Global
automotive power steering fluid market is expected to grow at a significant CAGR
of 10.16% in the upcoming period as the scope and its applications are rising
enormously across the globe. Automotive power steering fluid keeps power
systems clean, maximize power steering life, increase oil life, and operations
smoothly. It is produced with high-quality base oil and enhanced additive
package for excellent performance.
Power
steering fluid with stop leak condition protects and seals power steering pumps
from failure due to the foaming, oxidation, and wear. Numerous fluids are
either synthetic oil or mineral oil that is mixed with additives to overwhelm
foaming, advance lubrication, and prevent corrosion in the power steering gear
and steering pump.
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The
factors that are playing a major role in the growth of market are capacity to
transfer the power efficiently, ease of taking hard and long turns using
minimum power, and advantage of synthetic oil-based power steering fluids.
However, the presence of alternatives and the rise of steer-by-wire technology
are the factors that may restrain overall market growth in the years to come.
Automotive power steering fluid market is segmented based on fluid type,
vehicle type, application, and region.
Synthetic
oil-based fluids and mineral-based fluids are the types that could be explored
in automotive power steering fluid in the forecast period. Synthetic oil-based
fluids sector accounted for the substantial market share of automotive power
steering fluid and is estimated to continue its dominance in the years to come.
The reason behind the overall market growth could be its superior properties
like weather protection in an extremely cold climate, advanced thermal management,
and ensure vehicle efficacy and performance.
HCVs,
passenger car, LCVs, and others are the vehicle types that could be explored in
automotive power steering fluid in the forecast period. The market may be
categorized based on applications like power steering units, car and light
truck power steering systems, Toyota power steering system, and others could be
explored in the forecast period.
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Market Segment:
The following manufacturers are covered
in this report:
•
AMSOIL
•
Exxon Mobil
•
Lucas Oil Products
•
Shell
•
Valvoline
Automotive Power Steering Fluid
Breakdown Data by Type
•
Senior
•
Ordinary
Automotive Power Steering Fluid
Breakdown Data by Application
•
Passenger Car
•
Commercial Car
Automotive Power Steering Fluid
Production by Region
•
United States
•
Europe
•
China
•
Japan
•
South Korea
•
India
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