Market Overview:
The global power steering fluids market is estimated to be valued at US$ XX Mn in 2018 and is projected to reach US$ XX Mn by 2030, exhibiting a CAGR of X.X% during the forecast period. The growth of the market can be attributed to the increasing demand for passenger cars and light commercial vehicles (LCVs) across the globe. In addition, rising awareness about vehicle safety has led OEMs to adopt power steering fluids in their vehicles. On the basis of type, synthetic oil accounted for a major share of the global power steering fluids market in 2017. This can be attributed to its superior properties such as high viscosity index and thermal stability that make it suitable for use in high-performance vehicles. However, material oil is expected to witness higher growth during the forecast period owing to its low cost as compared with synthetic oil.
Product Definition:
Power steering fluid is an important component of a car's power steering system. It helps to lubricate and cool the system, preventing corrosion and wear.
Synthetic Oil:
Synthetic oil is a base stock for the manufacturing of steering fluids and other lubricants. It has high viscosity index, which makes it less prone to oxidation and hence provides better protection against corrosion. Synthetic oils are manufactured by adding chemicals such as paraffin waxes, polyalphaolefins or metal soaps to the basic oil.
Material Oil:
Material oil is the type of oil which is used in power steering fluids. It has a high boiling point and low viscosity. The properties of material oils are similar to that of conventional mineral oils, however, they differ in terms of their composition and structure. They are produced by the fractionation process or via catalytic cracking process from feedstock such as crude oil or natural gas.
Application Insights:
The LCVs segment held the largest share of over 50.0% in 2017. The growth can be attributed to the growing demand for light commercial vehicles in developing countries such as India, China and Brazil. These countries are registering significant growth in their automotive sectors which is expected to boost product demand over the forecast period.
LCV manufacturers including Daimler, Ford Motor Company and General Motors Company focus on reducing vehicle weight by using power steering fluids with low viscosity index grades so that they can maintain a proper level of performance even though they use less fluid than normal-pressure oils do.
Regional Analysis:
Asia Pacific power steering fluids market is anticipated to witness significant growth over the forecast period owing to increasing automotive production in countries such as China, India, and Japan. The region is also expected to emerge as a manufacturing hub for commercial vehicles on account of low labor cost and easy availability of skilled workforce. Moreover, rapid urbanization across emerging economies such as India and China has led to an increase in the demand for passenger cars and LCVs which will drive product demand over the next eight years.
Europe was estimated at USD X billion in 2017 owing to stringent regulations by environmental protection agencies regarding carbon emissions caused during vehicle transportation coupled with growing emphasis on fuel economy ratings of vehicles equipped with PSA power steering systems.
Growth Factors:
- Increasing demand for electric vehicles is expected to drive the growth of the power steering fluids market.
- Growing automotive industry is also anticipated to fuel the growth of this market in the near future.
- Rising demand for advanced and efficient power steering fluids is another key factor that would propel this market in forthcoming years.
- Stringent emission norms by regulatory authorities are also projected to boost the sales of power steering fluids in coming years.
Scope Of The Report
Report Attributes
Report Details
Report Title
Power Steering Fluids Market Research Report
By Type
Synthetic Oil, Material Oil
By Application
LCVs, Passenger Car, HCVs
By Companies
The Armor All/STP Products, Bardahl, Penrite Oil, CRP Industries, Ford Motor, Recochem, Amsoil, Lucas Oil, Red Line Synthetic Oil, ExxonMobil, The Armor All/STP Products, Valvoline, Nulon Products Australia
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
140
Number of Tables & Figures
98
Customization Available
Yes, the report can be customized as per your need.
Global Power Steering Fluids Market Report Segments:
The global Power Steering Fluids market is segmented on the basis of:
Types
Synthetic Oil, Material Oil
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
LCVs, Passenger Car, HCVs
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- The Armor All/STP Products
- Bardahl
- Penrite Oil
- CRP Industries
- Ford Motor
- Recochem
- Amsoil
- Lucas Oil
- Red Line Synthetic Oil
- ExxonMobil
- The Armor All/STP Products
- Valvoline
- Nulon Products Australia
Highlights of The Power Steering Fluids Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Synthetic Oil
- Material Oil
- By Application:
- LCVs
- Passenger Car
- HCVs
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Power Steering Fluids Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Power steering fluids are used to help direct the power from the engine to the wheels. They work by helping to reduce friction between the wheel and axle, which in turn allows for more accurate movement.
Some of the major players in the power steering fluids market are The Armor All/STP Products, Bardahl, Penrite Oil, CRP Industries, Ford Motor, Recochem, Amsoil, Lucas Oil, Red Line Synthetic Oil, ExxonMobil, The Armor All/STP Products, Valvoline, Nulon Products Australia.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Power Steering Fluids Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Power Steering Fluids Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Power Steering Fluids Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Power Steering Fluids Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Power Steering Fluids Market Size & Forecast, 2018-2028
4.5.1 Power Steering Fluids Market Size and Y-o-Y Growth
4.5.2 Power Steering Fluids Market Absolute $ Opportunity
Chapter 5 Global Power Steering Fluids Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Power Steering Fluids Market Size Forecast by Type
5.2.1 Synthetic Oil
5.2.2 Material Oil
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Power Steering Fluids Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Power Steering Fluids Market Size Forecast by Applications
6.2.1 LCVs
6.2.2 Passenger Car
6.2.3 HCVs
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Power Steering Fluids Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Power Steering Fluids Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Power Steering Fluids Analysis and Forecast
9.1 Introduction
9.2 North America Power Steering Fluids Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Power Steering Fluids Market Size Forecast by Type
9.6.1 Synthetic Oil
9.6.2 Material Oil
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Power Steering Fluids Market Size Forecast by Applications
9.10.1 LCVs
9.10.2 Passenger Car
9.10.3 HCVs
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Power Steering Fluids Analysis and Forecast
10.1 Introduction
10.2 Europe Power Steering Fluids Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Power Steering Fluids Market Size Forecast by Type
10.6.1 Synthetic Oil
10.6.2 Material Oil
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Power Steering Fluids Market Size Forecast by Applications
10.10.1 LCVs
10.10.2 Passenger Car
10.10.3 HCVs
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Power Steering Fluids Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Power Steering Fluids Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Power Steering Fluids Market Size Forecast by Type
11.6.1 Synthetic Oil
11.6.2 Material Oil
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Power Steering Fluids Market Size Forecast by Applications
11.10.1 LCVs
11.10.2 Passenger Car
11.10.3 HCVs
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Power Steering Fluids Analysis and Forecast
12.1 Introduction
12.2 Latin America Power Steering Fluids Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Power Steering Fluids Market Size Forecast by Type
12.6.1 Synthetic Oil
12.6.2 Material Oil
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Power Steering Fluids Market Size Forecast by Applications
12.10.1 LCVs
12.10.2 Passenger Car
12.10.3 HCVs
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Power Steering Fluids Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Power Steering Fluids Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Power Steering Fluids Market Size Forecast by Type
13.6.1 Synthetic Oil
13.6.2 Material Oil
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Power Steering Fluids Market Size Forecast by Applications
13.10.1 LCVs
13.10.2 Passenger Car
13.10.3 HCVs
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Power Steering Fluids Market: Competitive Dashboard
14.2 Global Power Steering Fluids Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 The Armor All/STP Products
14.3.2 Bardahl
14.3.3 Penrite Oil
14.3.4 CRP Industries
14.3.5 Ford Motor
14.3.6 Recochem
14.3.7 Amsoil
14.3.8 Lucas Oil
14.3.9 Red Line Synthetic Oil
14.3.10 ExxonMobil
14.3.11 The Armor All/STP Products
14.3.12 Valvoline
14.3.13 Nulon Products Australia
