Dublin, Jan. 26, 2024 (GLOBE NEWSWIRE) -- The "Metalworking Fluids Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
Global Metalworking Fluids Market Report Offers Comprehensive Insight into Emerging Trends, Growth Drivers, and Major Players
The latest research publication on the global metalworking fluids market is now publicly accessible, providing an exhaustive analysis of the industry's present performance and an anticipation of its trajectory leading up to 2024. The report elucidates key growth drivers, burgeoning trends, and the competitive landscape that will influence market dynamics in the forthcoming period.
As industrial activities flourish, the importance of metalworking fluids in manufacturing operations—especially in machining, milling, and maintaining workpiece integrity—cannot be overstated. The market is expected to leap from $12.21 billion in 2023 to $13 billion in 2024, which suggests a compound annual growth rate (CAGR) of 6.5%. This significant growth stems from a confluence of factors, including advancements in manufacturing, growing adoption in the automotive industry, and the undeniable emphasis on efficient and safer metalworking practices.
Rising Demand in Key Sectors Fuels Market Expansion
Automotive Sector: A critical area underpinning the metalworking fluids market is the automotive industry, renowned for its cutting-edge fabrication processes. With the automotive landscape exhibiting signs of strong growth, as evidenced by Hyundai Motor Company's and India's vehicle sales data, there is a direct correlation with the increasing consumption of metalworking fluids. This trend points to a sustainable impetus for the metalworking fluids market.
Construction Industry: The construction sector’s rising demand for enhanced infrastructure directly propels the need for superior-quality metalworking fluids. Data reflecting the Canadian and UK construction sectors' uptick further corroborate this surge, signifying numerous opportunities for market players in the coming years.
Innovation & Strategic Acquisitions: Industry Players Making Waves
Market leaders are innovating with novel products such as extreme pressure additives and polymeric esters to meet the diversified needs of metal applications. The introduction of products like SEQENS' SULFAD 1717E and Dover Chemical Corporation's DOVERLUBE 31700 underscore this strategic move toward enhancing metalworking fluid formulations. Furthermore, AMSOIL Inc.’s acquisition of Benz Oil signifies the strategic initiatives undertaken by key industry participants to consolidate their market position and enhance their product offerings.
Geographic Landscape: Asia-Pacific Leads the Charge
The metalworking fluids market analysis reveals a pattern of geographic significance, with Asia-Pacific at the forefront, closely followed by North America. The extensive industrial base and the surge in manufacturing activities within these regions are pivotal to their dominant market position. The report provides detailed insights into the performance and trends within these regions, as well as other crucial markets such as Western Europe, Eastern Europe, South America, the Middle East, and Africa.
Market Segmentation & Key Players
The report segments the market into various types of metalworking fluids and provides an evaluation of how each segment contributes to the overall market size. A comprehensive list of major players is also included, offering a clear view of the competitive environment and the strategies employed by leading companies.
In summary, the detailed metalworking fluids market report equips industry stakeholders with indispensable insights and forward-looking analysis that can inform strategic planning and decision-making. As the metalworking fluids landscape evolves with technological advancements and shifts in industrial demand, this report remains a crucial resource for understanding the current state and future opportunities of the market.
Those interested in exploring the nuances of the metalworking fluids market and leveraging this knowledge for strategic advantage can access the report for up-to-date analysis and projections.
A selection of companies mentioned in this report includes
- ExxonMobil Corporation
- TotalEnergies SE
- Houghton International Inc.
- Henkel AG & Co. KGaA
- Fuchs Petrolub SE
- Quaker Chemical Corporation
- Hindustan Petroleum Corporation Limited
- Castrol Ltd.
- Lubri-Graph Corporation
- Croda International plc
- Shell plc
- Lukoil Oil Company
- China Petroleum & Chemical Corporation
- Apar Industries Limited
- Yushiro Chemical Industry Co. Ltd.
- Idemitsu Kosan Co. Ltd.
- Cimcool Industrial Products Inc.
- Blaser Swisslube Co. AG
- Motul India Private Limited
- Oelheld Inc.
- Moresco Corporation
- QualiChem Ltd.
- Master Chemical Corp.
- Hardcastle Petrofer Private Limited
- Chevron Phillips Chemical Company
- Total Lubricants USA Inc.
- Petro-Canada Lubricants Inc.
- Royal Purple LLC
- Valvoline Inc.
- Warren Oil Company Inc.
For more information about this report visit https://www.researchandmarkets.com/r/801gih
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