Growth challenges, opportunities and upcoming developments. – Hunter Women Chronicle
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This report provides a market segment analysis of the Metalworking Fluids industry, discussing the key challenges and growth opportunities and upcoming developments for this industry as a whole.
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What is the metalworking fluids market?
The global metalworking fluids market was worth approximately US$6.57 billion in 2015 and is expected to reach US$9.50 billion by 2021, according to the report “Metalworking Fluids Market Analysis: Challenges Growth, Opportunities and Future Developments” from Transparency Market Research.
Types of Metalworking Fluids
Metalworking fluids are used to cool metal while processing it into a finished product. Some of these types of fluids are water-based, while others may be oil-based. This fluid is contained in a reservoir inside the machine in many cases. The fluid flows through pipes and over blades before moving along the inside of the mold which contains the metal being worked on.
Characteristics of fluids for metalworking
Metalworking fluids are substances that remove dirt and other impurities (such as dust), lubricate, cool or protect metal. They are also known as coolants, fluxes and protection systems. Metalworking fluid is a liquid or semi-liquid substance intended to remove metal oxides, scale, and other contaminants from the surface of a metal object while continuously circulating through equipment. The number of new applications in recent times has increased exponentially due to its easy availability, relatively low cost and ease of use compared to traditional solvents.
Over the past few years, the metalworking fluids market has evolved and grown significantly, with an estimated CAGR of 6.6% over the period 2014-2018. The significant growth of this market is attributed to its adoption in the manufacturing sector, which is expected to increase further during the forecast period.
The metalworking fluids market is expected to grow at a CAGR of 4.94% over the next twelve years. The key driver of this market is the growing demand for low-cost and efficient manufacturing, especially in the Asia-Pacific region. In addition, with the increase in oil prices, the investment costs of the metallurgical industry have increased significantly. This is one of the major reasons why the metalworking fluids market has been on the decline over the past few years. However, this market shift has also provided an opportunity for players to enter and gain a foothold in this particular market.
The global metalworking fluids market is expected to grow from $6.5 billion in 2018 to $8.4 billion by 2023 at a compound annual growth rate of 2.70%. The metalworking fluids market is a broad product category with diverse applications. The market is expected to witness considerable growth in the coming years with the demand for metalworking fluids across various industries.
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The metalworking fluids market, which has witnessed steady and robust growth in recent years, is expected to grow at a high rate in the coming years. The growing demand for metalworking fluids is attributed to their wide applications such as machining, drilling, cutting, welding and brazing. In addition, the growth rate of metalworking fluids is expected to remain high in the future.