Selbyville, Delaware, Jan. 12, 2022 (GLOBE NEWSWIRE) -- According to the latest report by Global Market Insights Inc., the Europe Metalworking Fluids Market was estimated at USD 2,678 million in 2020 and is poised to be valued at more than USD 3,856.2 million by 2027, registering with a CAGR of 5.4% from 2021 to 2027. The report offers a detailed analysis of market size & estimations, top winning strategies, drivers & opportunities, competitive scenario, wavering market trends, and major investment pockets.
Coolants or lubricants or machine composites offer several benefits, such as improved quality of cuts and drillings as well as low cost per drilling, process costs, and costs of waste, among others. Coolants also decrease production time as they enhance feed rates by nearly 60% than traditional dry machining process. Moreover, they also offer higher dimensional accuracy than dry machining. Subsequently, high dimensional stability and decreased deviations of coolants not only reduce the number of reject components but also improve component quality. Notably, the emerging trend towards the application of lubricants and coolants is expected to stimulate product adoption over the forecast period.
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Semi-synthetic metalworking fluids refer to a hybrid of soluble petroleum-based oils and synthetics. They contain less than 30% oil and have a milky white or bluish, almost translucent appearance. Most semi-synthetics consists of corrosion preventatives and biocides while some include extreme pressure additives for some machining applications. Surging awareness pertaining to environmental pollution, mounting demand for sustainable products, and government regulations to promote semi-synthetic metalworking fluids are projected to fuel demand for semi-synthetic fluids. Driven by these factors, the Europe metalworking fluids market from the semi-synthetic product segment is anticipated to grow at a CAGR or about 5.4% through the study timeframe.
Key reasons for Europe metalworking fluids market growth:
- Prevalent usage in agricultural sector.
- Soaring demand in machining processes.
- High uptake in metal & steel manufacturing.
2027 forecasts show ‘agriculture’ segment retaining its dominance:
Based on end-user, the agriculture segment is slated to garner a revenue share of about 10% in the Europe metalworking fluids market by 2027. Agriculture is a key industry in Europe, however, the imposition of strict restrictions and border closures in different countries have adversely impacted the sector by hindering cross-border trading. Other hurdles hampering the agriculture industry include labor shortage, wastage, and loss of income. Stringent lockdown measures and client loss during COVID-19 bolstered the generation of wastage due to low demand for fresh produce exports. This wastage has propelled the application of metalworking fluids in processing plants and is foreseen to support segmental growth over the analysis timeline.
Forming fluids to maintain top status in terms of revenue:
From the application perspective, the forming fluids segment is estimated to see robust growth at approximately 5% CAGR over the review timeline. Forming fluids are employed for lubricating, cooling, and protecting equipment during stamping, drawing, roll forming, extruding, cold heading, and welded tube rolling in the manufacturing process. The growing metal & steel fabrication is speculated to increase segmental demand in the coming years.
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Impact of COVID-19 pandemic on Europe metalworking fluids market:
The onset of COVID-19 prompted companies to shut down operations in order to prevent personnel from getting infected by the novel coronavirus. Industry players focused on performing necessary checks in order to protect both people and equipment as heavily contaminated fluids could cause corrosion and damage workpieces and machines. Government-imposed lockdown restrictions to curb the spread of the virus adversely affected production, thereby impeding industry growth during the pandemic. However, with widespread vaccination drives across the region and rising focus on economic recovery, the market is gradually regaining its pre-COVID momentum.
Leading market players:
Prominent companies functioning in the Europe metalworking fluids industry are Exxon Mobil Corporation, Clariant, Castrol Limited, Lukoil Lubricants, TOTAL SA, Quaker Chemical Corporation, Lubrizol Corporation, The Dow Chemical Company, Chemetall, Henkel Corporation, Idemitsu Kosan Co., Sinopec, Eastman Chemical Company, and ANGUS Chemical Company, among others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
