[FURL=https://www.industryarc.com/Research/Transmission-Hydraulic-Fluids-Market-Research-502851?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]Transmission & Hydraulic Fluids Market[/FURL] 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.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.
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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.
Transmission & Hydraulic Fluids Market Drivers
Increasing demand from heavy machinery and equipment in the construction industry
High demand from the wind energy sector
Transmission & Hydraulic Fluids Market Industry Outlook
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.
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