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Press Release: Metalworking Fluids Market to reach around US$ 16,945.9 million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Metalworking fluid is a formulation that is used to enhance the efficiency of machining tools during various operations such as drilling and grinding. These fluids are highly stable at high and low temperature and also have excellent chemical resistance property. Metalworking fluids help in reducing the heat, offer lubricants, and eliminate the small metal chips produced during grinding and cutting of metal pieces.
The global metalworking fluids market is projected to reach around US$ 16,945.9 million by the end of 2027, in terms of revenue, growing at CAGR of 4.6% during the forecast period (2020-2027).
Drivers:
The growing automotive industry due to the increasing production of automobiles is primarily fueling the market growth of metalworking fluids. Metalworking fluids are widely used as coolants across metal treating, metal removal, forming, and metal protecting in metalworking application. Hence, growth in the production of the automobiles is expected to foster the market growth of the metalworking fluids.
Figure 1. Global Metalworking Fluids Market Share (%) in terms of Value, By Region, in 2019
Asia Pacific region dominated the global metalworking fluids market in 2019, accounting for 41.2% share in terms of value, followed by North America and Europe, respectively.
Market Restraints
Environmental issues and health risks associated with the workers is expected to hinder the market growth of metalworking fluids. Metalworking fluids release various toxic waste disposal that creates environmental issues. Moreover, the chemical present in metalworking fluids lead to various health risks to workers. All these factors are expected to hamper the market growth of metalworking fluids.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | US$ 11,756.3 Million |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 4.6% | 2027 Value Projection: | US$ 16,945.9 Million |
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| Companies covered: |
Apar Industries Ltd., Castrol Limited, Chevron Phillips Chemical Company LP, Chem Arrow Corporation, Exxon Mobil Corporation, FUCHS, Houghton, Lukoil Lubricants, and The Lubrizol Corporation |
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Market Opportunities
Increasing usage of metalworking fluids in agricultural equipment is expected to serve lucrative opportunities to the market of the metalworking fluids. This is also attributed to the increasing adoption of the advanced agricultural equipment in the agriculture industry due to the growing need for high yield production. Thus growing demand for high performance of metalworking fluids in the agriculture industry is expected to propel the market growth.
The complexities associated with the manufacturing of various machinery components is expected to create potential opportunities to the market of metalworking fluids. Growth in the construction industry is driving demand for construction equipment and associated components are expected to propel the market growth. The increasing need for excellent surface finish in the work piece and improving efficiency of the tools is further anticipated to augment the market growth.
Figure 2. Global Metalworking Fluids Market– Opportunity Analysis
Market Trends
The growing aerospace industry in the North America region is expected to create a huge demand for metalworking fluids and this is attributed to growing travel &tourism trends. According to USAGov, the U.S. aerospace industry is the largest in the world. In 2018, the industry contributed $151 billion in export sales to the U.S. economy. The foreign direct investment (FDI) into the U.S. aerospace industry totaled nearly $22 billion in 2018.
The establishment of new facilities by manufacturers for increasing production capacities is a growing trend in the industry. This trend is projected to foster the market growth. For instance, in February 2019, Quaker Chemical Corporation held the grand opening of its state-of-the-art manufacturing facility in Dahej, India. The site will produce rolling oils and metalworking fluids for the steel and metalworking market in India, the Middle-East, and east Africa.
Figure 3. Global Metalworking Fluids Market Share (%) in terms of Value, By Application, in 2019
On the basis of application in 2019, the removal fluids segment has accounted the largest market share of 49.4% in terms of value, followed by forming fluids and protecting fluids segment respectively.
Global Metalworking Fluids Market - Impact of Coronavirus (Covid-19) Pandemic
The coronavirus pandemic is having a disruptive impact on global economy. It has hit major industrial hubs of the world which has resulted in supply chain disruptions and production halts. Manufacturing and industrial production in many countries have seen sharpest declines. Small and medium-sized enterprises (SMEs) have been hit hard globally. This is expected to decrease demand for metalworking fluids during the pandemic. According to Coherent Market Insights, metalworking fluids market is expected to grow at a lower rate between 2020 and 2021.
Competitive Section:
Company Names
Metalworking fluids are chemical solutions used to improve the performance of the machining tools during manufacturing operations. They have excellent resistance to chemicals and provide lubricants to various metal parts. They are classified into forming fluids, removal fluids, protecting fluids, and treating fluids. Automotive, metal fabrication, machinery, and manufacturing industry are some of the major end-user of the metalworking fluids.
Market Dynamics
Partnership and collaboration among major manufacturers for regional as well as global presence is a major trend in the market. For instance, in August 2018, Yushiro Manufacturing America, Inc., a subsidiary of Yushiro Chemical Industry Co., Ltd. and QualiChem, Inc. announced that they have entered into a global strategic partnership. The announcement brings together two metalworking fluids manufacturers in the industry. Yushiro is a supplier of metalworking fluids in the Asia Pacific region, and QualiChem is a metalworking fluids business in North America.
Augmenting steel &metal fabrication industry is expected to augment the market growth of the metalworking fluids. According to the India Brand Equity Foundation, India was the world’s second-largest steel producer with production standing at 106.5 MT in 2018. Moreover, India’s steel production capacity has expanded to 137.975 million tons in 2019. Thus, growing production of the steel and metals is projected to bolster the market growth of the metalworking fluids.
Fluctuating price of crude oil due to the geopolitical scenario is expected to inhibit the market growth of the metalworking fluids.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
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