Quenching Fluids & Salts Market Size By Product Type (Oil [Slow Speed Oil, Medium Speed Oil, Fast Speed Oil, Special Quenching Oil], Polymer [Inverse Solubility Type, Up-Concentration Type], Salts [Nitrate-Based Salts, Chloride-Based Salts]), By Industry (Automotive, Aerospace & Defense, Mining, Domestic), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026

Industry Trends

Quenching Fluids & Salts Market size was valued at around USD 2.24 billion in 2019 and will showcase a growth rate of 4.8% from 2020 to 2026. Rising urbanization, growing passenger car sales, the proliferating aerospace & defense industries, and developments in polymer quenchants will boost product sales over the projected period.
 

Quenching fluids & salts are chemical products used during heat metal processing to achieve desired metallurgical characteristics. Heat treatment is an internal process carried out at commercial treatment firms and manufacturing & metal working companies that perform heat treatment within their facilities. Commercial heat treatment accounts for around 25% share in the global heat treatment industry.
 

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Proliferating industrialization and urbanization will propel product penetration

Proliferating industrialization across emerging economies including India, Indonesia, and Malaysia along with rising urbanization is supporting the market growth over the study timeframe. Rising population and urbanization are boosting the growth of the housing sector, driving construction sector growth.
 

Growing disposable income has resulted in the surging growth of the household electrical equipment & electronic devices industry. Furthermore, technological development and requirement to enhance production processes by several end-user industries are supporting the quenching fluids & salts market share.
 

The proliferating automotive sector across the globe and frequent launches of new passenger vehicles model are driving the quenching fluids & salts market growth. Key initiatives, such as allocation of budgets for purchase if new buses and others, implemented by several economies to strengthen public transport will further support the automotive industry. For instance, in November 2019, Niti Aayog, India draws around USD 1.48 billion plan for buying buses to strengthen public transport.
 

During the forecast period, the quenching fluids & salts market is largely dependent on the growing aerospace & defense and automotive sectors. The proliferating air travel across the globe and rising tourism are supporting the aerospace sector. The rising presence of low-cost carriers across Europe and the Middle East along with the growing demand for military aircraft will support market growth.
 

Commercial aircraft companies are delivering a high number of aircraft with a strong order backlog. For instance, in January 2020, Airbus announced that the company delivered 863 aircraft across the globe, which is 8% higher compared to 2018 and an order backlog stood, which is around 7,482.
 

Fluctuating crude oil prices and COVID-19 impact affecting business performance

The COVID-19 pandemic across the globe has resulted in the shutdown of several manufacturing firms across the globe. This has adversely affected the production of several automotive and aerospace companies during H1 of FY2020 across the globe.
 

Furthermore, the reimpose of lockdown in several European countries in November 2020 is expected to adversely hit the automotive industry. During H1 of FY 2020, the European new car registration drops by around 38% compared to 2018. Fluctuating crude oil prices will also adversely affect business performance.
 

Oil products are the most popular owing to a wide range of product availability and usage in several metal treatment processes

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Oil products are the most widely used product types and accounted for around 50% volumetric share in 2019. Several oil types, such as low-speed oils, medium-speed oils, fast-speed oils, and special quenching oils, among others, are available in the quenching fluids & salts market. Medium-speed oils offer intermediate quenching characteristics and are largely used oils. These are used for medium-to-high hardenability applications, where consistent metallurgical characteristics are required.
 

Special quenching oils mainly cater to the customized requirements of several heat treatment processes. Some of the special quenching oils are bright quenching oils and water washable oils, among others. Slow-speed oils are used in applications where the material being quenched has a higher hardenability such as tool, steel or AISI 4340.
 

Additionally, oil quenchants have higher risks of catching fire during heat treatment, thus raising safety concerns. The development of high-grade polymer quenchant is expected to affect the quenching fluids & salts market demand for oils in developed economies.
 

Cold quenching applications are widely used in the automotive industry

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Cold quenching application generated around USD 1.3 billion in revenue in 2019. Cold quenching applications are widely used in quenchant parts such as fastening component tools, forged parts used in automotive, and springs. Cold quenching oils provide flexibility of operations and are used in several commercial heat treatment firms.
 

In the heat treatment firms, they are used in a wide range of open tank continuous furnaces for heat treatment. Furthermore, the proliferating hosing sector across Asia Pacific and strong demand for aerospace components are driving the fastening tools industry, thereby supporting the quenching fluids & salts market.
 

The automotive end-user industry dominated the quenching fluids & salts market owing to the heat treatment of a wide range of automotive components. Critical automotive components, such as engine components, transmission assemblies, main chassis, rim wheels, and injector nozzles, among others, must be heat-treated to ensure the long-lasting life of components.
 

Proliferating automotive production and easy availability of vehicle loan processes are driving the industry. In 2017, around 97,302,534 vehicles were produced globally, and production was around 2.4% higher compared to 2016.
 

Growing aerospace industry will drive product sales in North America

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The North America quenching fluids & salts market is expected to witness considerable growth over the forecast timeframe and is expected to hold around 24% volumetric shares by 2026. The proliferating aerospace & defense industry in the region is expected to drive the demand for quenching fluid & salt products over the study timeframe.
 

The presence of major aerospace manufacturers in the region, such as Boeing, Airbus, GE Aviation, Lockheed Martin Corporation, among others, and strong aircraft production will further drive the quenching fluids & salts market in the coming years. The presence of major automotive manufacturers and a high demand for luxury vehicles in the region will also support market growth.
 

Product launches and mergers & acquisitions are key strategies of participants

Product launches along with mergers & acquisitions are key strategies adopted by quenchant manufacturers to enhance their market share. For instance, in May 2017, CONDAT launched its new THERMA quenching oil range to comply with new requirements during the usage of oils. The products are formulated with the usage of highly refined base oils to ensure the efficient and safe use of oils. Key players operating in the quenching fluids & salts industry are Quaker Houghton, CONDAT, Petrofer, Chevron Corporation, Croda International Plc, and Park Thermal International, among others.
 

Quenching fluids & salts market report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilotons and revenue in USD million from 2016 to 2026 for the following segments:

By Product

• Oils 
• Slow-speed oil
• Medium-speed oil
• Fast-speed oil
• Special quenching oil
• Others
• Polymer 
• Inverse solubility type
• Up-concentration type
• Salts 
• Nitrate-based salt
• Chloride-based salt

By Application

• Hot quenching
• Cold quenching

By End-user Industry

• Automotive
• Aerospace & defense
• Mining
• Domestic
• Others

By Region

• North America 
• U.S.
• Canada
• Europe
  • Germany
  • Spain
  • France
  • UK
  • Russia
  • Czech Republic
  • Turkey
  • Italy
  • Poland
  • Slovakia
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Singapore
  • Malaysia
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa