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) Read More

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. Read More

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). Read More

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. Read More

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. Read More

Power Steering Fluids Market Trends

Statistics for the 2023 & 2024 Power Steering Fluids market trends, created by Mordor Intelligence™ Industry Reports. Power Steering Fluids trend report includes a market forecast to 2029 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.

Market Trends of Power Steering Fluids Industry

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.

Power Steering Fluids Market Volume Share

Understand The Key Trends Shaping This Market

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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.