Asia Pacific Metalworking Fluids Market Forecast 2018-2026
The metalworking fluids market in the Asia Pacific region is being propelled at a CAGR of 3.78% for the forecast period of 2018-2026. The market is driven by growth in countries such as China, Japan, South Korea and India.
The presence of leading automobile manufacturers such as Toyota (Japan), Tata Motors (India) and many others have led to the growth of automotive industry in the Asia-Pacific region. This is acting as a major driver for increasing the demand for metalworking fluids in the region. In 2017, China accounted for the highest revenue share of the Asia-Pacific metalworking fluid market. Increase in the use of removal fluids is chiefly responsible for China metalworking fluid market’s expansion.
Market giants such as Fuchs Petrolub, Idemitsu Kosan, Exxon Mobil, Lubrizol, Houghton International, Chevron Phillips Inc., BP Plc, Quaker Chemicals, Yushiro, and Lukoil are involved in this market.