Quenching Fluids & Salts Market Size, Share and Industry Analysis Report 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), Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027

Industry Trends

Global Quenching Fluids & Salts Market size was registered at about USD 1.7 billion in 2020 and is expected to showcase considerable growth at a CAGR of 5.5% from 2021 to 2027 owing to growing product demand from the automotive industry.
 

Quenching fluids & salts are those type chemical products that are utilized during the processing of various type of metals to achieve the required metallurgical properties in the metal. The heat treatment process is generally an internal process, which is carried out by commercial heat treatment firms and also by various end-user industries & metal working industries that utilize the heat treatment process inside their units.
 

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Growing industrialization in various emerging economies including India, Brazil, Vietnam, and Mexico coupled with increasing urbanization is driving the quenching fluids & salts market over the projected period. Moreover, the automotive industry requires heat treatment process to achieve the desired metal characteristics.
 

The rising population and urbanization rate have a positive impact on the housing sector, driving the overall construction industry. The rising disposable income has also driven the demand for various electrical and electronic equipment. Furthermore, the rapidly evolving technological developments along with the need to shape metal properties will continue to propel the demand for quenching fluids & salts.
 

The rapidly proliferating global automobile industry and frequent launches of passenger automotive are propelling industry growth. Various key government initiatives around the world have propelled the automobile industry. Moreover, the recent push toward a green and sustainable development in the automotive industry will create new opportunities for the quenching fluids & salts market.
 

Governments in various regions are focused on strengthening their public transport systems to reduce air pollution. For instance, in November 2019, the Government of India has drawn a plan where it would buy buses worth approximately USD 1.48 billion to further strengthen public transport in the country.
 

The COVID-19 pandemic has negatively impacted the quenching fluids & salts industry. Various governments around the world have imposed strict lockdown measures to minimize the risk of COVID-19 infections. Due to this, various manufacturing units were either shutdown or were permitted to operate in limited capacities, resulting in low product production.
 

The demand from various end-user industries also declined due to government-imposed lockdown measures, impacting businesses negatively. A decrease in automotive sales during the pandemic has further impacted the quenching fluids & salts market. However, with relaxation in lockdown measures, product demand from various end-user industries is expected to swing back to normal.
 

Oil products will dominate the market share

The oil segment will highlight 5.3% CAGR through 2027. Oil products utilized in the quenching fluids & salts market include low speed oils, medium speed oils, special type of quenching oils, fast speed oils, and others. Metals that require consistent metallurgical characteristics along with medium to high hardening ability use medium speed oils. Furthermore, the use of special type of quenching oils is generally for customized requirements and different types of heat treatment processes.
 

Cold quenching application to foster business growth

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The cold quenching segment was valued at over USD 1 billion in 2020 and is anticipated to grow over USD 1.3 billion by the end of 2027. The cold quenching process is widely adopted in various automotive parts such as springs, fastening components tools, and different types of forged components. Various commercial heat treatment facilities require flexibility during operations, which are fulfilled by cold quenching oils.
 

Due to this factor, its application in heat treatment facilities is projected to grow over the projected period. The growing demand for aerospace parts in various emerging economies owing to rising per capita income and increasing air travel is projected to have a positive impact on the quenching fluids & salts market.
 

The growing aerospace industry to support industry growth

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The aerospace & defense segment was valued at over USD 220 million in 2020 and is expected to reach over USD 320 million by 2027. The heat treatment process is utilized to produce critical components used in the aerospace industry such as jet engine components, aerostructures, landing gears, etc. The rising regional & international travel in various emerging economies, which include China, India, Brazil, and Vietnam, will propel the aerospace industry. Moreover, growing international tourism owing to cheaper air fares and rising middle-class population that prefers air travel will drive the aviation sector.
 

According to the International Air Transport Association, in 2019, the global air traffic, which translate to the revenue passenger kilometers, increased by over 4.2% compared to 2018. The increasing air travel will drive the demand for aircraft, which will have a positive impact on the quenching fluids & salts market.
 

Asia Pacific will lead market share

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Asia Pacific region was valued at over USD 720 million in 2020 and is expected to reach over USD 1 billion by 2027 driven by growing automotive and aerospace industries in the region. Automotive sales in the region are primarily driven by China and India. Moreover, the rising number of heat treatment facilities in the region will further drive the market for quenching fluids & salts in the region over the projected period.
 

The growing penetration of electric-driven vehicles in Asia Pacific on account of the rapidly improving infrastructure required for electric vehicles is boosting the sales of electric vehicles in the region. Governments in the region are implementing regulations, making it easy & affordable to drive electric vehicles. Rising electric vehicles in the region will have a positive impact on the global market.
 

Mergers & acquisitions along with capacity expansion to propel industry growth

The quenching fluids & salts industry players are primarily focused on forming and upgrading their strategic partnerships to drive their revenue generation and market presence. Various industry players associated with the global quenching fluids & salts market are working on expanding their footprints and production capacities. Industry participants are also introducing new products to meet the growing customer expectations.
 

For instance, in May 2017, CONDAT introduced a new THERMA range of quenching oil, which comply new requirement for the usage of oils. These products are manufactured by utilizing high-refined base oils, which increases the efficiency of the heat treatment process.
 

Various industry players associated with the quenching fluids & salts market are Petrofer, Chevron Corporation, Chemtool Incorporated, Quaker Chemical Corporation, Croda International Plc., Metal Heat Treatment Solutions, CONDAT, FUCHS, Park Thermal International, Castrol Ltd., Idemitsu Kosan Co., Ltd., Total S.A., Exxon Mobil Corporation, etc.
 

The global quenching fluids & salts market report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilo Tons and revenue in USD Million from 2021 to 2027 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