Metalworking Fluids Market Size, Share, Demand, Growth & Trends by 2031
The metalworking fluids market is anticipated to poise absolute dollar opportunity in the global market as it totaled revenue of US$ 9.6 Bn in 2021, expanding at a steady CAGR of 3.7%. Demand for removal fluids is projected to rise at 3.5% to the top 1,354,497 Tons in terms of volume, while the forming fluids segment is expected to grow at 2.7% to a total of 772,256 Tons.
From 2016-2020, the demand for metalworking fluids
grew at 1.0% CAGR. A damped sales outlook was witnessed during those years due
to the ongoing economic slowdown induced by the COVID-19 outbreak.
However, spurring demand for metalworking fluids is
projected in the forthcoming years owing to the increasing adoption of
lightweight materials in high-performance applications, especially in the
automotive industry. Proper lubrication is necessary for the manufacturing of
complex geometrics with lightweight metals, which in turn is spurring demand for
metalworking fluids.
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Key Takeaways
- Recommencement
of production activities across various sectors has resulted in a
significant recovery of the global metalworking fluids market. Future
Market Insights projects sales of metalworking fluids to grow at a CAGR of
3.7% over the forecast period 2021-2031.
- Surging
demand for lightweight components in high-performance applications
including heavy machinery, automotive industry, transportation equipment,
and construction industries will continue to further bolster sales of
metalworking fluids in the forthcoming years.
- Ongoing
development and research activities have led to a surge in innovative
manufacturing techniques for the production of complex geometric shapes.
These products require more lubrication as compared to the usual ones.
Backed by these factors, consumption levels of metalworking fluids are
expected to increase at a steady pace over the forecast period.
- The
adoption of such high-tech and advanced machines that are capable of
performing numerous operations at once is estimated to bolster sales of
multifunctional lubricants. The key manufacturers are inclining towards
the production of more efficient lubricants that can be used in more than
one operation is anticipated to spur sales in the metalworking fluids
market.
- Moreover,
increasing awareness regarding sustainability and the hike in using
eco-friendly products is creating lucrative growth demand for
water-soluble lubricants in the metalworking fluids industry. This trend
is expected to continue in the forthcoming years as concerns regarding the
adverse effects of synthetic chemicals present in fluids continue to rise.
Competitive Landscape
ExxonMobil Corporation, Idemitsu Kosan, Co., Ltd,
Quaker Chemical Corporation, Fuchs Petrolub SE, BP plc., Apar Industries Ltd.,
TotalEnergies SE, Yushiro Chemical Industry Co. Ltd., Cimcool Industrial,
Products LLC, Metalworking Lubricants Company are some of the key companies
profiled in the full version of the report.
The global metalworking fluids market is highly
competitive, with key players accounting for about 50% of the total market
share. Key market participants are targeting high-growth regions like North
America for investments owing to high end-use demand and high energy
consumption rate. Moreover, key manufacturers are engaging in mergers,
acquisitions, and collaborations to expand their global footprint in the
market.
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Full Report: https://www.futuremarketinsights.com/reports/metal-working-fluids-market
Metalworking Fluids Market by Category
By Category:
- Straight
Oil
- Emulsified
Oil
- Semi-Synthetic
oils
- Synthetic
Oils
By Product Type:
- Removal
Fluid
- Protection
Fluids
- Forming
Fluids
- Treating
Fluids
By End-Use:
- Metal
Fabrication
- Heavy
Machinery
- Transportation
Equipment
- General
Manufacturing
More Insights into the Metalworking Fluids
Market
According to FMI analysis, there were some initial
skepticisms concerning how the U.S. market would perform during the ongoing
pandemic, but surprisingly the metalworking fluids market in the U.S. grew by
3.0% year-on-year increment till 2021.
Across the North American region, the demand for
metalworking fluids is expected to reach 689,102 Tons during the forecast
period (2021-2031). The region is anticipated to remain one of the most
attractive markets throughout the forecast years, reveals FMI.
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