Expansions and Contracts & Agreements are the key Strategies Adopted by the Leading players in the Global Transmission Fluids Market
Transmission fluids are oils that lubricate the transmission components of a vehicle to deliver optimum performance. The global size of the transmission fluid market was estimated to be valued at USD 6.88 Billion in 2016 and is projected to reach USD 8.43 Billion by 2021, at a CAGR of 4.1% from 2016 to 2021. The rapidly growing automotive industry in the Asia-Pacific region, along with technological advancements in the passenger vehicle segment is driving the transmission fluids market.
Expansions, contracts & agreements, and investments are the strategies adopted by the key players to strengthen their foothold in the transmission fluids market. Of these, expansions, contracts & agreements are the two key strategies adapted by major players such as Exxon Mobil Corporation (U.S.), and Royal Dutch Shell Plc. (Netherlands).
Exxon Mobil Corporation (U.S.) is a major player in the global transmission fluids market. The company has been mainly focusing on expansions as a part of its strategic development activity. In December 2015, ExxonMobil announced the start of its onshore central processing facility at the Banyu Urip field, Indonesia, resulting in an increase in overall oil production capacity by 130,000 barrels per day. In October 2015, ExxonMobil announced the expansion of the hydrocracker facility at its Rotterdam refinery, which is a key manufacturer of EHC Group II base stocks, and the construction of this facility began in June 2016.
Royal Dutch Shell Plc. (Netherlands) has been focusing on expansions to strengthen its foothold in the global market. The company in November 2015, announced the expansion of its alpha olefins production facility by 425,000 tons in Geismar, Louisiana, bringing the total production to 1.3 million tons per annum. This strategy has enabled the company to respond to the increasing global demand for linear alpha olefins.
Other key market players such as BP PLC (U.K.), BASF SE (Germany), Chevron Corporation (U.S.), Fuchs Petrolub SE (Germany), Lubrizol Corporation (U.S.), Total S.A. (France), Petronas (Malaysia), and Lukoil (Russia) have been profiled in the report, with their various competitive developments.
Related Reports:
Transmission Fluids Market by Type (Automatic Transmission Fluid/ATF, Manual Transmission Fluid/MTF, CVT, DCT), Base Oil (Mineral, Synthetic, Semi-Synthetic), End-Use Industry (Automotive, Off-Road Vehicle) - Global Forecast to 2021
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