According to a new research report by Global Market Insights Inc., the Quenching Fluids & Salts Market size is estimated to surpass USD 2.3 billion by 2027 owing to a rising demand for commercial and military aircraft around the globe.
Passengers now prefer to travel via air compared to other modes of travel such as roadways or railways. The demand for domestic & international travel is growing in various emerging economies owing to increasing per capita income and rising middle-class income. The demand for aircraft from various countries, such as India, Indonesia, China, and Brazil, is expected to grow in the near future as these countries are investing heavily in upgrading the required infrastructure for smooth air travel.
For example, in November 2020, Boeing expected that the demand in China for new aircraft will be around 8,500 in the coming two decades and the total value of these aircraft will be over USD 1.4 trillion. The rising demand for aircraft will also boost the requirement for heat treatment process to make components stronger & flexible. The rising aerospace industry will have a positive impact on the quenching fluids & salts market growth over the projected period.
The quenching fluids & salts market is heavily dependent on crude oil as a source of raw material. The prices of crude oil are constantly fluctuating, thereby making quenching fluids & salts prone to price fluctuations. For instance, the prices of crude oil in 2020 were around USD 38 per barrel. While in 2021, the prices of crude oil hovered above USD 62 per barrel. The constant fluctuation in raw material prices will impact the quenching fluids & salts market growth. However, industry players having long term contracts with raw material suppliers may be able to limit the impact of fluctuating prices.
Browse key industry insights spread across 250 pages with 273 market data tables & 18 figures & charts from the report, “Quenching Fluids & Salts Market 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 Application (Hot Quenching, Cold Quenching), By Industry (Automotive, Aerospace & Defense, Mining, Domestic), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027”, in detail along with the table of contents:
The polymer segment to gain attention among industry participants
The polymer segment was valued at over USD 400 million in 2020 and is expected to grow over USD 600 million by 2027 in the quenching fluids & salts market. Growing stringent environmental regulations implemented by various European and North American governments to limit the use of products that are related to crude oil will drive the demand for polymer quenching fluids & salts. Moreover, this type of quenching fluids & slats does not catch fire during the heat treatment process, making it an excellent alternative to oil-based quenchants.
The hot quenching segment to drive the market during the forecast timeframe.
The hot quenching segment was valued at over USD 720 million in 2020 and is anticipated to generate over USD 1 billion by the end of the study timeframe. Hot quenching is generally utilized at higher temperatures and formulated by using select base stocks with higher thermal stability along with high oxidation resistance. Various automobile parts including bearings, car parts, and gears, among others are usually quenched with hot quenching fluids & salts.
The automotive sector will lead the market share
The automotive sector was valued at over USD 800 million in 2020 and is expected to account for over USD 1.1 billion by 2027. Various types of critical components utilized in an automotive namely engine components, injector nozzles, main chassis, interior components, rim wheels, and others require heat treatment so that these parts can become hard and can last for longer durations. The rising automotive industry mainly in China, India, and Vietnam will drive the quenching fluids & salts market. Moreover, the emergence of electric vehicles in various advanced economies will have a positive impact on the global market.
Europe will witness sustainable growth
The Europe quenching fluids & salts market value will generate over USD 380 million in 2020 and cross over 530 million by 2027. Increasing investments in establishing new electric vehicle production and research & development units will drive the demand for heat treatment process. The presence of various heat treatment facilities in the region will further positively impact the market. Europe has some of the most stringent regulations on crude oil and related products.
The quenching fluids & salts industry is competitive owing to the presence of various small & medium scale industry players. Manufacturers are working on the development of new products and are focusing on expanding their geographical presence. Players in the quenching fluids & salts industry include 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.