There are multiple suppliers for AW fluid. Each automaker can choose whichever supplier they want. But, its AW that specs the HFM level and peformance(using JASO specs). As long as the AW performance is met, the automaker can ask their supplier for an equivalent with WHATEVER basestock they want, which might be depended on engine power, vehicle weight, or ATF change interval. This doesn't mean that Volvo is a full synthetic. But, it could mean that the basestock group ratio is higher then other fluids sold by other automakers meeting the AW spec.
Castrol, Idemitsu, Mobil, Pennzoil, Penrite.....have equivalent fluids.
Volvo has a huge margin on their ATF. For $17 a quart, I'd grab Amsoil any day. Or, any other synthetic with a dose of lubegard or smartblend.
The Volvo dealer should have the MSDS. Maybe the ATF's supplier or contents can be surmised with that info.
Pennzoil and Castrol multivehicle fluids can be used. Idemitsu has the ATF-HP sold online or through the Cottman rebuilder chain.
The reason we don't see more Asian JASO ATFs, or Euro (DIN?) ATFs, is that our domestic blenders are hung up on the domestic and SAE requirements. There is plenty of volume and profit with Mercon and Dexron ATFs. Hopefully, as the demand rises with all the newer foreign ATFs and specs, the big headed oil companies here will produce the fluids. Or, maybe the specs will need some arm twisting(like what happened with ATF+4) to become more available.
My only recommendation for someone using a non-OEM ATF is to learn their transmission and vehicle. Besides HFM performance, most ATFs have 'life' dependent specs. If you don't know your exact AT requirement, don't expect the generic store-brand ATF to last a lifetime. Practice a more frequent ATF change interval, like a full flush every 30k or partial changes every 10-15k. If shift quality degrades, dose the lubegard or smartblend fluid convertors. A TCU/TCM erase should also be done when changing fluids.
