Newark, NJ, May 24, 2022 (GLOBE NEWSWIRE) -- As per the report published by MarketandResearch.biz, the global metal working fluids market is expected to grow from USD 2.93 billion in 2021 to USD 3.59 billion by 2030, at a CAGR of 2.3% during the forecast period 2022-2030.
The increasing construction activity worldwide and raised customer spending on vehicle modifications are anticipated to expand demand for the metalworking fluids market during the projection period. Further, increasing competition among manufacturers, rapid industrialization in Asia-Pacific & African countries, the rising automotive industry in South America, and growing demand for fuel-efficient and lightweight vehicles under the backdrop of rising environmental issues are the driving factors of the market growth. Moreover, the increasing trend of dry machining, shifting customer preference against environment-friendly products, volatility of crude oil prices, gradual reduction of metal parts in the automotive sector, and capital-intensive nature of metalworking are the restraining factors of the market growth. Furthermore, the multi-phase metalworking fluids are an opportunity for market growth. Also, environmental regulations are a challenging factor in market growth.
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Competitive Strategy
To enhance their market position in the global metal working fluids market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
- For Example, in March 2020, DuBois Chemicals Company, a United States-based chemical solutions provider acquired the Cimcool firm from Milacron Company, a subsidiary of Hillenbrand firm, for $224 million. The acquisition is anticipated to provide applications experts, a new set of solutions, and technical service resources to help DuBois consumers, adding value by extending the firm's worldwide presence & important segments via new applications & technical resources. Moreover, the Cimcool Industrial Products Inc is a US-based manufacturer & formulator of high-performance specialty metal-working fluids involving protective, forming, removal, and cleaning fluids.
Market Growth & Trends
The growth of the metalworking fluids market is driven by the rising adoption of lightweight materials in high-performance applications. Furthermore, the increasing R&D activities conducted by original equipment manufacturers (OEM) to produce higher volumes of metal elements that secure energy efficiency in equipment help drive the industry growth during the forecast period. However, the rising manufacturing of construction machinery & related parts needed for residential, commercial, and industrial construction also helps drive market growth during the forecast period. Moreover, the increasing awareness about sustainability & use of eco-friendly products is boosting demand for water-soluble lubricants is the market growth trend. The growing demand for lightweight components in high-performance applications like transportation equipment, heavy machinery, automotive & construction enterprises will continue expanding sales of metalworking fluids in the upcoming years.
Key Findings
- In 2021, the metal removal fluids segment dominated the market with the largest market share of 32.19%.
The type segment is divided into metal removal fluids, metal treating fluids, metal forming fluids, and metal protecting fluids. In 2021, the metal removal fluids segment dominated the market with the largest market share of 32.19%. This growth is attributed to the increasing demand for cutting fluids, grinding fluids, and coolants. Further, metal removal fluids usually include high-performance soluble oil & semi-synthetic emulsion technology & offer a broad range of performance abilities to meet the industrial needs for machining & grinding operations.
- In 2021, the automotive industry segment dominated the market with the largest market share of 42.06%.
The application segment is divided into automotive industry, general industry, and others. In 2021, the automotive industry segment dominated the market with the largest market share of 42.06%. This growth is attributed to the increasing demand for applications like abrading, cutting, and metal forming in automotive machines.
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Regional Segment Analysis of the Metal Working Fluids Market:
- North America (U.S. Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
Asia Pacific region occurred as the largest market for the global metal working fluids market with a market share of 45.07%. Due to rapid industrialization, the Asia Pacific currently dominates the metalworking fluids market. Additionally, the availability of cheap land & labor costs, rising major end-use enterprises like building & construction and automotive, growing demand for heavy machinery applications, and increasing demand from the agriculture sector in the region are also helping drive the region's market growth. Also, the presence of dynamic economies in this region, such as China, Japan, India, and South Korea, helps drive market growth in this region. Furthermore, the North American region is expected to show the fastest CAGR of 6.03% over the projection period. This growth is attributed to well-established end-users like aerospace, marine industries, and defense. Moreover, raising the efficiency & life of machinery will probably help the market's growth during the projection period.
Key players operating in the global metal working fluids market are:
- Houghton
- BP
- Quaker
- FUCHS
- Yushiro Chemical
- ExxonMobil
- Henkel
- Chevron
- Blaser
- PETROFER
- Master Chemical
- Buhmwoo Chemical
- JX MOE
- DuPont
- Francool
- Talent
- Sinopec
- Oemeta
- Milacron
- Amer
- Peisun
- Boer technology
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Market and Research has segmented the global metal working fluids market based on below mentioned segments:
Global Metal Working Fluids Market by Type:
- Metal Removal Fluids
- Metal Treating Fluids
- Metal Forming Fluids
- Metal Protecting Fluids
Global Metal Working Fluids Market by Application:
- Automotive Industry
- General Industry
- Others
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About the report:
The global metal working fluids market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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