In the last 12‑18 months, the Power Steering Fluids industry trends have been reshaped by a wave of strategic activity. In January 2024, BASF entered a joint‑development partnership with Continental AG to co‑create low‑viscosity, bio‑based steering fluids aimed at reducing fleet‑wide CO₂ emissions. The same month, ExxonMobil completed its acquisition of specialty lubricant maker Mitsubishi Chemical’s steering‑fluid division, expanding its presence in the Asian OEM market. In March, Liqui Moly launched a next‑generation synthetic fluid featuring patented anti‑foam technology, promising a 15 % increase in pump efficiency. Regulatory pressure intensified when the European Union adopted stricter REACH limits on phosphates, prompting manufacturers to reformulate products by Q4 2024. Meanwhile, venture‑backed startup EcoSteer secured $45 million Series B funding to scale its plant‑based fluid production in North America, targeting a 2025 commercial rollout. Concurrently, fleet operators have shown a marked preference for fluids that deliver longer service intervals, driving OEMs to certify new formulations for extended‑life warranties. Additionally, Shell announced the construction of a dedicated 200,000‑barrel per year production line in Texas, slated for early 2025, underscoring the market’s capacity‑building momentum.
