Over 50% Metalworking Fluids Sales Remain Concentrated in Transportation Equipment Sector
Fact.MR latest report on metalworking fluids market gives an in-depth analysis of industry size, market dynamics, regional gamut, and revenue estimations for the forecast duration (2021-2031). It provides information about emerging opportunities across various segments including category, function, product, application, and region. Besides this, it analyzes various strategies adopted by leading metalworking fluids manufacturers.
NEW YORK, Sept. 22, 2022 /PRNewswire/ -- The global metalworking fluids market size reached a valuation of US$ 9 Billion in 2020 and is projected to exhibit a CAGR of 4% during the forecast period (2021-2031), surpassing US$ 12 Billion by 2031.
The market has grown due to improvements in manufacturing processes for the creation of complex end products, as well as an increase in exports of agricultural, automotive, and power equipment.
Metalworking fluids are oils and other liquids used to cool or lubricate metal work pieces when machined, milled, stamped, ground, etc. They have become essential substances used across several industries to improve productivity and reduce malfunctioning equipment.
Metalworking fluids industry is anticipated to gain from an expansion in the manufacturing of construction equipment and associated parts for residential, commercial, and industrial buildings. The growth of public-private partnerships is anticipated to increase demand for various construction parts produced using metalworking fluids (MWFs).
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Emerging economies will be crucial for product growth because of the rising building activity in these countries and the rapid expansion of the industrial sector.
The most popular metalworking fluids are metal removal fluids, sometimes referred to as metal cutting fluids. Metal removal or cutting is the most prevalent in the metal fabrication sector. Any metal manufacturing involves cutting to produce certain geometric forms. For accuracy, this process needs efficient metalworking fluids.
Based on application, the transportation equipment segment accounted for around 50% share in the global metalworking fluids market and is likely to retain its dominance during the forecast period.
Manufacturers are increasingly using metal-treating fluids in transportation equipment manufacturing. They play a key role in the production of automotive components and aerospace machinery, where the equipment requires regular lubrication with cooling.
Key Takeaways:
- Based on product, the demand for removal fluids is anticipated to increase at a CAGR of 3% during the forecast period.
- By application, transportation equipment segment accounted for more than half of the global metalworking fluids market.
- Asia Pacific dominates the global market for metalworking fluids with more than 40% share.
- The U.S. metalworking fluids market reached over US$ 2 billion in 2020.
- China's metalworking fluids market is anticipated to reach a valuation of about US$ 3 billion by 2031.
Growth Drivers:
- Rising demand for reducing operational costs and extending the efficiency & longevity of machines is driving the growth in metalworking fluids market.
- Growing consumption of lightweight components in high-performance applications will drive metalworking fluid sales in the coming years.
- Increasing popularity of bio-based metalworking fluids is likely to foster market growth during the assessment period.
Restraints:
- High cost and toxicity of metalworking fluids is a key factor restraining market growth.
- Availability of various substitutes is also expected to reduce the demand for metalworking fluid during the assessment period.
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Competitive Landscape:
The global metalworking fluids market is highly competitive in nature due to presence of numerous regional and domestic market players. In order to gain a competitive edge in the market, leading players are adopting strategies such as new product launches, facility expansions, partnerships, acquisitions, mergers, and collaborations. For instance,
- In October 2019, A well-known manufacturer in Perrysburg, Ohio, named Mater Fluid Solution announced the acquisition of Wilhelm Dietz GmbH, a pipe and tube expansion, forming, wire drawing, and metalworking company based in Düsseldorf, Germany, in order to broaden its reach internationally and increase its capacity for production in mainland Europe.
- In October 2020, Biosynthetic Technologies launched Biocea, their new product line of novel additives for the metalworking fluids.
- In 2021, Idemitsu Lube Pakistan Co., a subsidiary, announced the start of its lubricant operations in Pakistan. The new division will help the business reach new markets.
Key Companies Profiled by Fact.MR
- BP
- Chevron Corporation
- Houghton International
- ExxonMobil Corporation
- Total S.A.
- Apar
- Fuchs Petrolub SE
- Hindustan Petroleum Corporation Limited
- Castrol Limited
- Indian Oil Corporation Limited
- Lubrizol
- Gazprom
- Pertamina
- Columbia Petro
- Croda International Plc
- China Petrochemical Corporation
- Yushiro Chemical Industry Co. Ltd.
- Idemitsu Kosan Co. Ltd
- PETRONAS Lubricants International
- Quaker Chemical Corporation
More Valuable Insights on Metalworking Fluids Market
In the latest study, Fact.MR offers a detailed study on global metalworking fluids market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of metalworking fluids through detailed segmentation as follows:
Category:
- Semi-Synthetic
- Synthetic
- Mineral-Based
- Bio-Based
Function:
- Neat Cutting Oils
- Water Cutting Oils
- Straight Oils
- Emulsified Oils
- Corrosion Preventive Oils
Product:
- Removal Fluids
- Protection Fluids
- Forming Fluids
- Treating Fluids
Application:
- Metal Fabrication
- Heavy Machinery
- Transportation Equipment
- General Manufacturing
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
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Key Questions Covered in the Metalworking Fluids Market Report
- What is the projected value of the metalworking fluids market in 2021?
- At what rate will the global metalworking fluids market grow until 2031?
- Which are the factors hampering the growth in the metalworking fluids market?
- Which region is expected to lead in the global metalworking fluids market during 2021-2031?
- Which are the factors driving the metalworking fluids market during the forecast period?
- What is the expected market value of the metalworking fluids market during the forecast period?
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