Global Metalworking Fluids Market Expected to Observe Substantial Growth
Newark, NJ, May 24, 2022 (GLOBE NEWSWIRE) — According to the report published by MarketandResearch.biz, the global metalworking 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.
Rising construction activity globally and increasing customer spending on vehicle modifications is expected to increase the demand for the metalworking fluids market during the projection period. In addition, increasing competition among manufacturers, rapid industrialization in Asia-Pacific and African countries, booming automotive industry in South America, and growing demand for fuel-efficient and lightweight vehicles in the context of growing environmental issues are driving the growth of the market. . Additionally, the growing trend towards dry machining, shifting customer preference against environmentally friendly products, volatility in crude oil prices, phasing out of metal parts in the automotive sector, and nature capitalistic of metal working are the factors restraining the growth of the market. Additionally, multi-phase metalworking fluids are a market growth opportunity. Additionally, environmental regulations are a challenging factor in the growth of the market.
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To strengthen their position in the global metalworking fluids market, the major players are now focusing on adopting strategies such as product innovations, mergers and acquisitions, recent developments, joint ventures, collaborations and partnerships.
- For example, in March 2020, DuBois Chemicals Company, a US-based chemical solutions provider, acquired Cimcool from Milacron Company, a subsidiary of Hillenbrand Company, for $224 million. The acquisition is expected to provide application experts, a new set of solutions and technical service resources to help DuBois consumers, adding value by expanding the company’s global presence and important segments through new applications and technical resources. Additionally, Cimcool Industrial Products Inc is a US-based manufacturer and formulator of high performance specialty metalworking fluids involving protective, forming, stripping and cleaning fluids.
Market growth and trends
The growth of the metalworking fluids market is driven by the increasing adoption of lightweight materials in high performance applications. In addition, increasing R&D activities conducted by original equipment manufacturers (OEMs) to produce higher volumes of metallic elements that guarantee the energy efficiency of equipment are helping to drive the growth of the industry during of the forecast period. However, increasing manufacturing of construction machinery and related parts required for residential, commercial and industrial construction is also helping to drive the market growth over the forecast period. Additionally, the growing awareness of sustainability and the use of environment-friendly products is driving the demand for water-soluble lubricants, this is the growing trend of the market. Growing demand for lightweight components in high performance applications such as transportation equipment, heavy machinery, automotive and construction companies will continue to drive metalworking fluid sales in the years to come.
- 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 processing fluids, metal forming fluids and metal protection 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, grinding and cooling fluids. Additionally, metal removal fluids typically include high performance oil soluble and semi-synthetic emulsion technology and offer a wide range of performance capabilities to meet the industrial needs of machining and 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 growing demand for applications such as metal abrasion, cutting and forming in automotive machinery.
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Regional Segment Analysis of Metalworking Fluids Market:
- North America (United States, Canada, Mexico)
- Europe (Germany, France, UK, Italy, Spain, Rest of 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)
The Asia-Pacific region has emerged as the largest market for the global metalworking fluids market with a market share of 45.07%. Due to rapid industrialization, Asia-Pacific currently dominates the metalworking fluids market. Additionally, the availability of cheap land and labor, the growth of major end-use businesses like building and construction and automotive, the growing demand for heavy machinery applications, and the growing demand of the agricultural sector in the region are also helping to drive the growth of the region’s market. Moreover, the presence of dynamic economies in this region, such as China, Japan, India, and South Korea, helps drive the growth of the market in this region. Additionally, the North American region is expected to post the fastest CAGR of 6.03% over the projection period. This growth is attributed to well-established end users like aerospace, maritime and defense industries. Additionally, increasing machine efficiency and service life will likely contribute to the growth of the market over the projection period.
Leading players operating in the global Metalworking Fluids Market are:
- Yushiro Chemical
- master chemist
- Buhmwoo Chemical
- Du Pont
- Boer technology
This study forecasts revenue at global, regional and country levels from 2019 to 2030. Market and Research has segmented the global metalworking fluids market based on the segments mentioned below:
Global Metalworking Fluids Market By Type:
- Metal removal liquids
- Metal working fluids
- Metal forming fluids
- Metal protection fluids
Global Metalworking Fluids Market By Application:
- Automobile industry
- General industry
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About the report:
The global metalworking fluids market is analyzed on the basis of value (USD billion). All segments have been analyzed on a global, regional and country basis. The study includes analysis of more than 30 countries for each segment. The report offers an in-depth analysis of the drivers, opportunities, restraints and challenges to obtain key market insights. The study includes Porter’s Five Forces Model, Attractiveness Analysis, Commodity Analysis, Supply, Demand Analysis, Competitor Position Grid Analysis, analysis of distribution and marketing channels.
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