Global Metalworking Fluids Market Analysis, Size, Growth, Share, Trend, Outlook & Forecast to 2027
The global metalworking fluids market size is projected to reach USD 15.85 billion by 2027, exhibiting a revenue-based CAGR of 4.4% over the forecast period, according to a new report by Grand View Research, Inc. Automobile industry is expected to be one of the key factors driving the demand for Metalworking Fluids (MWF). The automobile industry is largely dependent on MWF owing to their abilities to reduce friction between two metal components, provide excellent surface finish, prolong tool life, and remove metal chips. According to the data published by OICA, global automotive production grew from 90.9 million units in 2015 to 95.3 million units in 2018. Original Equipment Manufacturers (OEMs) are investing in R&D activities to produce energy-efficient vehicle components. Metalworking fluids aid in increasing the efficiency of machining processes, used across various end-use industries including construction, automobile, healthcare, aerospace, and others, thus, increasing the production volumes of those machines. This factor is expected to significantly drive the demand for metalworking fluids over the forecast period.
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However, growing concern regarding the use of petroleum products has led to strict environmental regulations and government initiatives in order to promote products that do not damage the environment. This has led to increased production of bio-based metalworking fluids over the synthetic and mineral-based ones. The increasing interest in bio-based
metalworking fluids because of various regulations pertaining to workplace safety is further projected to boost the demand, especially in the markets from Europe and North America. Further key findings from the report suggest:
Synthetic metalworking fluids was the second-largest product segment in 2019 and accounted for 40.91% of revenue share. Product utility in reducing friction between the workpieces, elimination any kind of waste, and improving the sump life is anticipated to fuel the segment growth
Corrosion preventive oils is anticipated to witness a strong CAGR of 3.8% from 2020 to 2027, attributed to the exclusive property of the product to prevent metals from rusting or other damages, which eventually leads to the reduction in overhead costs for the manufacturers
Installation of new railway tracks in the emerging economies in the Asia Pacific, coupled with the rise in urbanization is a major factor expected to boost the growth. This development has resulted in a strong CAGR of 4.9% of MWF in the rail industry from 2020 to 2027
The manufacturing sector in Central and South America has experienced a slowdown over the last few years owing to weak government policies, overproduction, and poor performance of the Brazilian economy, resulting in a poor market share in 2019
British Petroleum plc, Exxon Mobil Corporation, Chevron Corporation, and Total SA among others are the large-scale companies involved in the production of metalworking fluids. Some other small and medium-sized companies include PratapTex-Chem Pvt. Ltd., Texxol Global. and Swisslube AG
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https://www.grandviewresearch.com/industry-analysis/metalworking-fluidsmarket/request/rs1 Grand View Research has segmented the global metalworking fluids market on the basis of product, application, end-use, industrial end-use, and region: Metalworking Fluids Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 2027) Mineral
Synthetic
Bio-based
Metalworking Fluids Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027) Neat Cutting Oils
Water Cutting Oils
Corrosion Preventive Oils
Others
Metalworking Fluids End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2016 2027) Metal Fabrication
Transportation Equipment
Machinery
Others
Metalworking Fluids Industrial End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027) Construction
Electric & Power
Agriculture
Automobile
Aerospace
Rail
Marine
Telecommunication
Healthcare
Metalworking Fluids Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 2027) North America
o
U.S.
o
Canada
o
Mexico
o
Germany
o
Russia
o
France
o
Spain
o
U.K.
Europe
o
Italy
o
Switzerland
o
Denmark
o
Norway
o
Belgium
o
Poland
o
Czech Republic
o
Turkey
o
Sweden
o
Finland
o
China
o
India
o
Japan
o
Singapore
o
South Korea
o
Malaysia
o
Thailand
o
Australia
o
New Zealand
Asia Pacific
Central & South America o
Brazil
Middle East & Africa
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