New York, United States , Nov. 17, 2022 (GLOBE NEWSWIRE) -- The Global Quenching Fluids & Salts Market Size to grow from USD 1.8 billion in 2021 to USD 2.9 billion by 2030 at a Compound Annual Growth Rate (CAGR) of 4.0% during the forecast period. Global Quenching Fluids & Salts Market demand is expected to increase due to rising product demand in modern heat-treatment techniques. Additionally, the global automobile industry's growth, the adoption of polymer quenchant products, and growing safety concerns will all contribute to the industry's advancement in quenching fluids and salts.
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The COVID-19 outbreak has negatively impacted credit portfolios. The enormous growth has hampered the solvency of customers and businesses in unemployment and interruption of economic activity. Central banks have adopted a proactive strategy of injecting money into the market by decreasing interest rates and implementing asset purchase programmes. With persistent geopolitical tensions, global trade battles, and sporadic hurricanes and earthquakes, managing and monitoring credit, market, liquidity, and operational risk across financial markets was challenging enough. Chief risk officers and their teams have had to reevaluate outdated methods and assumptions used to manage and monitor risk due to the present pandemic crisis. The global repercussions of COVID-19 have demonstrated the significance of interconnection in international cooperation. As a result, many governments have been hurrying to find, assess, and buy trustworthy AI-powered solutions.
The Oil segment accounts for the largest market size during the forecast period.
Based on the Product, the global Quenching Fluids & Salts Market is categorized into Oil, Polymer and Salts. The Oil segment accounts for the largest market size during the forecast period. Global Quenching Fluids & Salts Market demand is expected to increase due to rising product demand in modern heat-treatment techniques. Low-speed oils, medium-speed oils, specific types of quenching oils, fast-speed oils, and other oil products are used in the quenching fluids & salts market. Medium-speed oils are used with metals that need consistent metallurgical properties and medium to high hardening abilities. Furthermore, unique requirements and various heat treatment methods typically call for using specialized types of quenching oils. The demand for quenching products in the market is anticipated to rise significantly throughout the forecasted period.
Browse key industry insights spread across 204 pages with 133 market data tables and figures & charts from the report “Global Quenching Fluids & Salts Market Size, Share, and COVID-19 Impact Analysis By Product (Oil, Polymer and Salts), By Application (Hot quenching and Cold quenching), By End-user (Automotive, Aerospace & defense, Mining, Defense and Others), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030.“ in detail along with the table of contents.
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The Cold quenching segment to hold a higher CAGR during the forecast period
Based on the Application, the Quenching Fluids & Salts Market is categorized into Hot quenching and Cold quenching. The Cold quenching segment to hold a higher CAGR during the forecast period. Many different automobile parts, including springs, fastening tools, and many kinds of forged components, use the cold quenching technique. Cold quenching oils provide the operational flexibility of many commercial heat treatment facilities. This causes its use in heat treatment facilities to increase throughout the forecasted period. Due to the increasing high economic status and rising air travel, the market for quenching fluids and salts is anticipated to gain from the increased demand for aircraft components in various emerging nations.
The Aerospace segment to hold a higher CAGR during the forecast period.
Based on the End-user, the Quenching Fluids & Salts Market is categorized into Automotive, Aerospace & Defence, Mining, Domestic and Other. The Aerospace segment is to hold a higher CAGR during the forecast period. The widespread demand in the Aerospace segment is primarily responsible for the market growth. Aerostructures, landing gears, jet engine parts, and other crucial aerospace sector components are all produced using the heat treatment technique. The aerospace industry will be encouraged by the increase in domestic and international travel in several emerging nations, including China, India, Brazil, and Vietnam. Additionally, the aviation industry will also be driven by rising middle-class populations that like flying and expanding international tourism due to lower flight fares and is anticipated to rise significantly throughout the forecasted period.
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Asia Pacific is estimated to account for the highest market share in 2021.
The Global Quenching Fluids & Salts Market has been segmented into five major regions: North America, Europe, Asia-Pacific, South America, The Middle East and Africa. The demand for Quenching Fluids & Salts s is being driven by the rising acceptance by the market. China and India are the main drivers of the region's auto sales. Additionally, over the anticipated period, the region's market for quenching fluids & salts will be supported by the expansion of heat treatment facilities in the area. Sales of electric vehicles are increasing throughout the Asia Pacific due to the increasing penetration of electric-driven vehicles there and the fast-developing infrastructure needed for them. Governments in the area are implementing policies that make driving electric cars simple and economical. The growing use of electric vehicles in the region will benefit the global market, the Asia Pacific region is anticipated to lead the market throughout the anticipated period. North America to hold a higher CAGR during the forecast period.
Key Companies & Recent Developments: The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global quenching fluids & salts market include Petrofer, CONDAT, Exxon Mobil Corporation, Castrol Ltd., Croda International Plc., Chevron Corporation, Chemtool Incorporated, FUCHS, Quaker Chemical Corporation, DuBois Chemicals, and Quaker Houghton.
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