DELRAY BEACH, Fla., March 4, 2025 /PRNewswire/ -- The report 'Transmission Fluids Market by Type (Automatic Transmission Fluids, Manual Transmission Fluids, Other Types), Base Oil (Mineral, Synthetic, Semi-Synthetic), End-Use Industry (Automotive, Off-Road Vehicle), and Region - Global Forecast to 2029', size was USD 15.67 billion in 2024 and is projected to reach USD 19.70 billion by 2029, at a CAGR of 4.7%, between 2024 and 2029.
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285 - Tables
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243 - Pages
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The growth of the aftermarket service industry is largely propelling the transmission fluids market by fueling demand for routine maintenance and fluid replacement. As vehicles get older, their transmission systems need to be serviced regularly to ensure efficiency and avoid wear, resulting in increased consumption of transmission fluids. Increased numbers of service centers, quick-lube facilities, and DIY maintenance have made fluid replacement more convenient, further increasing demand. Furthermore, advanced transmission systems, including DCTs and CVTs, demand special high-performance fluids, which further creates demand for transmission fluids.
Other types to be the fastest growing segment, in terms of value, of the global transmission fluids market during the forecast period.
The increasing popularity of Continuously Variable Transmissions (CVTs) and Dual-Clutch Transmissions (DCTs) in modern vehicles has fueled the need for specialized transmission fluids. CVTs provide smoother acceleration and improved fuel economy, while DCTs offer quicker gear shifting and improved performance. Both systems require advanced fluids that can meet the specific operational requirements, including maintaining peak friction, heat absorption, and component protection. Since the automobile manufacturers continue to incorporate CVT and DCT systems into passenger and sport vehicles, transmission fluid demand has increased, fueling the growth of the segment in the transmission fluids market.
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The mineral oil segment is estimated to be the second-largest segment, in terms of value, of the global transmission fluids market during the forecast period.
Mineral oil-based transmission fluids are considerably less expensive than their synthetic counterparts, hence very appealing for cost-sensitive customers and markets. With lower production costs, manufacturers can provide competitively priced products, which is highly attractive in areas with high concentrations of older vehicles or developing markets. Such cost benefits support extensive usage in a wide range of vehicle types, especially where economic limitations impact purchasing power. Fleet operators and individual vehicle owners seeking basic and reliable lubrication without premium pricing often opt for mineral oils.
Off-road vehicle to be the second-fastest growing segment, in terms of value, of the global transmission fluids market during the forecast period.
Tractors, harvesters, and other heavy agricultural equipment have become increasingly prevalent as an outcome of the global shift towards mechanized farming. Specialized transmission fluids that increase equipment efficiency and dependability are in greater demand as farmers look for more efficient machinery to increase agricultural yields and save labor expenses. Transmission fluids are essential for maintaining high-torque operations and safeguarding equipment in unpredictable field conditions as agriculture becomes more technologically advanced. This increases the demand for off-road vehicles, particularly in developing economies where agricultural modernization is accelerating.
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'South America is expected to be the fastest-growing region, in the overall transmission fluids market, during the forecast period.'
Heavy-duty vehicles and construction equipment are being used more often because of large-scale infrastructure projects throughout South America, especially in Brazil, Chile, and Colombia. Robust transmission fluids have grown increasingly vital for off-road and industrial vehicles as a result of governments' significant investments in energy infrastructure, roads, and urban growth. Since construction vehicles work in adverse conditions, regular fluid refills are essential to keep them operating at their maximum effectiveness. The region's expanding infrastructure is driving this ongoing demand, which directly fuels the market for transmission fluids' rapid growth.
The key players in this market are ExxonMobil Corporation (US), Shell plc (UK), BP plc (UK), TotalEnergies SE (France), Chevron Corporation (US), Petroliam Nasional Berhad (PETRONAS) (Malaysia), FUCHS SE (Germany), Valvoline Inc. (US), LUKOIL (Russia), Motul (France), and others.
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