Metalworking Fluids Market size worth over $16 billion by 2026
Published Date: March 9, 2020 Authors: Kiran Pulidindi, Hemant Pandey
According to a new research report by Global Market Insights, Inc., the metalworking fluids market size will likely reach $16 billion by 2026. Growing metal and steel fabrication business to drive the growth of global market.
Robust growth in commercial vehicle sales to drive market growth
Robust growth in commercial vehicle sales is amongst the major factors propelling the metalworking fluids market over the projected time frame. Metal is extensively used in automotive industry and generally includes rigorous shaping and processing to achieve 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. Growing demand of light weight commercial vehicle is the key reason uplifting demand of metal working fluids.
Growing metal and steel fabrication business throughout the globe is another reason fueling the demand of metal working fluids. The metal & steel fabrication sector has been witnessing a consistent growth in the past few years and is analyzed to be a key factor positively influencing the global metalworking fluids market share in the coming years. Increasing global industrial production has dramatically increased crude steel production in 2019 reaching at over 1.85 billion tons. Steel & metal are broadly used in numerous industries such as aerospace, machinery, automotive, appliances, and Original Equipment Manufacturers (OEMs).
Browse key industry insights spread across 394 pages with 437 market data tables 51 figures & charts from the report, “Metalworking Fluids Market By Product (Neat Oil, Soluble Oil, Semi-Synthetic Fluids, Synthetic Fluids), By Application (Removal Fluids, Forming Fluids, Protecting Fluids, Treating Fluids), By Industry (Automotive, Aerospace, Construction, Electrical & Power, Agriculture, Marine, Healthcare), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Synthetic Fluids as the most lucrative product segment
Synthetic fluids in anticipated to witness the highest growth among all types of fluids on account of various advantages offered by the product over other alternatives. 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 case of hardened water. It renders the greatest degree of cooling factor among the metalworking fluids, making it a preferred oil for light to heavy-duty metal removing and surface finishing operations. Its use will be growing at the fastest rate of 3.9% in the overall metalworking fluids market over the forecast period.
Removal fluids to remain a key application of metal working fluids
Removal fluids accounted for over 50% of the overall demand in 2019. These fluids are the key production aid in the manufacturing of metal parts, from simpler products such as coins to intricate objects such as engines for aerospace and medical devices applications. It is specifically utilized in cutting and drilling operations, where the metal is constantly separated from the workpiece, without endangering the integrity of the workpiece.
Removal fluids are primarily required to prolong the tool-life, carry away debris; prevent corrosion, enhance surface finish and protect the surfaces of workpieces from frictional wear. The global metalworking fluids market demand is forecast to rise owing to the growth in the automotive, aerospace, appliances, and original equipment manufacturers (OEMs) industries in the coming years.
High automotive production and supporting infrastructure to support North America metal working fluid demand
Rapid urbanization along with the availability of financial assistance are increasing vehicle ownership thereby increasing the growth of metalworking fluids market in North America. Vast presence of key industry players, such as Ford Motor Company and General Motors, engaged in automotive production along with rising investments for technological innovations will escalate automobile production, thereby propelling the industry growth.
Rising consumer spending on luxury & comfort goods is shifting preferences of customers toward personally owned vehicles. Automobile manufacturers are engaged in product differentiation and collaborations with international players to serve a larger consumer base. Moreover, automotive industry participants are escalating production capacity with innovative techniques, such as lean manufacturing and total quality management, through automation to enhance production capacity which is influencing regional metalworking fluids market growth.
Moderately consolidated competitive landscape
Global metalworking fluids industry was moderately consolidated in 2019 and major players involved in this business held more than 50% of the total industry share. The value chain has presence of some multi-national giants such as FUCHS, Castrol, Quacker, Chem Arrow Corporation, ExxonMobil, The Lubrizol Corporation and Total S.A.
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