NEWARK, Del, Aug. 09, 2022 (GLOBE NEWSWIRE) -- The metalworking fluids market is anticipated to poise absolute dollar opportunity in the global market as it totaled revenue of US$ 9.6 Bn in 2021, expanding at a steady CAGR of 3.7%. Demand for removal fluids is projected to rise at 3.5% to the top 1,354,497 Tons in terms of volume, while the forming fluids segment is expected to grow at 2.7% to a total of 772,256 Tons.
From 2016-2020, the demand for metalworking fluids grew at 1.0% CAGR. A damped sales outlook was witnessed during those years due to the ongoing economic slowdown induced by the COVID-19 outbreak.
However, spurring demand for metalworking fluids is projected in the forthcoming years owing to the increasing adoption of lightweight materials in high-performance applications, especially in the automotive industry. Proper lubrication is necessary for the manufacturing of complex geometrics with lightweight metals, which in turn is spurring demand for metalworking fluids.
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Key Takeaways
- Recommencement of production activities across various sectors has resulted in a significant recovery of the global metalworking fluids market. Future Market Insights projects sales of metalworking fluids to grow at a CAGR of 3.7% over the forecast period 2021-2031.
- Surging demand for lightweight components in high-performance applications including heavy machinery, automotive industry, transportation equipment, and construction industries will continue to further bolster sales of metalworking fluids in the forthcoming years.
- Ongoing development and research activities have led to a surge in innovative manufacturing techniques for the production of complex geometric shapes. These products require more lubrication as compared to the usual ones. Backed by these factors, consumption levels of metalworking fluids are expected to increase at a steady pace over the forecast period.
- The adoption of such high-tech and advanced machines that are capable of performing numerous operations at once is estimated to bolster sales of multifunctional lubricants. The key manufacturers are inclining towards the production of more efficient lubricants that can be used in more than one operation is anticipated to spur sales in the metalworking fluids market.
- Moreover, increasing awareness regarding sustainability and the hike in using eco-friendly products is creating lucrative growth demand for water-soluble lubricants in the metalworking fluids industry. This trend is expected to continue in the forthcoming years as concerns regarding the adverse effects of synthetic chemicals present in fluids continue to rise.
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Competitive Landscape
ExxonMobil Corporation, Idemitsu Kosan, Co., Ltd, Quaker Chemical Corporation, Fuchs Petrolub SE, BP plc., Apar Industries Ltd., TotalEnergies SE, Yushiro Chemical Industry Co. Ltd., Cimcool Industrial, Products LLC, Metalworking Lubricants Company are some of the key companies profiled in the full version of the report.
The global metalworking fluids market is highly competitive, with key players accounting for about 50% of the total market share. Key market participants are targeting high-growth regions like North America for investments owing to high end-use demand and high energy consumption rate. Moreover, key manufacturers are engaging in mergers, acquisitions, and collaborations to expand their global footprint in the market.
Metalworking Fluids Market by Category
By Category:
- Straight Oil
- Emulsified Oil
- Semi-Synthetic oils
- Synthetic Oils
By Product Type:
- Removal Fluid
- Protection Fluids
- Forming Fluids
- Treating Fluids
By End-Use:
- Metal Fabrication
- Heavy Machinery
- Transportation Equipment
- General Manufacturing
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More Insights into the Metalworking Fluids Market
According to FMI analysis, there were some initial skepticisms concerning how the U.S. market would perform during the ongoing pandemic, but surprisingly the metalworking fluids market in the U.S. grew by 3.0% year-on-year increment till 2021.
Across the North American region, the demand for metalworking fluids is expected to reach 689,102 Tons during the forecast period (2021-2031). The region is anticipated to remain one of the most attractive markets throughout the forecast years, reveals FMI.
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Taxonomy
2.2. Market Definition
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation Trends
3.3. Patent Analysis
3.4. New Product Launches
4. Key Success Factors
4.1. Product Adoption Analysis
4.2. Strategic Promotional Strategies
4.3. Technological Innovation
Click Here for Metalworking Fluids Market 275 pages TOC Report
According to the FMI study, the U.S. is expected to continue its dominance over the forecast years attributing the growth to the presence of key market players and high demand from end-use industries including metal fabrication, transportation equipment, and various others.
Demand for metalworking fluids in Germany is gaining traction in the global sphere by expanding at a stable CAGR of 3.5% over the forecast period. Germany is home to a robust automotive industry. The growing preference for lightweight vehicles is boosting the sales of metalworking fluids in the country.
Largescale utilization of metals such as aluminium and copper can be seen by automotive manufacturers in Germany to create compact and lightweight components. Manufacturing of these components requires efficient lubrication, which in turn is bolstering sales of metalworking fluids.
China is projected to showcase lucrative growth opportunities during the forecast period by projecting a growth of 5.1% CAGR. East Asia market is poised to emerge as a strong market in the global scenario owing to rising manufacturing capacity in the automotive industry, coupled with increasing adoption of synthetic and semi-synthetic oils will continue augmenting the growth of the metalworking fluids market in China.
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