11 June 2019, 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.
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.
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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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