Global automotive power steering fluid market is expected to grow at a significant CAGR of 10.16% in the upcoming period as the scope and its applications are rising enormously across the globe. Automotive power steering fluid keeps power systems clean, maximize power steering life, increase oil life, and operations smoothly. It is produced with high-quality base oil and enhanced additive package for excellent performance.
Power steering fluid with stop leak condition protects and seals power steering pumps from failure due to the foaming, oxidation, and wear. Numerous fluids are either synthetic oil or mineral oil that is mixed with additives to overwhelm foaming, advance lubrication, and prevent corrosion in the power steering gear and steering pump.
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The factors that are playing a major role in the growth of market are capacity to transfer the power efficiently, ease of taking hard and long turns using minimum power, and advantage of synthetic oil-based power steering fluids. However, the presence of alternatives and the rise of steer-by-wire technology are the factors that may restrain overall market growth in the years to come. Automotive power steering fluid market is segmented based on fluid type, vehicle type, application, and region.
Synthetic oil-based fluids and mineral-based fluids are the types that could be explored in automotive power steering fluid in the forecast period. Synthetic oil-based fluids sector accounted for the substantial market share of automotive power steering fluid and is estimated to continue its dominance in the years to come. The reason behind the overall market growth could be its superior properties like weather protection in an extremely cold climate, advanced thermal management, and ensure vehicle efficacy and performance.
HCVs, passenger car, LCVs, and others are the vehicle types that could be explored in automotive power steering fluid in the forecast period. The market may be categorized based on applications like power steering units, car and light truck power steering systems, Toyota power steering system, and others could be explored in the forecast period.
Globally, Asia Pacific accounted for the substantial market share of automotive power steering fluid and is estimated to lead the overall market in the years to come. The reason behind the overall market growth could be the presence of key manufacturers in this region, increasing vehicle production, and growing disposable income. The developing countries like India and China are the major consumers of automotive power steering fluid in this region.
Europe and North America are also estimated to have a positive influence on future growth. North America is the second largest region with significant market share. However, Europe is estimated to grow at the highest CAGR in the forecast period. The key players of automotive power steering fluid market are Valvoline, AMSOIL, Shell, Exxon Mobil, and Lucas Oil Products. These players are concentrating on inorganic growth to sustain themselves amidst fierce competition.
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The market is divided into the following segments based on geography:
Global automotive power steering fluid market for 2018-2022, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
• Exxon Mobil
• Lucas Oil Products
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