Power Steering Fluids Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 3.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Power Steering Fluids Market Analysis
The global market for power steering fluids is expected to register a CAGR of about 3% during the forecast period. Light commercial vehicles application is expected to dominate the market studied during the forecast period.
- The slowdown in global automotive production and unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.
- The Asia-Pacific region represents the largest market and is also expected to be the fastest-growing market over the forecast period, owing to the huge consumption from countries, such as China, India, and Japan.
Power Steering Fluids Market Trends
This section covers the major market trends shaping the Power Steering Fluids Market according to our research experts:
Increasing Demand from Heavy Commercial Vehicles
- Power Steering Fluids offers hydraulic assist for the power steering systems.
- The demand for power steering systems is increasing from heavy commercial vehicles as they improve lubrication.
- Power steering fluids are available in either mineral-oil or synthetic oil, and sometimes they are blended with additives.
- Power steering fluids reduce foaming and prevent corrosion in the power steering pump and steering gear.
- The demand for power steering fluids is expected to grow from heavy commercial vehicles during the forecast period.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to account for the largest market for power steering fluids during the forecast period.
- China is the largest manufacturer of automobiles in the world. The automotive sector in China has been shaping up for product evolution, with the country focusing on manufacturing products, to ensure fuel economy and minimize emissions, owing to the increasing environmental concerns due to mounting pollution in the country.
- However, the market witnessed a shrink in 2018, as the production decreased in 2019. According to the Chinese Association of Automobile Manufacturers (CAAM), after nearly 20 years of growth, the automotive sector in the country has been decreasing in recent times.
- The Indian automotive sector faced a crisis, owing to several problems. Factors, like the increased costs of ownership, and overall weak economy affecting the demand, and severe floods in some states, worsened the industry's prospects.
- Moreover, lower-income growth and slow job creation have led to weak demand for automotive in the country. This weak demand has slowed down the production, and in turn, is expected to hinder the demand for the market studied during the short term.
- Therefore, the slowdown in the automotive industry in countries of the Asia-Pacific region is expected to hamper the growth of the market studied during the forecast period.
Power Steering Fluids Industry Overview
The global power steering fluids market is partially fragmented. The major companies of the market studied include Lucas Oil Products Inc., BARDAHL, Exxon Mobil Corporation, Energizer Auto, and FUCHS, among others.
Power Steering Fluids Market Leaders
Lucas Oil Products, Inc.
BARDAHL
Exxon Mobil Corporation
Energizer Auto
FUCHS
*Disclaimer: Major Players sorted in no particular order
Power Steering Fluids Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Study Assumptions
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1.2 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET DYNAMICS
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4.1 Drivers
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4.2 Restraints
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4.2.1 Slowdown in the Global Automotive Production
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4.2.2 Unfavorable Conditions Arising Due to COVID-19 Outbreak
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4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
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4.4.1 Bargaining Power of Suppliers
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4.4.2 Bargaining Power of Consumers
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4.4.3 Threat of New Entrants
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4.4.4 Threat of Substitute Products and Services
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4.4.5 Degree of Competition
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5. MARKET SEGMENTATION
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5.1 Product Type
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5.1.1 Synthetic Oil
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5.1.2 Mineral Oil
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5.1.3 Others
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5.2 Application
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5.2.1 Light Commercial Vehicles
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5.2.2 Passenger Cars
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5.2.3 Heavy Commercial Vehicles
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5.3 Geography
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5.3.1 Asia-Pacific
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5.3.1.1 China
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5.3.1.2 India
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5.3.1.3 Japan
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5.3.1.4 South Korea
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5.3.1.5 ASEAN Countries
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5.3.1.6 Rest of Asia-Pacific
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5.3.2 North America
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5.3.2.1 United States
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5.3.2.2 Canada
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5.3.2.3 Mexico
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5.3.3 Europe
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5.3.3.1 Germany
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5.3.3.2 United Kingdom
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5.3.3.3 Italy
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5.3.3.4 France
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5.3.3.5 Russia
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5.3.3.6 Spain
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5.3.3.7 Turkey
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5.3.3.8 Czech Republic
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5.3.3.9 Rest of Europe
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5.3.4 South America
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5.3.4.1 Brazil
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5.3.4.2 Argentina
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5.3.4.3 Rest of South America
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5.3.5 Middle-East and Africa
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5.3.5.1 Iran
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5.3.5.2 South Africa
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5.3.5.3 Rest of Middle-East and Africa
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6. COMPETITIVE LANDSCAPE
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6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
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6.2 Market Share (%)/Ranking Analysis**
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6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
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6.4.1 AIROSOL COMPANY INC.
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6.4.2 AMSOIL INC.
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6.4.3 BARDAHL
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6.4.4 Energizer Auto
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6.4.5 Exxon Mobil Corporation
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6.4.6 FUCHS
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6.4.7 Gulf Oil Lubricants India Ltd
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6.4.8 Lucas Oil Products Inc.
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6.4.9 Penrite Oil
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6.4.10 Recochem Inc.
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- *List Not Exhaustive
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Power Steering Fluids Industry Segmentation
The Power Steering Fluids market report includes:
| Product Type | |
| Synthetic Oil | |
| Mineral Oil | |
| Others |
| Application | |
| Light Commercial Vehicles | |
| Passenger Cars | |
| Heavy Commercial Vehicles |
| Geography | |||||||||||
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Power Steering Fluids Market Research FAQs
What is the current Power Steering Fluids Market size?
The Power Steering Fluids Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in Power Steering Fluids Market?
Lucas Oil Products, Inc., BARDAHL, Exxon Mobil Corporation , Energizer Auto and FUCHS are the major companies operating in the Power Steering Fluids Market.
Which is the fastest growing region in Power Steering Fluids Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Power Steering Fluids Market?
In 2024, the Asia Pacific accounts for the largest market share in Power Steering Fluids Market.
What years does this Power Steering Fluids Market cover?
The report covers the Power Steering Fluids Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Power Steering Fluids Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Power Steering Fluids Industry Report
Statistics for the 2024 Power Steering Fluids market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Power Steering Fluids analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
