Market Size of Power Steering Fluids Industry
| 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 |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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 | |||||||||||
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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.
Power Steering Fluids Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.2 Restraints
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1.2.1 Slowdown in the Global Automotive Production
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1.2.2 Unfavorable Conditions Arising Due to COVID-19 Outbreak
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION
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2.1 Product Type
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2.1.1 Synthetic Oil
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2.1.2 Mineral Oil
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2.1.3 Others
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2.2 Application
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2.2.1 Light Commercial Vehicles
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2.2.2 Passenger Cars
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2.2.3 Heavy Commercial Vehicles
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2.3 Geography
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2.3.1 Asia-Pacific
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2.3.1.1 China
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2.3.1.2 India
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2.3.1.3 Japan
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2.3.1.4 South Korea
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2.3.1.5 ASEAN Countries
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2.3.1.6 Rest of Asia-Pacific
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2.3.2 North America
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2.3.2.1 United States
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2.3.2.2 Canada
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2.3.2.3 Mexico
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2.3.3 Europe
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2.3.3.1 Germany
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2.3.3.2 United Kingdom
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2.3.3.3 Italy
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2.3.3.4 France
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2.3.3.5 Russia
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2.3.3.6 Spain
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2.3.3.7 Turkey
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2.3.3.8 Czech Republic
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2.3.3.9 Rest of Europe
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle-East and Africa
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2.3.5.1 Iran
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2.3.5.2 South Africa
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2.3.5.3 Rest of Middle-East and Africa
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Power Steering Fluids Market Size 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.
