The global transmission and hydraulic fluids market is expected to grow with a CAGR of around 2% during the forecast period. One of the major factors driving growing demand from the construction industry. However, declining global automotive production is hindering the growth of the market studied.
- Asia-Pacific is expected to account for the highest share of the market studied during the forecast period.
- Among the end-user industries, metallurgy & metalworking industry is likely to account for the highest growth rate during the forecast period.
Key Market Trends
Metallurgy and Metal Working Industry to Witness the Highest Growth Rate
- There has been a significant growth ion the demand for transmission & hydraulic fluids from the metallurgy & metal transmission industry over the past few years.
- The metallurgy & metal in the Latin American and Asia-Pacific region has always been a focus for foreign mining companies and investors, due to its vast resources of precious metals and minerals, flexible legal requirements, and skilled & cheap labor.
- Hydraulic fluids are mainly used in the manufacturing of steel and other ferrous alloys. The augmented demand for the metal from the transportation industry is expected to drive the transmission & hydraulic fluids market.
- Hence, owing to the above-mentioned reasons, the metallurgy and metalworking industry is expected to witness the highest growth rate.
Asia-Pacific to Lead the Market
- Asia-Pacific is has been the largest market for transmission & hydraulic fluid market, in terms of revenue over the past few years.
- The chemical and the metallurgy industries in countries like China and India have witnessed significant growth which is likely to boost the market studied.
- Additionally, there has been major growth in demand for transmission & hydraulic fluids from the southeast Asian countries for usage in industries like power generation, metallurgy, etc.
- However, the declining automotive production in the region may have a negative affect on the market growth in the region.
- Hence, owing to the above-mentioned factors, Asia-Pacific is likely to witness the highest market share during the forecast period.
The global transmission and hydraulic fluids market is moderately fragmented as the majority of the market share is divided among many players. Some of the key players in the market include 3M, BP plc, Evonik Industries AG, China Petrochemical Corporation, Royal Dutch Shell plc, and LUKOIL, among others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support