In the near future, it is anticipated that the global metalworking fluids market would increase due to the rise in demand for automotive components and the expansion of the manufacturing sector.
WILMINGTON, Del., Nov. 13, 2023 /PRNewswire/ — The global metalworking fluids market was estimated at a value of US$ 10.6 billion in 2022. It is anticipated to register a 3.7% CAGR from 2023 to 2031 and by 2031; the market is likely to attain US$ 15 billion by 2031.
There is a growing need in the automotive industry for lighter, more environmentally friendly automobiles, which calls for a variety of process fluid solutions. ICRA Limited predicts that the growth in the auto component sector in FY’24 would be between 5 and 8% due to the rise in domestic demand in India.
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Metalworking fluids are used throughout the Internal Combustion Engine (ICE) production process to improve quality, productivity, and cost-effectiveness. In the automotive industry, cutting, neat and soluble, forming, and stamping fluids are all commonly used. These fluids are becoming more and more popular in applications where optimal lubrication is necessary. The industrial need for MWFs is being driven by a growing emphasis on low VOC emissions and good air quality, which is increasing the market value of metalworking fluids.
Metalworking Fluids Market Report Scope:
|
Report Coverage |
Details |
|
Forecast Period |
2023-2031 |
|
Base Year |
2017-2021 |
|
Size in 2022 |
US$ 10.6 Bn |
|
Forecast (Value) in 2031 |
US$ 15.0 Bn |
|
Growth Rate (CAGR) |
3.7 % |
|
No. of Pages
|
126 Pages |
|
Segments covered
|
Application |
Key Findings of Market Report
Metalworking fluids find extensive use in the manufacturing industry as coolants, lubricants, and chip removers.
These liquids aid in preventing certain machine parts from corroding.
The market for metalworking fluids is growing due to the expansion of the manufacturing sector.
The manufacturing industry in the United States generates US$ 2.3 trillion in GDP.
The increasing need for solutions providing useful insights into the monitoring, management, and optimization of metalworking fluids can be attributed to the surge in the need for rigorous control over processes and materials.
This is inciting a rise in investment in the research and development of innovative metalworking technologies, which is propelling the growth of the metalworking fluids market.
Smart control systems that assist in monitoring and controlling MWF management are being offered by major suppliers.
These automated solutions enable real-time insights.
All of the important MWF characteristics, including concentration, conductivity, pH level, temperature, and volume flow, are automatically measured by smart control systems.
This helps to maximize efficiency and optimize system stability.
Market Trends For Metalworking Fluids
The manufacturing industry is prioritizing inclusive and sustainable growth. The growth in the creation of sustainable and eco-friendly products is fueling the metalworking fluids market statistics. End users are increasingly adopting water-based and bio-based metalworking fluids as a result of the increase in the enforcement of strict environmental and safety laws.
Manufacturers of metalworking fluids are substituting naturally derived derivatives for the mineral base oils used in metalworking fluid. The use of bio-based metalworking fluid aids in promoting biodegradability and addressing exposure concerns. These metalworking fluids have high flash points and good lubricating qualities. They also have a high viscosity index and low evaporation.
During the projection period, the removal fluids application segment is expected to lead the global industry. In the automotive industry, metal chip removal is a common use for removal fluids. These liquids are used in metalworking operations as coolants and lubricants. Removal fluids lengthen the life of both the tool and the fluid by reducing friction between the workpiece and the machine tool.
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Global Market for Metalworking Fluids: Regional Outlook
Various reasons are propelling the growth of the metalworking fluids market in different regions. These are:
From 2023 to 2031, Asia Pacific is anticipated to have the majority of the share. The market dynamics of the region are being fueled by the expansion of the manufacturing sector. In response to the COVID-19 pandemic, the Indian government introduced a number of Production Linked Incentives (PLI) programs to encourage homegrown production.
Currently in operation across 14 sectors, the program aims to create 3.6 million jobs and build about US$ 60.0 billion in manufacturing capacity.
Global Metalworking Fluids Market: Key Players
In response to consumer demand for ecologically friendly products, vendors are creating metalworking fluids that are both multipurpose and biodegradable. To provide sturdy products, they are implementing cutting-edge corrosion prevention methods.
The following companies are well-known participants in the global metalworking fluids market:
TotalEnergies
Chevron Corporation
Indian Oil Corporation Ltd.
Henkel AG & Co. KGaA
Hindustan Petroleum Corporation Limited
ExxonMobil Corporation
Shell plc
BP
Croda International Plc
China Petroleum Corporation
Few of key developments by the players in this market are:
|
Company name |
Key Developments |
|
Quaker Houghton |
Quaker Houghton, an industrial process fluids maker, showcased its steel fluid products at AISTECH 2022, an annual gathering arranged by the Association for Iron & Steel Technology, in May 2022. |
|
Q8Oils |
Q8Oils, a lubricant and grease supplier, declared in December 2021 that they had developed a novel line of lubricants that are resistant to fungi and bacteria without the need of preservatives. |
Global Metalworking Fluids Market Segmentation
Application
Removal Fluids
Forming Fluids
Protecting Fluids
Treating Fluids
Region
North America
Europe
Asia Pacific
Middle East & Africa
South America
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