The market is expected to generate an incremental $ opportunity of US$ 3.6 Bn between 2022 and 2030
Category: Chemicals & Materials Published Date : July 2022 ID: CVC-00159-CH Format: PDF Pages: 300
Metalworking Fluids Market Size Analysis
According to a research survey conducted by ChemView Consulting, in 2022, the Global Metalworking Fluids Market was worth US$ 10.1 Bn and is expected to grow at a CAGR of 3.9% over the forecast period. The market is expected to hit US$ 13.7 Bn by 2030 end.
Metalworking fluids are chemical compositions used to increase the efficiency of machining tools during drilling, grinding, and other industrial processes. During the cutting and grinding of metal components, these fluids help to reduce heat, provide lubrication, and remove tiny metal chips.
Metalworking fluids have an excellent viscosity-to-temperature relationship and remain stable throughout temperature fluctuations.
What are the causes driving the rise in demand for Metalworking Fluids?
The growing use of lightweight materials in high-performance applications, particularly in the automobile sector, drives the demand for metalworking fluids. Manufacturing complicated geometrics with light metals necessitates adequate lubrication, which boosts metalworking fluid sales.
The metalworking fluids sector is seeing an increase in demand for water-soluble lubricants as awareness of sustainability and the usage of eco-friendly goods grows. This tendency is predicted to continue in the future years as worries about the harmful effects of synthetic chemicals found in fluids grow.
What are the opportunities in the Metalworking Fluids Market?
Continuous R&D efforts have resulted in breakthrough manufacturing processes for the manufacture of complicated geometric forms. It requires more lubrication than standard ones. Metalworking fluid consumption is predicted to rise steadily throughout the forecast period, owing to these causes.
The development of multi-functional fluids to eliminate incompatibility in technologically sophisticated machinery is driving changes in the metalworking fluids industry. In addition, altering customer preferences toward environmentally friendly items may generate appealing prospects for producers in the next years.
What are the major challenges confronting the Metalworking Fluids Market?
Government regulations on the use and production of harmful synthetic metal working fluids, along with shifting consumer preference towards environment-friendly products, are hindering sales of metalworking fluids.
The global lockdown to manage the COVID-19 outbreak resulted in reduced productivity and transportation-related delays. The interruption of economic operations caused by successive waves of the new coronavirus had a detrimental influence on the metalworking fluids industry.
Why are Removal fluid types expected to grow at the fastest CAGR?
Because of its usage as a coolant in the manufacturing industry, removal fluid is likely to play a significant role in driving the growth of the overall metalworking fluids market. Removal fluids stabilize the temperature and remove undesired metal chips during grinding, drilling, and other procedures.
The global market for removal fluid is dominated by demand from the automotive and metal fabrication sectors. Increasing vehicle production in emerging nations will lead to a rise in the usage of gear oils, which will raise the demand for industrial hydraulic and metalworking fluids.
Which application segment will likely grow the most rapidly throughout the forecast period?
The transportation equipment sector consumes the most metalworking fluids, followed by the metal fabrication and heavy machinery industries. Transportation equipment necessitates manufacturing complicated high-strength components, resulting in a significant consumption of metalworking fluids.
As a result, transportation equipment is expected to use more than half of all metalworking fluids produced worldwide.
Which region has promising opportunities in the Metalworking Fluids market?
Metalworking fluids market expansion has been fueled by industrial development in Asia-Pacific in recent years, and this trend is likely to continue over the next five years. Foreign trade, investment liberalization, and changes in industrial regulations have fueled rapid industrialization in China during the last three decades. Domestic and international investment in critical industries such as energy, manufacturing, construction, and transportation has steadily increased in the previous decade.
Due to expanding demand for efficient metalworking fluids from car manufacturers and OEMs, Asia-Pacific is the fastest-growing market for metalworking fluids.
Which country has promising opportunities in the Asia-Pacific Metalworking Fluids market?
Metalworking fluid sales are expected to expand at a 5.0% CAGR throughout the projection period, putting China in a good pocket in the Asia Pacific market. Strong manufacturing capacity in the automobile sector and increased usage of synthetic and semi-synthetic oils will drive the metalworking fluids market in China forward.
The worldwide metalworking fluids market is extremely competitive, with top companies accounting for 50.0% entire market share. Due to strong end-use demand and high energy consumption rates, key market participants focus their efforts on high-growth areas.
Furthermore, leading manufacturers are expanding their worldwide market footprint through mergers, acquisitions, and partnerships.
Some of the key developments that have taken place in the Metalworking Fluids Market include:
A list of some of the key suppliers present in the market are:
Market Segments Covered in Report
By Product Type:
By Region and Country:
Global Metalworking Fluids Market 2022-2030: Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2030|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Category, Product Type, End-Use, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|