Dublin, Oct. 10, 2023 (GLOBE NEWSWIRE) -- The "Metalworking Fluids Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global metalworking fluids market witnessed substantial growth, achieving a market size of US$ 11.0 Billion in 2022. The market is on an upward trajectory and is expected to reach US$ 13.7 Billion by 2028, exhibiting an impressive Compound Annual Growth Rate (CAGR) of 4% during the period from 2023 to 2028.
Metalworking fluids (MWF) are a diverse range of liquids and oils designed to lubricate and cool metal components during machining, grinding, and milling processes.
These fluids reduce friction, dissipate heat between cutting tools and workpieces, and prevent smoking or burning, while also inhibiting corrosion. They find extensive applications in mechanical workshops for cutting and shaping metals, contributing to extended tool life, reduced wear and tear, and enhanced surface finish and texture in welding processes.
Key Drivers and Trends
The thriving automotive industry is a primary driver of the metalworking fluids market. Metals play a crucial role in providing structural strength and durability to vehicles, necessitating the use of metalworking fluids for various processes, including metal removal, chemical treatment, and protection.
Moreover, increased consumer spending on vehicle modifications further fuels market growth. A shift in preference from traditional metal alloys to lightweight and durable materials like stainless steel, aluminum, and titanium contributes to the market's expansion.
Rising research and development (R&D) activities by original equipment manufacturers (OEMs) aimed at producing energy-efficient metal components also bolster the demand for metalworking fluids in the coming years.
Key Market Segmentation
The global metalworking fluids market report offers comprehensive insights into key trends within various sub-segments and provides forecasts for the period from 2023 to 2028. The market is categorized based on product type, source, end use, fluid type, and industry, including:
Product Type:
- Removal Fluids
- Forming Fluids
- Protection Fluids
- Treating Fluids
Source:
- Mineral
- Synthetic
- Bio-Based
End Use:
- Transportation Equipment
- Machinery
- Primary Metals
- Fabricated Metal Products
- Metal Cans
- Others
Fluid Type:
- Neat Cutting Oils
- Water Cutting Oils
- Soluble Cutting Oils
- Semi-synthetic Cutting Oils
- Synthetic Cutting Oils
- Corrosion Preventive Oils
- Others
Industry:
- Construction
- Electrical and Power
- Agriculture
- Automobile
- Aerospace
- Others
Region:
- Asia Pacific
- North America
- Europe
- Middle East and Africa
- Latin America
Competitive Landscape
The report provides an in-depth analysis of the competitive landscape of the metalworking fluids market, featuring key players such as BP, Chevron, Houghton International, ExxonMobil, Total S.A., Apar, Hindustan Petroleum Corporation Limited, Castrol Limited, Indian Oil Corporation Limited, Lubrizol, Gazprom, Pertamina, Columbia Petro, PETRONAS Lubricants International, and Quaker Chemical Corporation.
Key Questions Addressed
This report addresses critical questions pertaining to the global metalworking fluids market:
- Performance of the global metalworking fluids market to date and future projections
- Key regional markets in the global metalworking fluids industry
- Impact of COVID-19 on the global metalworking fluids industry
- Market breakdown by product type, source, end use, fluid type, and industry
- Stages in the value chain of the global metalworking fluids industry
- Key driving factors and challenges in the global metalworking fluids industry
- Market structure and key players
- Degree of competition in the global metalworking fluids industry
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 140 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $11 Billion |
| Forecasted Market Value (USD) by 2028 | $13.7 Billion |
| Compound Annual Growth Rate | 3.7% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/swcsgu
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