LONDON, March 20, 2017 /PRNewswire/ -- "Transmission fluids market is projected to register a CAGR of 4.1%"
The transmission fluids market is projected to reach USD 8.43 billion by 2021, at a CAGR of 4.1% from 2016 to 2021. There is an increase in the demand for automobiles and heavy machinery for construction in the emerging Asia-Pacific region and Middle Eastern & African markets which is leading to the growth of the overall transmission fluid market. The market is expected to grow at a nominal rate as the automotive market in North America is mature, which is also a major factor restraining the growth of the transmission fluids market.
"CVT and DCT to be the fastest growing type of transmission fluids during the forecast period"
Transmission fluids help in the efficient operation of the transmission system of any vehicle by keeping its components lubricated and cool. The market for Continuously Variable Transmission Fluids (CVT) and Dual-Clutch Transmission Fluids (DCT) is projected to grow at the highest CAGR from 2016 to 2021, in terms of value. Increasing consumer awareness in choosing fuel-efficient transmission systems, and the inclination towards adopting the new technological changes is driving the market for the other types.
"Mineral base oil to be the largest oil type of transmission fluids market"
Mineral oil base transmission fluids constitute the major share in the global transmission fluids market. They are produced in large quantities because of their high demand in different end-use industries such as automotive, and off-road vehicles. The market for mineral base oils is driven by the demand from the Asia-Pacific region and the Middle East & Africa due to their low cost and easy availability.
"Automotive is projected to be the largest end-use industry for transmission fluids during the forecast period"
Transmission fluids transmit power from the engine to axles in any vehicle. Thus, they form an integral component of any passenger or commercial vehicle, agriculture equipment, and heavy construction and mining equipment. The automotive end-use industry constitutes a major share of the global transmission fluids market due to the high demand for passenger vehicles. The increasing population worldwide, coupled with an increase in disposable incomes has led to a high increase in vehicle use.
"Asia-Pacific to be the fastest-growing market during the forecast period"
The Asia-Pacific region is projected to be the fastest growing market for transmission fluids, as this region boasts a huge potential in the automotive as well as construction industries in the coming years. The increasing population, rising disposable incomes, and the rising standards of living are some of the factors that are leading to automotive majors expanding their manufacturing capacities in the region.
Breakdown of profiles of primary interviews for the report
- By Company Type – Tier 1 – 30%, Tier 2 –38%, and Tier 3 – 32%
- By Designation – C Level – 36%, Director Level – 30%, and Others – 34%
- By Region – North America – 20%, Europe – 32%, Asia-Pacific – 26%, and Others – 22%
Some of the key companies profiled in this report are, Royal Dutch Shell Plc. (The Netherlands), BASF SE (Germany), Chevron Corporation (U.S.), Total SA (France), Exxon Mobil Corporation (U.S.), Petronas (Malaysia), Fuchs Petrolub SE (Germany), and BP (U.K.).
The report is segmented on the basis of type, base oil, end-use industry, and region. The major types of transmission fluids covered in the report include automatic transmission fluids and manual transmission fluids. The base oils covered in the report are mineral, synthetic, and semi-synthetic. The end-use industries include automotive, and off-road vehicle. The market is also segmented on the basis of regions including Asia-Pacific, Europe, North America, Middle East & Africa, and Central & South America.
This report provides the following information, which will benefit clients:
- Market segmentation based on type, base oil, end-use industry, and region
- Market dynamics including drivers, restraint, and opportunities
- Value chain analysis
- Porter's Five Forces model with respect to the transmission fluids market
- Profiles of key market players of transmission fluids
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