Pune, India, August 2019, MRFR Press Release/- Market Research Future has Published a Half-Cooked Research Report on the Global Metalworking Fluids Market.
The Global Metalworking Fluids Market, as per a report by Market Research Future (MRFR) is touted to register a healthy CAGR during the forecast period (2016-2023).
Metalworking fluids help to elevate a vehicle’s component life by maintaining lubrication, reducing thermal & physical deformation, and minimizing wear. It also delivers excellent surface texture and finish in cutting and welding zone. Soaring consumer spending towards vehicle modifications is likely to augment the product demand by the end of the forecast period. Metalworking fluids also assist in lubricating cutting tool edge, which offers a cleaner cut besides improving the overall work hours of the tool. Such factors are estimated to encourage the market growth in the coming years.
Metalworking fluids play a vital role in the automobile industry due to its ability to offer top-notch surface finish and reduce friction between tool and workpiece. It is extensively used in the heavy machinery industry, which is experiencing significant growth, especially in emerging nations like Brazil, China, India, Russia, and other Southeast Asian nations.
On the contrary, increased dumping of hazardous waste has resulted in several environmental issues, thereby contributing to natural resource pollution. This is a major concern likely to retard the market growth across the globe. Health risks to workers arising from microorganisms and chemicals in metalworking fluids will pose a great threat to the overall market.
Global Metalworking Fluids Market: Segmental Analysis
The global metalworking fluids market has been segmented on the basis of fluid type and application.
By fluid type, the metalworking fluids market is segmented into soluble oils, straight oils, semi-synthetic oils, synthetic oils, and others. Of these, the soluble oils segment is predicted to gain prominence as their high oil content offer perfect lubricity for cutting operation, enhances surface finish, and provides protection to the machine tool. They are also ideal for general purpose cutting operations on medium and low tensile brass, steel, bronze, and cast iron.
The application segment comprises industrial machinery, transportation equipment, construction, automotive, metal fabrication, and others. Of these, the transportation equipment segment is considered the largest due to the rapid growth of the transportation sector, owing to emerging means of transportation and expansion in global trade.
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Geographically, the metalworking fluids market spans across North America, Asia Pacific, Latin America, Europe, and the Middle East & Africa.
Considering the global scenario, the Asia Pacific will expand at the fastest rate, mainly due to rapid growth of major end user industries like automotive and building & construction, coupled with rapid industrialization in the region. Countries like Japan, India, China, and South Korea are considered dynamic regions, acquiring a prominent share of the regional market. Robust growth in the manufacturing and automotive industries are likely to influence the market demand. China led the shipbuilding and automotive industries in 2017. The global shift of MNCs to the region due to lenient regulations and cost-effective labor will catalyze the demand for the product in the years to come.
North America will acquire the second spot, with the U.S. leading the market owing to the existence of well-established end users like marine and aerospace & defense. Europe is considered a major region, with France, the U.K., Switzerland, and Germany contributing a major share to the market. Automotive industries and industrial machinery in the region are garnering maximum demand for metalworking fluids, which is encouraging the regional market’s growth.
The top players operating in the metalworking fluids market include Indian Oil Corporation Ltd (India), Total S.A. (France), Henkel AG & Co. KGaA (Germany), Chevron Corporation (U.S.), HPCL (India), Exxon Mobil Corporation (U.S.), BP (India), Houghton International Inc. (U.S.), Croda International Plc. (U.K), Shell (the Netherlands), and China Petrochemical Corporation (China).