Power Steering Oil Market to Witness Exponential Growth by 2022, Fact.MR Study

CITY, Country, 2021-Feb-23 — /EPR Network/ —

Power steering oil is a type of hydraulic fluid which helps transferring power in new and modern vehicles equipped with power steering. An essential feature of the power steering oil is to enable the driver to control and turn the steering wheel with utmost ease. However, the type of power steering oil used varies on the vehicle it is used in, as some vehicles would require additional additives to the oil as per the situation demands. Most of the modern vehicles use a type of synthetic-based hydraulic fluid formulated specifically to meet the oil demands of the power steering system. The power steering oil does far more than help turn the wheel. Along with lubricating the power steering pump it also lubricates the power steering gear unit, which meshes with the vehicle steering rod mechanism which ultimately is responsible for the proper functioning of the vehicle’s front wheels. It also provides enough pressure to operate the mechanical components of the entire power steering system. Last but not the least, the power steering fluid serves to reduce the operating temperature of the power steering pump and gear unit, which are 2 of the most heat-producing parts of the power steering system.

Due to the wide range of advantages of power steering oil, along with the ability to transfer power effectively is one of the major factors driving the demand for power steering oil. Also, the comfort of maneuvering vehicles in difficult turns, with minimum effort by the driver also is an essential the growth of the power steering oil market.

Power steering fluid is regularly changed due to the safety of the vehicle and the drivers. Over time, seals, rings, and inner components wear and break down thereby contaminating the power steering oil. Hence periodically monitoring the condition of the power steering oil would result in an efficient working of the system.

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Power steering oil: Market Drivers and Challenges

With the present versions of automobiles embracing power based steering systems, the need of system lubrication will fuel the demand of power steering oil. The demand for power steering oil is estimated to be driven by OEM production sites as well as aftermarket replacement sales in furnishing the power steering columns embedded in the automobile units. The frequency of refill will drive the aftermarket domain, whereas OEM site will fetch the volume units initially applied. In the OEM site, primarily the market is said to be governed by the top tier manufacturers who have a contract based supply order modules, whereas the aftermarket consists of plethora of tier-2 manufacturers and regional/local based players as well. Product diversification and adoption of biobased formulations has been a notable trend witnessed in the power steering oil market.

Severe cold climates have a negative impact on the power steering oil causing it to get thicker and harder to pump through the system, which may prevent the pump from lubricating itself and thereby leading to leaks. A vehicle is usually made to idle until the oil heats itself up to the operating temperatures. This keeps the RPM of the vehicle as low as possible until the pump is lubricated, also avoiding serious damages such as leaks.

Impact of COVID-19 on Power steering oil market

With the subdued growth of the automobile industry before the covid-19 impact, the industry has further faced production slowdown in the present year due to the pandemic. The reduced output production coupled with disruption in component supply chain has been strongly evident in the first half of the fiscal. However, during in the second quarter of 2020, automobile sales improved as compared to the first with market growth reeling back towards a decent growth rate. The rebound for power steering market growth is likely to incur a considerable time with low to moderate sales of the product in regional markets. The aftermarket sales of power steering oil will continue to maintain the ongoing growth rate as per the required service of the vehicle.

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Power steering oil: Market Segmentation

On the basis of type, the global Power steering oil market can be segmented into the following:

  • Material Oil
  • Synthetic Oil

On the basis of application, the global Power steering oil market can be segmented into the following:

  • Passenger Car
    • Two-Wheeler
    • Compact
    • Mid-Size
    • SUV
    • Luxury
  • Commercial Vehicle
    • Light Commercial Vehicle
    • Heavy Commercial Vehicle

Power steering oil: Regional Market Outlook

With the automotive manufacturing hubs concentrated in Japan, Europe and U.S. , the prominent regional markets for power steering fluids also happen to be the mentioned regions. India and China are poised to be the emerging markets of power steering oil in the upcoming years owing to greater vehicle fleet. The increase in number of production plants in expanding economies such as Brazil and Mexico are also expected to create high demand for the power steering oil market. The high growth of usage of light commercial vehicles in North America to move daily goods, also boosting the need for efficient power steering oil.

Power steering oil: Key Market Players

Major market participants in the global Power steering oil market identified across the value chain include:

  • AMSOIL Inc
  • Exxon Mobil
  • Lucas Oil Products
  • Shell
  • Valvoine
  • Ford Motor Company
  • Penrite Oil Company
  • GM Dexron
  • Bardahl

The Power steering oil research report presents a comprehensive assessment of the Power steering oil market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The Power steering oil research report provides analysis and information according to market segments, such as geographies, application, and industry.

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