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 temperatures and also have excellent chemical resistance properties. Metalworking fluids help in reducing the heat in machining tools, and eliminate the small metal chips produced during the grinding and cutting of metal pieces.
The global metalworking fluids market was valued at US$ 1,230.7 Mnin 2022 in terms of revenue, exhibiting a CAGR of 4.7% during the forecast period (2023 to 2030).
Drivers
Increasing production of automobiles
Increasing production of automobiles is primarily fuelling the market growth of metalworking fluids. Metalworking fluids are widely used as coolants across metal treating, metal removal, metal forming, and metal protecting in metalworking applications. Hence, growth in the production of automobiles is expected to foster the market growth.
Increasing demand for automobiles in the U.S. is expected to augment the growth of the metalworking fluids market over the forecast period. Emerging economies, such as India, China, Brazil, and Russia, are witnessing significant growth in automotive and transportation services, specially the manufacturing sector. The increasing production of vehicles is the major factor driving the demand for metalworking fluids. Besides thr automotive industry, the aerospace, railways, marine, and defense industries are also contributing to the growth of the global metalworking fluids market.
The global economy suffered a negative impact during and after the COVID-19 pandemic. 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 witnessed the sharpest declines. Small and Medium-sized Enterprises (SMEs) have been hit hard globally. This reduced the demand for metalworking fluids during the pandemic.
Figure 1. Global Metalworking Fluids Market Value Share (%), By Region, 2022
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Market Restraints
Environmental and health-related issues associated with workers
Environmental issues like contamination of soil, groundwater, seawater, and health risks, such as asthma, chronic bronchitis, cancer, and skin diseases associated with the workers on the floor, is expected to hinder the market growth of metalworking fluids. Metalworking fluids release various toxic waste that creates environmental issues. Moreover, the chemicals present in metalworking fluids lead to cancer, respiratory, and skin diseases in workers. All these factors are expected to hamper the market growth of metalworking fluids during the forecast period.
Metalworking Fluids Market Report Coverage
Report Coverage | Details | ||
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Base Year: | 2022 | Market Size in 2022: | US$ 1,230.7 Mn |
Historical Data for: | 2017 to 2021 | Forecast Period: | 2023 to 2030 |
Forecast Period 2023 to 2030 CAGR: | 4.7% | 2030 Value Projection: | US$ 1,780.5 Mn |
Geographies covered: |
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Segments covered: |
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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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Growth Drivers: |
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Restraints & Challenges: |
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Market Trends
Figure 2. Global Metalworking Fluids Market Value Share (%), By Application, 2021
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On the basis of application in 2022, the removal fluids segment accounted for the largest market share of 49.4%, in terms of value, followed by the forming fluids and protecting fluids segments respectively.
Key Developments
Competitive Section
The major players operating in the global metalworking fluids market include 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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About Author
Yash Doshi
Yash Doshi is a Senior Management Consultant. He has 12+ years of experience in conducting research and handling consulting projects across verticals in APAC, EMEA, and the Americas.
He brings strong acumen in helping chemical companies navigate complex challenges and identify growth opportunities. He has deep expertise across the chemicals value chain, including commodity, specialty and fine chemicals, plastics and polymers, and petrochemicals. Yash is a sought-after speaker at industry conferences and contributes to various publications on topics related commodity, specialty and fine chemicals, plastics and polymers, and petrochemicals.
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