iCrowdNewswire Dec 30, 2020 5:00 AM ET
Metalworking Fluids Market: Overview
The global metalworking fluids market is showing signs of attaining an impressive CAGR between 2016 and 2023, a time span that can be considered a forecast period for the market. Market Research Future (MRFR) predicts in their latest report on the metalworking fluids market that the growth would be triggered by several factors of which the aerospace industry and transportation sector are deemed to contribute significantly.
Metalworking fluids have a significant application in uplifting the lubricating power of various vehicles. It is also known for its ability to reduce thermal & physical deformation by taking down the chances of wearing down significantly. Growing demand from various end users is expected to make sure that the market for metalworking fluid reaches a better height in the coming years. Its percolation into the defense sector is also triggering high growth for the market where aerospace and marine are providing much traction.
The market growth for metalworking fluids may get hampered by the waste it produces as the outcome of it is not bio-friendly. However, significant measures are taken by manufacturers to reduce carbon output.
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The top players operating in the metalworking fluids market include-
- Indian Oil Corporation Ltd (India)
- Total S.A. (France)
- Henkel AG & Co. KGaA (Germany)
- Chevron Corporation (U.S.)
- HPCL (India)
- Exxon Mobil Corporation (U.S.)
- BP (India)
- Houghton International Inc. (U.S.)
- Croda International Plc. (U.K)
- Shell (the Netherlands)
- China Petrochemical Corporation (China)
In September 2019, Univar Solutions Inc., which has made a name for itself as a global distributor and provider for chemical and ingredient of value-added services, was selected by INOVYN for the distribution of their full line of CERECLOR. CERECLOR is a type of chlorinated paraffin with a target audience in the United States.
Geographically, the metalworking fluids market spans across North America, Asia Pacific, Latin America, Europe, and the Middle East & Africa.
Considering the global scenario, the Asia Pacific will expand at the fastest rate, mainly due to rapid growth of major end user industries like automotive and building & construction, coupled with rapid industrialization in the region. Countries like Japan, India, China, and South Korea are considered dynamic regions, acquiring a prominent share of the regional market. Robust growth in the manufacturing and automotive industries are likely to influence the market demand. China led the shipbuilding and automotive industries in 2017. The global shift of MNCs to the region due to lenient regulations and cost-effective labor will catalyze the demand for the product in the years to come.
North America will acquire the second spot, with the U.S. leading the market owing to the existence of well-established end users like marine and aerospace & defense. Europe is considered a major region, with France, the U.K., Switzerland, and Germany contributing a major share to the market. Automotive industries and industrial machinery in the region are garnering maximum demand for metalworking fluids, which is encouraging the regional market’s growth.
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Global Metalworking Fluids Market: Segmental Analysis
The global metalworking fluids market has been segmented on the basis of fluid type and application.
By Fluid Type
- soluble oils
- straight oils
- semi-synthetic oils
- synthetic oils
Of these, the soluble oils segment is predicted to gain prominence as their high oil content offer perfect lubricity for cutting operation, enhances surface finish, and provides protection to the machine tool. They are also ideal for general purpose cutting operations on medium and low tensile brass, steel, bronze, and cast iron.
- transportation equipment
- metal fabrication
Of these, the transportation equipment segment is considered the largest due to the rapid growth of the transportation sector, owing to emerging means of transportation and expansion in global trade.
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