Metalworking Fluids Market Size By Application (Removal, Forming, Protecting, Treating), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC) Growth Potential, Price Trends, Competitive Market Share & Forecast, 2015 – 2024
Published Date: November 2016 | 108 Pages | Report ID: GMI831 | Report Format:
Global Metalworking Fluids Market size stood at over USD 9.85 billion in 2015 and is forecast to experience gains exceeding 4.6% CAGR by 2024.
U.S Metalworking Fluids Market size, by application, 2013-2024 (USD million)
The global metalworking fluids market size is majorly driven by escalating automotive industry. Metal is extensively used to provide structural strength and stability to vehicles. The product is used as coolants in applications such as metal removal, metal forming, metal treating, and metal protecting. Owing to boost industry growth in the coming years. These fluids enhance the vehicles part life by increase lubrication, reducing wear, reducing thermal deformation. It also provides excellent surface finish in the cutting and welding zone. In addition, the global automobile business generated revenue around USD 600 billion in 2015 and is projected to reach USD 900 billion by 2024. This will consequently impact on business growth.
Metal & steel fabrication sector has been witnessing consistent growth in the past few years and is analyzed to be a key factor positively influencing the global metalworking fluids market size in the coming years. The overall metal & steel market size was approximately 1.5 billion tons in 2015 and is forecast to surpass 2.3 billion tons by 2024 owing to drive business growth. Steel and metal are broadly used in numerous industries such as aerospace, machinery, automotive, appliances and original equipment manufacturers (OEMs). In these industries, steel and metal undergo bending, cutting and assembling processes which requires metalworking fluids owing to impact growth.
Increasing toxic waste disposal has created serious environmental issues. These issues have led to formulating stringent environmental regulations. This is anticipated to hamper metalworking fluids market share by 2024. In addition, health risk to workers rising from chemicals in metalworking fluids is expected to restrain the industry growth over the projected timeframe. Furthermore, increasing alloys of non-ferrous metals such as aluminum and titanium usage in the aerospace industry may hamper product demand by 2024, as these alloys do not require metalworking fluids in the machining process.
Petrochemicals are used in the product manufacturing, oscillating crude oil prices presents an opportunity for manufacturers of bio-based metalworking fluids market. These are prepared from naturally occurring materials such as animal fats and plant oil, which are easily available at low cost. Emergence of this bio based segment has lowered environmental issues and health risks for workers and presents an opportunity for industry growth. In addition, minimum quantity lubrication (MQL) is a method to apply minute amounts of high-quality lubricant to a cutting tool. This minimizes environmental impact by reducing fluid usage and eliminating need for disposal.
Global Metalworking Fluids Market, By Application
The global metalworking fluids market size for protecting was valued more than over USD 1.2 billion in 2015. These fluids form an effective thin film between metal surface and contaminants such as air, water and other corrosion-forming particles. Thus, these are also employed for protecting applications across various industries including automotive and metal fabrication.
Global metalworking fluids market share for treating is projected to expand at over 2.5% CAGR over the estimate timeframe. These fluids are used in maintaining the temperature in metalworking and quenching processes.
Global Metalworking Fluids Market, By Region
North America, led particularly by the U.S. metalworking fluids market size generated revenue at over USD 2.5 billion in 2015. Recovering OEM and automotive manufacturing post economic downturn is one the key factor positively influencing regional growth by 2024. Europe metalworking fluids market share is analyzed to experience 4% growth by 2024. Presence of major automotive manufacturers in Germany will complement business growth.
Asia Pacific, majorly dominated by China, Indonesia, India and Japan, was the largest regional metalworking market in 2015. Rapid industrialization along with inclining automotive industry in region was the major growth driver. Furthermore, rising government support in China and India to upscale their manufacturing business will further boost regional growth.
Competitive Market Share
Global metalworking fluids market share is moderately competitive and major industry players accounted for 40% of the global share in 2015. Key industry participants include Apar Industries, Castrol Limited, Exxon Mobil Corporation and FUCHS. Other prominent participants are Lukoil Lubricants, The Lubrizol Corporation, Lukoil Lubricants and Chevron Phillips Chemical Company LP.
The major industry players are involved in R&D, strategic mergers and acquisitions. For instance, FUCHS acquired the lubricant business of England based the Batoyle Freedom Group. The company also established a new R&D Center at Rabale plant. The industry players are also engaged in capacity expansion and reducing worker’s health hazards. For example, in 2015, Chevron Phillips Chemical accomplished the capacity increase of its normal alpha olefins (NAO). This new capacity would help the company meet the growing NAO demand. Furthermore, Chem Arrow Corporation launched an improved metalworking fluids line to meet the latest global legislation intended to protect both the environment and worker’s health.
Global Metalworking Fluids Industry Background
Metalworking fluids are mainly used as lubricants and coolants in the metalworking operations. These are also called as cutting fluids. On the application basis, they are categorized as removal fluids, treating fluids, forming fluids and protecting fluids. The product is manufactured via various raw materials including petroleum distillates, plant oil and animal fat.
The metalworking fluids industry is primarily driven by applications in end-use industries such as automation, metal fabrication, steel, and original equipment manufacturers (OEM). Demand for metalworking fluids in applications such as metal removal, metal protecting, metal forming, and metal treating is estimated to rise rapidly due to growth in end-use industries such as automation, steel, and OEMs.
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