Latest News:- Automotive Power Steering Fluid Market: Mineral oil is expected to lead the Type segment during 2024-2028

Automotive Power Steering Fluid Market to grow at a CAGR of 4.33% during 2024-2028

The Automotive Power Steering Fluid Market is expected to grow at a CAGR of 4.33% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 300.86 million. The automotive power steering fluid market experiences significant growth due to the ongoing technological innovations in advanced power steering systems integrated into modern vehicles. These advancements boost the efficiency and performance of power steering systems, thereby increasing the demand for specialized automotive power steering fluids. Leading automotive original equipment manufacturers (OEMs) and suppliers, such as Bosch, ZF Friedrichshafen AG, and Nexteer Automotive, are at the forefront of developing advanced power steering technologies. These include traditional hydraulic systems, electric power steering (EPS), and steer-by-wire systems, which necessitate the use of specialized power steering fluids to ensure optimal system functionality and longevity. 

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The Mineral oil subsegment is expected to dominate the Type segment during the forecast period 

Technavio analysts predict that the Mineral oil subsegment will lead the Type segment during 2024 and 2028 In the global automotive power steering market, mineral oil-based power steering fluids continue to hold a significant market share. These fluids, derived from crude oil, provide essential lubrication and protection for power steering systems in various vehicles. Although synthetic oils offer superior performance and longevity, mineral oil-based fluids remain popular due to their affordability and extensive availability. Notably, Pentosin, a subsidiary of FUCHS PETROLUB SE, is a prominent vendor catering to this market segment. They provide a comprehensive range of power steering fluids, including mineral oil-based options, specifically formulated for diverse automotive power steering systems.

Here are the various ways based on which the market is segmented: 

• Type
  • Mineral oil
  • Synthetic oil
• Application
  • Passenger cars
  • Commercial vehicles
• Geography
  • APAC
  • Europe
  • North America
  • South America
  • Middle East and Africa

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There are several factors that are causing the market to flourish rising production and sales of vehicles worldwide

Learn which are the obstacles that the market is experiencing in the way of its growth by accessing the free PDF report

Research Analysis Overview

The Automotive Power Steering Fluid Market is a critical segment in the lubrication industry, focusing on the production and supply of fluids for power steering systems in passenger cars. These fluids provide hydraulic assistance, ensuring safe driving and minimizing wear and tear on power steering pumps. Power steering fluids are designed to prevent oxidation, foaming, and wear, ensuring the longevity of the power steering system. An additive package is often included in these fluids to enhance their performance and extend oil life. High-quality base oils, whether mineral or synthetic, form the foundation of these fluids. The highly contagious nature of power steering systems makes the use of clean and high-performance fluids essential. OEMs demand fluids that meet their specifications to ensure the efficient operation of active safety systems and robotic efficiency in manufacturing processes. Advancements in power systems, such as electric power and hydraulic, have led to the development of power steering fluids suitable for these applications. The integration of artificial intelligence (AI) and additives in these fluids further enhances their performance and contributes to the overall efficiency of the vehicle's power steering system.

Market Research Overview

The Automotive Power Steering Fluid market is a significant segment of the global Specialty Chemicals industry, encompassing businesses specializing in high-value-added chemicals used in manufacturing a diverse range of products, such as fine chemicals, additives, advanced polymers, adhesives, sealants, specialty paints, pigments, and coatings (Technavio, 2023). The Specialty Chemicals market's size is determined by the consolidated revenue generated by these manufacturers. Key growth drivers for this market include the increasing demand for specialty adhesives and sealants, which are expected to significantly contribute to market expansion throughout the forecast period.

The Automotive Power Steering Fluid Market is experiencing significant growth, fueled by the rising production and sales of vehicles worldwide. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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