Future Market Insights
Power steering has a noteworthy impact on handling a vehicle, since it helps in turning the wheels easily using electric or hydraulic power or both. The power steering fluids play a very important role in safe driving due to the fact that oil is necessary for any engine for effective and continued operation. Without the use of power steering fluids, the power steering system would fail. Power steering fluids are hydraulic fluids, which are used for the transmission of power in the power steering assembly. The power steering fluids provide hydraulic assistance for the overall steering system. These fluids are made up of either synthetic oil or mineral oil blended with enhanced additives to prevent corrosion, supress foaming and to properly lubricate the steering gear and power steering pump. Lubricating agents are required in both hydraulic and electric steering.
The regular changing and servicing of the power steering fluids is important for every vehicle for the proper functioning as well as for the safety of the travellers in the vehicle. The services usually involve flushing out the old oil and then refilling with the new power steering fluid. Over the time, the O-rings, seals and the inner components of power steering wear out. When they break down, they spoil the power steering fluid, thus the power steering fluid pump has to work harder and it will finally lead to its failure. Therefore, the regular checking and replacing, if necessary, of the power steering fluid is a good practice, which will result in efficient working of the system. If there is a leakage in power steering system, it will not be easy for turning the vehicle with the actual force required. A leakage in the system can lead to accidents and hence immediate repair or replacement of the system has to be done.
Power Steering Fluids Market: Dynamics
The numerous advantages of power steering fluids, as stated above, coupled with the ability to transfer the power so effectively are considered to be the prominent drivers for the global power steering fluids market. Moreover, the ease of taking long and hard turns with application of minimum power is expected to be a significant driver for the power steering market. The lifespan of the power steering system can be increased with the effective and regular use of power steering fluids. Analysing the aforementioned factors, the power steering fluids market is estimated to expand with an incremental rate in the near future.
Power Steering Fluids Market: Segmentation
The power steering fluids market can be segmented on the basis of product type, material type, component and end use.
By Product type, the Power Steering Fluids market can be segmented as:
By Vehicle Type,the Power Steering Fluids market can be segmented as:
Power Steering Fluids Market: Regional Outlook
North America, Europe and the Middle East regions have abundant natural resources and manufacturing industries, which will drive the demand for power steering fluids in these regions. BRICS nations are expected to contribute significantly to the global power steering fluids market over the forecast period. Moreover, the need for transferring power into the power steering assembly, without any leakage or failure, at proper working and stable conditions is increasing day-by-day globally, which will fuel the growth of the global power steering fluids market.
The power steering fluidsmarket is projected to grow with a high CAGR over the forecast period, due to its increasing application in the automotive industry globally. Furthermore, new inventions and technologies in the power steering fluidssector will foster growth in the global market.
Power Steering Fluids Market: Market Participants
Some of the examples of market participants in the global power steering fluids market, identified across the value chain are,
The Armor All/STP Products Company
Lucas Oil Products, Inc.
Red Line Synthetic Oil
Penrite Oil Company
CRP Industries Inc.
Ford Motor Company
Nulon Products Australia
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Competition & Companies involved
Regional analysis includes
North America (U.S., Canada)
Latin America (Mexico, Brazil and Rest of Latin America)
Western Europe (Germany, Italy, France, U.K, Spain, Nordic countries, Belgium, Netherlands, Luxembourg and Rest of Western Europe)
Eastern Europe (Poland, Russia and Rest of Eastern Europe)
Asia Pacific (China, India, ASEAN, Australia & New Zealand)
Middle East and Africa (GCC, S. Africa, and Rest of MEA)
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