LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global automotive power steering fluid market predicts a CAGR of above 4% during the period 2018-2022.
The report segments the global automotive power steering fluid market by vehicle type, including passenger vehicles and commercial vehicles and by geography, including the Americas, EMEA, and APAC. It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global automotive power steering fluid market, according to Technavio automotive researchers:
- Benefits associated with synthetic oil-based power steering fluids: a major market driver
- Increased use of synthetic oil-based power steering fluids: emerging market trend
- APAC dominated the global automotive power steering fluid market with 44% share in 2017
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Benefits associated with synthetic oil-based power steering fluids: a major market driver
Power steering fluids have a major effect on the performance of the power steering system of a vehicle. The type of power steering fluid employed is critical in determining the overall functioning of the power steering system of a vehicle.
Power steering fluids are of two types, which includes mineral-based and synthetic oil-based fluids. Synthetic oil-based power steering fluids come with multiple benefits. Synthetic power steering fluids benefit the performance of the vehicle, which leads to optimum steering feel. These fluids are characterized by superior weather-protection properties, especially in extremely cold climates. Some of the properties include reduced friction and enhanced thermal management properties associated with synthetic oil-based power steering fluids. They ensure maximum vehicle efficiency and improved wear and tear properties along with superior sealing characteristics as well.
The benefits associated with synthetic oil-based power steering fluids are helping in increasing vehicle efficiency and performance. The demand for such power steering fluids is rising, which, in turn, boosts the growth of the global automotive power steering fluid market.
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Increased use of synthetic oil-based power steering fluids: emerging market trend
The competitors in the global automotive power steering market are focused on developing efficient lubricants that protect vehicle components from wear and tear. Major investments are being made in lubricants that offer extreme temperature resistance.
According to a senior analyst at Technavio for research on automotive components, “Recently, synthetic oil-based power steering fluids are being adopted in a significant number of vehicles. These fluids tend to eliminate wear and tear of the steering system and simultaneously, increases the lifespan of steering systems. Their friction-reducing and lubrication properties facilitate optimal engine performance levels. Anti-freeze, anti-leakage, and excellent fluidity are some of the characteristics displayed by these fluids.”
Global market opportunities
In terms of regional dominance, APAC dominated the global automotive power steering fluid market, followed by the Americas and EMEA in 2017. By 2022, APAC is expected to witness a growth of nearly 5%, whereas the Americas and EMEA are expected to witness negative growth during the forecast period.
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