According to a new research report by Global Market Insights Inc., the Europe Metalworking Fluids Market size to reach USD 3,856.2 million by 2027 driven by the robust growth in commercial vehicle sales.
Metal is extensively used in the automotive industry and generally includes rigorous shaping & processing to achieve any desired shape or form. Therefore, these fluids are essentially required in the automotive business as coolants in applications such as metal removal, metal forming, metal treatment, and metal protection
Metalworking fluids enhance the vehicle’s part life by decreasing friction through lubrication, reducing wear, and thermal deformation. It also provides an excellent surface finish in the cutting and welding zone. Furthermore, increasing consumer spending toward vehicle modifications in the passenger vehicle segment will significantly stimulate the Europe metalworking fluids market share. These fluids help in lubricating the cutting tool edge, which provides a cleaner cut along with providing extra working hours to the tool.
Browse key industry insights spread across 100 pages with 30 market data tables & 14 figures & charts from the report, “Europe Metalworking Fluids Market Size, By Product (Synthetic Fluid, Semi-Synthetic, Neat Oil, Soluble Oil), By Application (Removal Fluids, Forming Fluids, Protecting Fluids, Treating Fluids), By End-user (Automotive, Aerospace, Construction, Electrical & Power, Agriculture, Marine, Healthcare), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2027”, in detail along with the table of contents:
Synthetic fluids from Europe metalworking fluids market will witness 6% CAGR from 2021 to 2027. These have unique properties such as low viscosity, good cooling & wetting, resistance to foul smell, rust & corrosion protection, etc. They are used as a substitute for petroleum-refined oils to operate at extreme temperatures. The common chemical agents found in synthetic fluids are amines & nitrites, phosphates & borates, nitrates, wetting agents, and phosphorus, chlorine & sulfur compounds that render various properties to the oil such as nitrite stabilization, corrosion control softening of hard content in water, and chemical lubrication.
Some of the major advantages associated with using synthetic oils are their non-flammability, non-toxicity, and non-foaming or absence of misting during operations. They showcase better stability in the case of hardened water. They render the greatest degree of cooling factor among metalworking fluids, making them a preferred oil in light- to heavy-duty metal removing and surface finishing operations.
Increasing need for metalworking fluids in marine for smooth traction will drive the market segment
The marine segment will generate over USD 300 million by 2027 owing to population rise and economic shift. Developing economies will increase marine trade and improve economic conditions, which will increase the demand for high-speed boats, cruises & ship components. Due to technological advancements in shipbuilding, the demand for ships for fishing is increasing. The demand for corrosion resistance, high strength, and lightweight metal parts in the shipbuilding industry will drive the Europe metalworking fluids in the industry demand.
Investments in product innovations & differentiation to enhance competition
Prominent manufacturers in Europe metalworking fluids industry include Castrol Limited, Exxon Mobil Corporation, Clariant, Lukoil Lubricants., Lubrizol Corporation, TOTAL SA, Quaker Chemical Corporation, The Dow Chemical Company, Henkel Corporation, Chemetall, Idemitsu Kosan Co., Eastman Chemical Company, Sinopec, and ANGUS Chemical Company. Industry players are focusing on product innovations and differentiation to attain a competitive edge in the market.
For instance. in June 2019, Henkel launched Bonderite L-CA CP 1030N & L-CA CP 799 and other broad range of products, targeting high-pressure die-casting applications. This launch will position Henkel as an ideal metalworking solution provider.