologically advanced vehicles with improved drive-trains that can deliver ease of driving and better fuel efficiency is contributing to the growth of transmission & hydraulic fluids market.
  • During the Covid-19 pandemic, the transmission & hydraulic fluids market witnessed a downfall owing to the economic restrictions.

 FIGURE: Transmission & Hydraulic Fluids Market Revenue, 2020-2026 (US$ Billion)

Transmission & Hydraulic Fluids Market

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Transmission & Hydraulic Fluids Market Segment Analysis – By Type

Automatic transmission fluids segment held the largest share of 36% in the transmission & hydraulic fluids market in the year 2020. Automatic transmission fluids has a various combination of anti-wear additives, viscosity index improvers, petroleum dye, corrosion inhibitors, anti-foam additives and more. Automatic transmission fluids provide better performance and longer life cycle of the vehicle and machineries. Automatic transmission fluids acts as a lubricant in the transmission of vehicles from overheating and helps in powering the transmission. It improves the fuel economy of vehicles and helps from engine lock-ups. This is highly driving the automatic transmission fluids segment in the transmission & hydraulic fluids market.

Transmission & Hydraulic Fluids Market Segment Analysis – By Application

Automotive segment held the largest share of 38% in the transmission & hydraulic fluids market in the year 2020. According to International Organization of Motor Vehicle Manufacturers, the global sales of all vehicles stood at 77.97 million units (passenger cars of 53.59 million units and commercial vehicles of 24.37 million units in the year 2020. Transmission & hydraulic fluids such as polyalkylene glycols and glycol ether are used in various parts of the automotive and applications such as brake fluids, metal-on metal applications for thermal stability and power transmission. The increase in the production of vehicles and the expansion of the automobile industry is driving the transmission & hydraulic fluids market.

Transmission & Hydraulic Fluids Market Segment Analysis – By Geography

Asia-Pacific region held the largest share of 43% in the transmission & hydraulic fluids market in the year 2020. The rapid growth in the population in countries like India and China coupled with the increase in the demand for heavy machinery in the construction industry and the increase in production of automobiles in the region is driving the transmission & hydraulic fluids market in Asia-Pacific region. The increase in demand from the wind energy sector in countries like India, China and Japan is also contributing to the demand for transmission & hydraulic fluids in the Asia-Pacific region. According to World Wind Energy Association China built around 52 gigawatts within one year in the year 2020 which corresponds to a market share of 56% and the total capacity of wind in India amounted to 38.625 gigawatts in the year 2020. This is driving the transmission & hydraulic fluids market in Asia-Pacific region.

Transmission & Hydraulic Fluids Market Drivers

Increasing demand from heavy machinery and equipment in the construction industry

The increase in the demand for modern and high-end infrastructure has led to the demand for heavy machinery and equipment in the construction industry. This is highly driving the demand for transmission & hydraulic fluids market. Conveyor Equipment Manufacturers Association (CEMA) reported that the orders for heavy machinery and equipment increased in February 2021 by 35.21% as compared to February 2020 and increased by 18.07% as compared to January 2021. The sales for the month February 2021 increased by 22.78% as compared to the last month. This is leading to the growth of heavy machinery industry which in turn is driving the need and demand for transmission & hydraulic fluids market.

High demand from the wind energy sector

Transmission & hydraulic fluids are extensively used in the wind turbines and blades of the wind mill. According to World Wind Energy Association, the worldwide wind capacity reached 744 giga-watts, an unprecedented installation of 93 giga-watts of new wind turbines in the year 2020.  According to World Wind Energy Association, the global  market for new turbines increased around 50% more than the previous year 2019. The increase in the number of wind turbines produced and the expansion of the wind energy sector is highly driving the transmission & hydraulic fluids as it is highly used for lubrication and greasing purposes in the wind turbines and for other mechanisms in the wind mill.

Transmission & Hydraulic Fluids Market Challenges

Impact of Electrical Vehicles

The growing trend of adapting electrical vehicles owing to the many advantages associated with electrical vehicles over conventional vehicles is majorly driving the electrical vehicles industry. This is one of the biggest challenge to the transmission & hydraulic fluids market as transmission fluids and hydraulic fluids is not used in electrical vehicles. According to International Energy Agency, the global electric car stock stood at 7.17 million units in the year 2019, which is an increase of 40.31% as compared to the 5.11 million units of stock in the year 2018. This is acting as one of the major challenge to the transmission & hydraulic fluids market.

Transmission & Hydraulic Fluids Market Industry Outlook

Collaborations, partnerships, investments, facility expansion, production expansion, acquisitions and mergers are some of the key strategies adopted by players in the Transmission & Hydraulic Fluids Market. Major players in the Transmission & Hydraulic Fluids Market are:

  1. BASF SE
  2. Gulf Oil
  3. AMSOIL Inc.
  4. Royal Dutch Shell
  5. PJSC Lukoil
  6. China Petroleum & Chemical Corporation (SINOPEC)
  7. Afton Chemical Corporation
  8. Valvoline Inc.
  9. Millers Oil Ltd.
  10. Bel-Ray Company Inc. among others.

Acquisitions/Technology Launches

On 21 October 2020, Royal Dutch Shell introduced new e-fluids for light-, medium- and heavy-duty electrified commercial vehicles to its existing range of passenger car e-fluids. The new fluids are for battery and fuel-cell EVs and include transmission fluids, greases and battery coolants.

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1. Transmission & Hydraulic Fluids Market- Market Overview
    1.1 Definitions and Scope
2. Transmission & Hydraulic Fluids Market - Executive Summary
    2.1 Key Trends by Type
    2.2 Key Trends by Application
    2.3 Key Trends by Geography
3. Transmission & Hydraulic Fluids Market – Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Transmission & Hydraulic Fluids Market - Startup companies Scenario Premium Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Transmission & Hydraulic Fluids Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Transmission & Hydraulic Fluids Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Transmission & Hydraulic Fluids Market – Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Transmission & Hydraulic Fluids Market – By Type (Market Size -$Million/Billion)
    8.1 Transmission Fluids
        8.1.1 Automatic Transmission Fluid
        8.1.2 Manual Transmission Fluid
        8.1.3 Continuously Variable Transmission Fluid
    8.2 Hydraulic Fluids
        8.2.1 Mineral Oil
        8.2.2 Synthetic Oil
        8.2.3 Semi-Synthetic Oil
        8.2.4 Gear Oil
        8.2.5 Grease and Lubricants
9. Transmission & Hydraulic Fluids Market – By Application (Market Size -$Million/Billion)
    9.1 Automotive
    9.2 Industrial
    9.3 Mining
    9.4 Power-sports
    9.5 Metallurgy & Metal Working
    9.6 Others
10. Transmission & Hydraulic Fluids Market - By Geography (Market Size -$Million/Billion)
    10.1 North America
        10.1.1 USA
        10.1.2 Canada
        10.1.3 Mexico
    10.2 Europe
        10.2.1 UK
        10.2.2 Germany
        10.2.3 France
        10.2.4 Italy
        10.2.5 Netherlands
        10.2.6 Spain
        10.2.7 Russia
        10.2.8 Belgium
        10.2.9 Rest of Europe
    10.3 Asia-Pacific
        10.3.1 China
        10.3.2 Japan
        10.3.3 India
        10.3.4 South Korea
        10.3.5 Australia and New Zealand
        10.3.6 Indonesia
        10.3.7 Taiwan
        10.3.8 Malaysia
        10.3.9 Rest of APAC
    10.4 South America
        10.4.1 Brazil
        10.4.2 Argentina
        10.4.3 Colombia
        10.4.4 Chile
        10.4.5 Rest of South America
    10.5 Rest of the World
        10.5.1 Middle East
            10.5.1.1 Saudi Arabia
            10.5.1.2 UAE
            10.5.1.3 Israel
            10.5.1.4 Rest of the Middle East
        10.5.2 Africa
            10.5.2.1 South Africa
            10.5.2.2 Nigeria
            10.5.2.3 Rest of Africa
11. Transmission & Hydraulic Fluids Market – Entropy
    11.1 New Product Launches
    11.2 M&As, Collaborations, JVs and Partnerships
12. Transmission & Hydraulic Fluids Market – Industry/Segment Competition Landscape Premium
    12.1 Company Benchmarking Matrix- Major Companies
    12.2 Market Share at Global Level - Major companies
    12.3 Market Share by Key Region - Major companies
    12.4 Market Share by Key Country - Major companies
    12.5 Market Share by Key Application - Major companies
    12.6 Market Share by Key Product Type/Product category - Major companies
13. Transmission & Hydraulic Fluids Market – Key Company List by Country Premium Premium
14. Transmission & Hydraulic Fluids Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    14.1 Company 1
    14.2 Company 2
    14.3 Company 3
    14.4 Company 4
    14.5 Company 5
    14.6 Company 6
    14.7 Company 7
    14.8 Company 8
    14.9 Company 9
    14.10 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"