Chicago, June 13, 2024 (GLOBE NEWSWIRE) -- The Global Metalworking Fluids Market is estimated to grow from USD 12.2 billion in 2024 to USD 14.7 billion by 2029, at a CAGR of 3.7%, as per the recent study by MarketsandMarkets™. The market for metalworking fluids is expanding due to the increase in demand for sophisticated machinery since these fluids are essential for maximizing the longevity and performance of machining operations.
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Browse in-depth TOC on “Metalworking Fluids Market”.
310 - Market Data Tables
59 - Figures
266 - Pages
List of Key Players in Metalworking Fluids Market:
- Quaker Houghton (US)
- Exxon Mobil Corporation (US)
- BP p.l.c. (UK)
- TotalEnergies SE (France)
- FUCHS (Germany)
- Idemitsu Kosan Co., Ltd. (Japan)
- Chevron Corporation (US)
- Chem Arrow Corporation (US)
- LUKOIL (Russia)
- China Petroleum & Chemical Corporation (SINOPEC) (China)
- Valvoline Inc. (US)
Drivers, Restraints, Opportunities and Challenges in Metalworking Fluids Market:
- Drivers: Increasing demand from automotive production
- Restraints: Growing demand of electric vehicles
- Opportunity: Product innovation and differentiation
- Challenges: Strict environmental norms
Key Findings of the Study:
- Soluble oils are projected to register the highest CAGR, in terms of value, of the global metalworking fluids market during the forecast period.
- Forming fluids is estimated to be the second-largest product type of metalworking fluids market, in terms of value, during the forecast period.
- Transport equipment manufacturing segment to lead metalworking fluids market in end-use industry segment, during the forecast period, in terms of value.
- Asia Pacific is estimated to be the largest market for the metalworking fluids market, in terms of value, during the forecast period.
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Based on type, the metalworking fluids market is segmented as straight oils, soluble oils, semi-synthetic fluids, and synthetic fluids. From them, soluble oils accounted for largest market share, in terms of value, in 2023 and continue to dominate during the forecast period. This dominance is attributed to its excellent thermal stability and cooling capabilities. The demand for soluble oils is also influenced by environmental factors. This quality corresponds with the increasing focus on sustainability and adherence to regulations in modern manufacturing practices.
Based on product type, the metalworking fluids market is segmented as removal fluid, protecting fluids, forming fluids, and treating fluids. Notably, the removal fluid segment emerged as the market leader, accounted for largest market share, in terms of value, in 2023. The properties of removal fluid such as process efficiency, tool life, surface finish quality, and metal removal rates have contributed to the removal fluid segment's leadership in the metalworking fluids market.
Based on end-use industry, the metalworking fluids market is segmented into transport equipment manufacturing, metal fabrication, machinery, and other end-use industries. The transport equipment manufacturing segment is is estimated to be the largest end-use industry and is projected to register the highest CAGR in terms of value, during the forecast period. This is mainly due to the to the need of high precision components to ensure safety, efficiency, and durability of vehicles.
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Based on region, Asia Pacific is the largest market for metalworking fluids, in terms of value, in 2023 due to the due to its robust economic growth, increasing population, rapid industrialization rising disposable incomes, and favourable government regulations. Moreover, densely populated countries such as China and India experiences high demand across various sectors, including automotive, manufacturing, and construction. Thus, the demand for metalworking fluids is high in Asia Pacific region. Likewise, the Asia Pacific is projected to be the fastest growing market, in terms of value, during the forecast period 2024 to 2029.
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