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.
|Quenching Fluids & Salts Market Size in 2020:
|1,746.29 Million (USD)
|2021 to 2027
|Forecast Period 2021 to 2027 CAGR:
|2027 Value Projection:
|2,473.26 Million (USD)
|Historical Data for:
|2017 to 2020
|No. of Pages:
|Tables, Charts & Figures:
|Product, Application, End-User and Region
|Pitfalls & Challenges:
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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.