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