Global Metalworking Fluid Market - Overview
The Market Research Future (MRFR) report on the global metalworking fluid market 2016-2023(forecast period) 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. In 2019, the Metalworking Fluids Market Value was registered as USD 9.9 Billion and projected to reach USD 12 Billion with a significant CAGR of 4.4% during the forecast period.
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 Market 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.
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Global Metalworking Fluid Market – Prominent Players
BASF SE (Germany),Rockwool International A/S (Denmark),Owens Corning Corporation (US),Saint-Gobain S.A. (France),Paroc Group (Finland),Knauf Insulation (US),GAF (US),Knauf Insulation (Serbia),Beijing New Building Material Co., Ltd. (China). are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global Metalworking Fluid Market.
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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Metalworking Fluid Market - Segments:
Metalworking fluids market segmentation has been done on the basis of fluid type and application.
Fluid type segmentation of metalworking fluids market includes various classifications such as straight oils, soluble oils, synthetic oils, semi-synthetic oils and others. Metalworking fluids market analysis predicts that soluble oils will capture a significant market share due to their high oil content which provides enhanced lubricity for cutting operation, improves surface finish, and adds protection to the machine tool. The cutting of medium to low tensile cast iron steel brass and bronze all utilize soluble oils thus enhancing their future prospect for growth.
Application segments of metalworking fluids market include classifications such as transportation equipment, industrial machinery, automotive, automotive, metal fabrication, and others. The transportation equipment is anticipated to be the largest segment in the forecast period due to the expansion of the transportation sector, greater demand for vehicles and increase in global trade.
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Metalworking Fluid Market - Regional Analysis:
Geographically, the metalworking fluids market spans across Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Asia Pacific metalworking fluids market is anticipated to register substantial growth over the forecast period due to the expansive automotive and construction in the region. Rapid industrialization and urban expansion are some of the other driving factors for the growth of the metalworking fluids market in the region. Countries like China, Japan, India and South Korea have contributed considerably to the metalworking fluids market share. For instance, in 2017, China led shipbuilding and automotive industries. Cheap labor and lenient regulations has attracted many MNCs to invest in the region which has also positively influenced the market growth.
Well establish manufacturing base in the U.S. as well as the expansive marine, aerospace and automotive industries will offer lucrative growth to the metalworking fluids market in North America, which is expected to acquire the second spot after Asia-Pacific.
Various countries in Europe such as UK, France, Germany and Switzerland have been contributing to drive the metalworking fluids market due to the presence of some of the world’s leading automotive manufacturers in the region as well as industrial machinery producers.
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