The market for metalworking fluids was estimated to be US$ 10.1 billion in 2023 and is projected to grow at a CAGR of 4.0% to reach US$ 13.0 billion by 2033.
Complex mixture of oils, detergents, surfactants, biocides, and anti-corrosion chemicals used to cool or lubricate metalwork is known as metalworking fluids. In applications including metal removal, metal forming, metal treatment, and metal protecting in metalworking operations, metalworking fluids are employed as coolants.
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Manufacturing is one of the core industries in North America and Europe. Advances in the manufacturing methods for the production of sophisticated end-use products, coupled with an increase in the exports of construction machinery and power, agricultural, and automotive equipment, have fueled the market growth. The market growth in North America and Europe is also attributed to the robust growth of end-use industries in Asia Pacific. In Asia Pacific, an increasing number of consumers are preferring advanced machinery and equipment in agriculture, automotive, and construction industries.
This has led to increased market penetration of MWFs in machinery and transportation equipment end-use industries.The growth of the heavy machinery industry in developing economies of Asia Pacific and Central & South America is anticipated to drive the market. Increasing exploration & production activities of oil & gas in these regions, especially from Chinese petroleum companies, have been a major factor in influencing the demand for MWFs in the oilfield equipment industry.
What Are The Key Opportunities in the Global Metalworking Fluids Market?
Key manufacturers are investing in research and development activities to launch innovative products catering to industry-specific requirements. Development of bio-based lubrication solutions to comply with government regulations regarding harmful synthetic chemicals used in fluids is positively shaping the demand outlook for metalworking fluids.
Furthermore, emergence of multi-functional fluids to reduce incompatibility in technologically advanced machinery is leading to developments in the metalworking fluids market. Along with this, shifting consumer preference towards environment friendly products can create attractive opportunities for the manufacturers in the forthcoming years.
Key market players are focusing on acquisitions to expand their product portfolios to meet different customer needs. Additionally, manufacturers are looking to generate revenue by entering into supply agreements with end-user industries as project costs remain high.
Key Companies Profiled:
- Castrol Limited
- Chevron Corporation
- China Petrochemical Corporation
- Columbia Petro
- Croda International Plc
- ExxonMobil Corporation
- Fuchs Petrolub SE
Segmentation of Metalworking Fluids Market
- By Category :
- By Function :
- Neat Cutting Oils
- Water Cutting Oils
- Straight Oils
- Emulsified Oils
- Corrosion Preventive Oils
- By Product :
- Removal Fluids
- Protection Fluids
- Forming Fluids
- Treating Fluids
- By Application :
- Metal Fabrication
- Heavy Machinery
- Transportation Equipment
- General Manufacturing
- By Region :
- North America
- Latin America
- East Asia
- South Asia & Oceania
Questionnaire answered in the report include:
- How the industry has grown?
- What is the present and future outlook on the basis of region?
- What are the challenges and opportunities?
- Why the consumption in region?
- In which year segment is expected to overtake segment?