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Power Steering Fluids Market Size (2024 - 2029)

The power steering fluids market is projected to experience moderate growth over the forecast period, with the Asia-Pacific region leading in terms of market size due to significant consumption in countries like China, India, and Japan. Despite challenges such as a global slowdown in automotive production and the impacts of the COVID-19 pandemic, the market is expected to expand, particularly driven by the light commercial vehicles segment.

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Market Size of Power Steering Fluids Industry

Power Steering Fluids Market - Summary
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

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*Disclaimer: Major Players sorted in no particular order

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 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
Asia-Pacific
China
India
Japan
South Korea
ASEAN Countries
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Russia
Spain
Turkey
Czech Republic
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Iran
South Africa
Rest of Middle-East and Africa
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Power Steering Fluids Market Size Summary

The power steering fluids market is poised for moderate growth, driven by the increasing demand for power steering systems, particularly in light commercial vehicles. These fluids, available in mineral-oil or synthetic oil forms, play a crucial role in enhancing the performance of power steering systems by improving lubrication, reducing foaming, and preventing corrosion. Despite the positive outlook, the market faces challenges due to a slowdown in global automotive production and the lingering effects of the COVID-19 pandemic. The Asia-Pacific region, led by countries like China, India, and Japan, is the largest and fastest-growing market, although it has experienced some setbacks due to economic and environmental issues affecting the automotive sector.

The Asia-Pacific region's dominance in the power steering fluids market is underscored by China's position as the world's largest automobile manufacturer, focusing on product evolution to address fuel economy and emissions concerns. However, the region has seen a decline in automotive production, impacting the demand for power steering fluids. Similarly, India's automotive industry has faced challenges such as increased ownership costs and economic downturns, which have slowed production and weakened demand. The market is characterized by partial fragmentation, with key players including Lucas Oil Products Inc., BARDAHL, Exxon Mobil Corporation, Energizer Auto, and FUCHS, who continue to influence market dynamics through their offerings.

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Power Steering Fluids Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

    2. 1.2 Restraints

      1. 1.2.1 Slowdown in the Global Automotive Production

      2. 1.2.2 Unfavorable Conditions Arising Due to COVID-19 Outbreak

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION

    1. 2.1 Product Type

      1. 2.1.1 Synthetic Oil

      2. 2.1.2 Mineral Oil

      3. 2.1.3 Others

    2. 2.2 Application

      1. 2.2.1 Light Commercial Vehicles

      2. 2.2.2 Passenger Cars

      3. 2.2.3 Heavy Commercial Vehicles

    3. 2.3 Geography

      1. 2.3.1 Asia-Pacific

        1. 2.3.1.1 China

        2. 2.3.1.2 India

        3. 2.3.1.3 Japan

        4. 2.3.1.4 South Korea

        5. 2.3.1.5 ASEAN Countries

        6. 2.3.1.6 Rest of Asia-Pacific

      2. 2.3.2 North America

        1. 2.3.2.1 United States

        2. 2.3.2.2 Canada

        3. 2.3.2.3 Mexico

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 United Kingdom

        3. 2.3.3.3 Italy

        4. 2.3.3.4 France

        5. 2.3.3.5 Russia

        6. 2.3.3.6 Spain

        7. 2.3.3.7 Turkey

        8. 2.3.3.8 Czech Republic

        9. 2.3.3.9 Rest of Europe

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Rest of South America

      5. 2.3.5 Middle-East and Africa

        1. 2.3.5.1 Iran

        2. 2.3.5.2 South Africa

        3. 2.3.5.3 Rest of Middle-East and Africa

Power Steering Fluids Market Size FAQs

The Power Steering Fluids Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)

Lucas Oil Products, Inc., BARDAHL, Exxon Mobil Corporation , Energizer Auto and FUCHS are the major companies operating in the Power Steering Fluids Market.

Power Steering Fluids Report Snapshots

Power Steering Fluids Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)