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Publishing News and Press Releases

Transmission and Hydraulic Fluids Market Size to Grow at a CAGR of 4.7% During the Forecast Period 2021-2026

(Publishing-NewsWire.com, February 07, 2022 ) Transmission and 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.



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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.



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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:



BASF SE

Gulf Oil

AMSOIL Inc.

Royal Dutch Shell

PJSC Lukoil

China Petroleum & Chemical Corporation (SINOPEC)

Afton Chemical Corporation

Valvoline Inc.

Millers Oil Ltd.

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.



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.



Related Reports:



A. Functional Fluid Market

https://www.industryarc.com/Report/15539/functional-fluid-market.html



B. Oilfield Drilling Fluid Additives Market

https://www.industryarc.com/Report/6356/Oilfield-Drilling-Fluid-Additives-Market-Research-Report.html



For more Chemicals and Materials Market related reports, please click here



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IndustryARC

Venkat Reddy

(+1) 970-236-3677

venkat@industryarc.com

Source: EmailWire.Com

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