Global Metalworking Fluids Market 2016-2020
About Metalworking Fluids
Metalworking fluids include a range of oils and other liquids that are used for lubricating or cooling metallic workpieces during industrial procedures such as machining, grinding, forging, stamping, and milling. These fluids reduce friction between the machining or cutting tools and the workpiece, thereby prevent smoking, burning, and damage to the workpiece and equipment.
Technavio’s analysts forecast the global metalworking fluid market to grow at a CAGR of 4.06% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global metalworking fluid market for 2016-2020. To calculate the market size, the report considers the sales of metal working fluids in its various applications including transportation equipment, machinery, primary metals, fabricated metal products, and metal cans considering 2015 as the base year.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Metalworking Fluid Market 2016-2020
Technavio recognizes the following companies as the key players in the global metalworking fluid market: BASF, Chevron Lubricants, ExxonMobil, Lonza, and Fuchs Petrolub.
Other Prominent Vendors in the market are: Apar, Columbia Petro, Gazprom, Idemitsu Kosan, Lukoil, Pertamina, and Sinopec.
Commenting on the report, an analyst from Technavio’s team said: “One of the key trends for market growth will be budding acceptance of total quality management programs. Efficiency, safety, quality, and productivity are the principal goals of the industrial and manufacturing industries. Many industrial processes and accompanying equipment are subjected to consistent maintenance and evaluations programs to avoid machine failures and to ensure the quality of the tools and equipment. The growing encouragement of quality management programs in manufacturing and industrial facilities has a positive effect on the global metalworking fluids market, as routine maintenance programs lead to the increased incidence of fluid change. Information technology tools deliver improved data transparency about quality control of the equipment and maintenance and guarantee quality operational functions of metalworking fluids.”
According to the report, growth of automotive industry in China will be a key driver for market growth. In 2015, the automotive sector, part of the transportation industry, was the primary user of metalworking in APAC, especially in China. Metalworking fluids are consumed in many operations such as stamping, machining, and forging. In APAC, China contributes the highest sales in this segment. The prompt evolution of the automotive sector in the country due to rising urbanization and the growing influence of the Western economies, has elevated the overall consumption of metalworking fluids.
Further, the report states that metalworking fluids do pose some imminent toxicological hazards. For instance, functional fluids used in the industrial sector are affected by concerns regarding greenhouse gas emissions, global warming, and ozone depletion. Stringent environmental regulations are affecting the selection, use, and disposal of metalworking fluids in many end-user applications. The manufacturers of metalworking fluid are continually reducing the level of toxic chemicals and corrosivity index, which degrades the soil and water quality. The increasing preference for sustainable and environmentally safe metalworking fluids is also posing a challenge to the market growth. Stringent testing practices to evaluate eco-friendly fluids create a challenge for manufacturers to develop fluids that follow certain legislated parameters about toxicity, biodegradability, bioaccumulation, lower emissions, and recyclability.
BASF, Chevron Lubricants, ExxonMobil, Lonza, Fuchs Petrolub, Apar, Columbia Petro, Gazprom, Idemitsu Kosan, Lukoil, Pertamina, and Sinopec.