Metalworking Fluids Market Is Anticipated To Fuel For Electrical & Power Equipment And Related Components
Metalworking Fluids Industry Overview
The global metalworking fluids market size is expected to reach USD 15.1 million by 2030, as per the new report by Grand View Research, Inc., registering a CAGR of 3.8% in the forecast period. The demand is attributed to arise in demand for automotive and industrial machinery. Individual end-use sectors, such as machinery, metal fabrication, and transportation equipment, are driving the expansion of the market.
The market is also expected to be driven by strong development in the machinery and transportation equipment end-use industries over the projected period. Manufacturing is one of the core industries in North America and Europe. Advances in the manufacturing methods for the production of sophisticated end-use products, coupled with the increase in the exports of construction machinery and power, agricultural, and automotive equipment, have fueled the market growth.
Metalworking Fluids Market Segmentation
Grand View Research has segmented the metalworking fluids market report on the basis of product, application, end-use, industrial end-use, and region:
Based on the Product Insights, the market is segmented into Mineral, Synthetic, and Bio-based.
- The mineral segment dominated the market accounting for the largest share of more than 48.1% of the global revenue in 2021. The high share is attributed tothe consumption of mineral-based oils owing to their lowcost. Due to price-conscious consumers, small- and medium-scale manufacturers typically use mineral oil-based MWFs. Over the forecast period, this is expected to have an impact on the market growth.
- The growth is anticipated due to the characteristics imparted by MWFs, such as enhanced tool life and excellent surface finish. Synthetic oils are in high demand due to their ability to reduce friction between work pieces, eliminate waste, and extend sump life. Large-scale manufacturers in many countries have embraced semi-synthetic MWFs, resulting in an increase in synthetic MWF penetration over the last few years, which is expected to continue during the projected period.
Based on the Application Insights, the market is segmented into Neat Cutting Oils, Water Cutting Oils, Corrosion Preventive Oils, and Others.
- The neat cutting oil segment accounted for the largest share of more than 42.00% of the global revenue in 2021. The growth is attributed to a rise in demand from the automobile, aerospace, marine, and construction sectors. They are utilized in a wide range of machining processes, as well as in a variety of cutting operations.
- These fluids are used in heavy equipment production to keep the temperature of the machining operation under control. The semi-synthetic cutting oil segment in water cutting oil is anticipated to grow at a considerable CAGR from 2022 to 2030.
- The growth is credited to its application in cast iron, aluminum components, and machining operations, such as sawing, drilling, turning, and milling. The rising use of these oils in the aforementioned applications is expected to boost the segment growth over the forecast period.Corrosion preventive fluids are also expected to grow at a steady CAGR over the forecast period.
Based on the End-use Insights, the market is segmented into Metal Fabrication, Transportation Equipment, Machinery, and Others.
- The machinery segment dominated the market in 2021 and accounted for the largest share of more than 41.00% of the global revenue due to high product demand. The demand is attributed to a rise in the consumption of MWFs in agriculture equipment, earth moving equipment, and automotive components. Significant growth of the MWFs market is projected to be aided by the rising demand from construction equipment
- The transportation equipment segment is expected to grow at the fastest CAGR over the forecast period. The growth is attributed to the high product demand in transportation equipment along with development in infrastructure. Metalworking fluids are used in operations where heat dissipation is critical for effective machining and to aid in the production of high-quality products.
Based on the Industrial End-use Insights, the market is segmented into Construction, Electrical & Power, Agriculture, Automobile, Aerospace, Rail, Marine, Telecommunication, and Healthcare.
- The construction segment dominated the market with the largest revenue share of 28.6% in 2021 due to increased demand for construction machinery and related parts required for industrial, residential, and commercial construction. The construction industry manufactures various types of equipment, such as excavators, loaders, forklifts, cranes, dozers, and others.
- The automobile industry is anticipated to witness the fastest CAGR over the forecast period owing to a rise in spending capacity on luxurious cars across the globe. Different metals, such as steel, aluminum, and others, need the machine shop to use particular metalworking processes to increase productivity and optimize the cost. The machine shops need different MWFs during various product processing operations, which is expected to fuel the segment growth during the forecast period.
Metalworking Fluids Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The global market is highly competitive with the big international brands focusing on the development of long-term relationships with end-users. With a rise in the manufacturing, automotive, and transportation sectors, the competition is also anticipated to increase in the coming years.Companies, such as Houghton International Inc., BP plc, Exxon Mobil Corporation, and Total SA, have a high degree of integration across the value chain as they are also engaged in the production of various MWFs. These companies have established themselves as key manufacturers and focus on R&D for novel uses of the product. Some of the top players in the global metalworking fluids market include:
- Houghton International, Inc.
- Blaser Swisslube AG
- BP plc
- Exxon Mobil Corp.
- Total S.A.
- FUCHS
- Chevron Corp.
- China Petroleum & Chemical Corp.
- Kuwait Petroleum Corp.
Order a free sample PDF of the Metalworking Fluids Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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