The Market Research Future (MRFR) report on the Global Metalworking Fluids Market has been assessed based on a thorough market review with input from industry experts. The study addresses the market environment and growth opportunities for the coming years. The report also gives an overview of the significant producers operating in this market. The Metalworking Fluids Market Size was valued at USD 12.21 Billion in 2022. The Metalworking Fluids industry is projected to grow from USD 13.16 Billion in 2023 to USD 19.87 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.28% during the forecast period (2023 - 2030).. Metalworking fluids are an array of oils and lubricating liquids which are used to cool and smooth the metal workpiece during various mechanical processes, such as machining, grounding, milling, etc. These fluids help prevent heat generation and excessive friction between the cutting tools and the workpiece. In addition, the use of metalworking fluid helps in improving the quality of the workpiece by regularly removing fines, chips, and small pieces of metal from the tool being used and the surface of the workpiece.
They serve essential metalworking operations such as removal, forming, cutting, treatment of fluids, and protection. To ensure that these things happen smoothly, it is vitally important that the fluid reaches the point of operation and gets there with sufficient volume and speed to do the required work. Metalworking fluids are used in several industries where metal is an integral part of the process. Significant applications of metalworking fluids can be found in the transport and automotive, industrial machinery, metal fabrication, and construction industries, among others.
Market Dynamics
The factors contributing to the growth of global metalworking fluids are rapid industrialization in Asia Pacific and African countries, increasing automotive industry, and rising construction around the world. Global vehicle sales were close to 80 million units in 2017 and are expected to grow substantially in the coming years due to the growing demand for passenger vehicles from developing economies. The global transport sector is experiencing healthy growth in world trade. As the largest consumer of metalworking fluids, this growth trend in the transport sector is likely to favor the growth of the global Metalworking Fluids Market.
Moreover, changing consumer preference to customized cars and rising demand for lightweight, fuel-efficient vehicles against the backdrop of growing environmental concerns is expected to fuel demand for metalworking fluids in the coming years. Nonetheless, the capital-intensive nature of metalworking, the gradual reduction of metal parts in the automotive sector, and the instability of crude oil prices are the key factors limiting the growth of the market during the forecast period. However, large end-use industries such as aerospace, defense, and marine will continue to use metal-based structures for the strength of the material.
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Segmentation
The global market for metalworking fluids has been segmented into fluid type and application.
Based on fluid type, the global Metalworking Fluids Market has been divided into straight oils, soluble oils, synthetic oils, semi-synthetic oils, and others.
Based on the application, the global Metalworking Fluids Market has been segmented into transportation equipment, industrial machinery, automotive, construction, metal fabrication, and others.
Regional Analysis
Regionally, the global Metalworking Fluids Market has been segmented into five key regions, including North America, Asia Pacific Latin America, Europe, and the Middle East & Africa.
The Asia Pacific is the fastest-growing market due to the rapid industrialization and growth of significant end-users such as the building and construction industry and the automotive industry. India, Japan, South Korea, and China are competitive economies in the region, with a large share of the regional economy.
North America is the second-largest region in the global market for metalworking fluids. The U.S. is the primary market in this region due to the presence of well-established end-users such as aerospace & defense and marine.
Europe is another significant region in the global metalworking fluids manufacturers Market. The major contributors to the regional market are the United Kingdom, France, Germany, and Switzerland. Industrial machinery and the automotive industry in Europe are gaining the highest demand for metalworking fluids in this region.
Latin America is expected to witness a stable growth of end-user industries, mainly in countries such as Brazil and Mexico. In the coming years, increasing opportunities for the building and construction industry may significantly boost the growth of the regional market.
Key Players
The prominent participants operating in the global Metalworking Fluids Market are Indian Oil Corporation Ltd (India), Total S.A. (France), Chevron Corporation (U.S.), Henkel AG & Co. KGaA (Germany), Exxon Mobil Corporation (U.S.), BP (India), Shell (the Netherlands), HPCL (India), Croda International Plc. (U.K), Houghton International Inc. (U.S.), and China Petrochemical Corporation (China), among others
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