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.
Key Market Trends
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.
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.
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