Power Steering Fluids: Introduction
Power steering fluid is a fluid based either on mineral oil or synthetic oil. The major function of power steering fluid is the lubrication of the power steering pump and power steering gear unit. Furthermore, power steering fluid helps decrease the temperature by reducing the friction between the mechanical parts, particularly the power steering system. This, in turn, enhances the lifespan and performance of the vehicle.
Another major application of the power steering fluid is to ease the transfer of fluid inside the steering system of the vehicle. Moreover, when the power steering fluid is present in between sealed pipes and reinforced hoses, which are connected to piston, it acts as a lubricator to enhance the hydraulic pressure and reduces friction between the mechanical parts of the power steering system. Requirements of the power steering fluid vary from model to model and specifications as suggested by the vehicle manufacturer.
Market Trend: Move toward Electrohydraulic Power Steering (EHPS)
Presently, automotive manufacturers are including electrohydraulic power steering in heavy commercial vehicles to decrease the consumption of oil. Another prominent feature of the electrohydraulic power steering is decrease in energy requirements, thereby leading to higher transportation efficiency. Furthermore, the electrohydraulic power steering significantly optimizes the amount of pressure and power steering oil required to operate the hydraulic steering systems of heavy commercial vehicles.
Major Drivers of Power Steering Fluids Market
Properties of power steering fluid including excellent oxidation stability, good flow ability, protection against wear, corrosion, foaming, are key factors that are expected to drive its demand in the near future. Additionally, good resistant against shearing and excellent stable viscosity characteristics at various temperature range possessed by the power steering fluid are likely to propel the market in the near future.
COVID-19 Impact on the Global Power Steering Fluids Market
Several countries such as China, Italy, France, and India are currently in lockdown, due to the COVID-19 pandemic. Some countries are facing slowdown in the production of automotive vehicles. The global economy witnessed production slowdown in 2019. At the start of 2020, the risk of worldwide recession was high due to slowdown in automotive production caused by the COVID-19 pandemic. Before this pandemic, the demand for automobiles was already sluggish due to automobile overproduction and stocking by companies.
The COVID-19 outbreak has created several challenges for the global automotive sector. For instance, in January 2020, commercial vehicle sales in China witnessed 18% decline over that in January 2019. China Passenger Car Association (CPCA) had projected that sales of automotive vehicles in the month of February–March 2020 would drop by 40% over those in the same period in 2019. These factors are likely to act as barriers in production and consumption of power steering fluids in the near future.
Asia Pacific to Hold Prominent Share of Global Power Steering Fluids Market
In terms of region, the global power steering fluids market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Rise in environmental awareness and increase in government support to boost electric car sales are being witnessed in Asia Pacific. Moreover, China and Japan are facing severe issues pertaining to increase of CO2 emissions. Therefore, governments of these countries are increasingly encouraging the adoption of electric vehicles, which in turn is expected to drive the demand for power steering fluid in order to enhance the lifespan and performance of the power steering system.
Product improvisation and consistent research and development activities are expected to provide lucrative opportunities to manufacturers operating in the power steering fluids market in North America
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