According to the latest report by IMARC Group, titled “Metalworking Fluids Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on metalworking fluids market size. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global metalworking fluids market reached a value of US$ 10.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 13.3 Billion by 2027, exhibiting a CAGR of 4.19% during 2022-2027.
Metalworking fluids (MWFs) refer to a wide range of lubricants and oils which assist in smoothening and cooling down the metal workpieces. The main components are crude oil and base oil, which are heated, extracted, and refined to create different metalworking fluids. These fluids are characterized by a high viscosity-to-temperature ratio, enhanced chemical resistance, and thermostability. During various mechanical processes like grinding, machining, and milling, they prevent excessive heat from being generated. Additionally, they improve the quality of the workpiece and extend tool life.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Global Metalworking Fluids Market Trends:
The market is primarily driven by the escalating product demand in the automotive industry. This can be attributed to the increasing demand for automotive parts with good surface quality, corrosion resistance and higher durability. The rapid utilization of metalworking fluids as customized specialty products in the heavy machinery industry are also providing an impetus to the market. Moreover, a considerable growth rise in the manufacturing of transportation equipment is also creating lucrative growth opportunities for the market. Some of the other factors contributing to the market growth include the increasing uptake of bio-based MWFs due to the rising environmental concern regarding petroleum-based products, rapid industrialization and extensive research and development (R&D) activities.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Houghton International
- Total S.A.
- Hindustan Petroleum Corporation Limited
- Castrol Limited
- Indian Oil Corporation Limited
- Columbia Petro
- PETRONAS Lubricants International
- Quaker Chemical Corporation
Metalworking Fluids Market Segmentation:
Our report has categorized the market based on region, product type, source, end use, fluid type and industry.
Market Breakup by Product Type:
- Removal Fluids
- Forming Fluids
- Protection Fluids
- Treating Fluids
Market Breakup by Source:
Market Breakup by End Use:
- Transportation Equipment
- Primary Metals
- Fabricated Metal Products
- Metal Cans
Market Breakup by Fluid Type:
- Neat Cutting Oils
- Water Cutting Oils
- Soluble Cutting Oils
- Semi-synthetic Cutting Oils
- Synthetic Cutting Oils
- Corrosion Preventive Oils
Market Breakup by Industry:
- Electrical and Power
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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