Global Metalworking Fluids Market Forecast 2020-2028
The global market for metalworking fluids is estimated to grow at a CAGR of 3.26% during the projected period, 2020-2028. The factors propelling the market growth are growing demand from the transportation industry, rising demand for R&D activities and innovative products, and the increasing popularity of synthetic metalworking fluids in regions like the Asia Pacific.
Metalworking fluids are the oils used in processes like grinding, milling, and machining to lubricate and cool metal workpieces. They are used both in industrial and commercial applications due to multiple benefits like improving surface finish, enhancing process productivity, reducing tool wear and tear, corrosion protection, ensuring workpiece quality, and protecting component metallurgy cleanliness of machine surfaces. Metalworking fluids are widely used in the automotive industry. They form an essential part of the automotive industry, being used in various operations such as forging, machining, and stamping. Hence, the increasing production and sales of automobiles and other transportation components are expected to drive the demand for metalworking fluids. The market challenges include the environment, health, and safety issues, vulnerable to microbial attack, and the effect of electric vehicles in the future. The uncontrollable growth of microbial organisms affects the overall performance of metalworking fluids by reducing its fluid quality, resulting in corrosion of machines and tools, and can also cause respiratory problems and skin irritation at workplaces. The existing players are expanding their market share through strategic mergers, acquisitions, and capacity expansion, thus intensifying competition.
The global metalworking fluids market is geographically analyzed on the basis of markets situated across the regions of North America, Europe, Asia Pacific, and the rest of the world. As of 2019, Asia Pacific holds the largest market share and continues the trend by the end of the forecast period, which is attributed to the exploding population, rapid industrialization, and booming urbanization.
There are several prominent players registering their presence in the market, including Houghton International, Inc., Blaser Swisslube, Inc., Zeller+Gmelin GmbH & Co. KG, BP Plc, Hindustan Petroleum Corp. Ltd., etc.
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• Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
• Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
• Market Segmentation cater to a thorough assessment of key segments with their market estimations
• Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
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• Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments
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