CHICAGO , May 8, 2024
/PRNewswire/ -- The report "Metalworking Fluids Market by
Type (Straight Oils, Soluble Oils, Semi-synthetic Fluids, Synthetic
Fluids), Product Type (Removal Fluid, Protecting Fluids, Forming
Fluids, Treating Fluids), End-use Industry - Global Forecast to
2029", size was USD 12.2 billion
in 2024 and is projected to reach USD 14.7
billion by 2029, at a CAGR of 3.7%, between 2024 and
2029.
The market is projected to grow because of rising demand for
high-performance machinery, increasing demand of automotive
production, and technological advancements. However, adoption of
dry machining technologies, increasing EV production, and health
and safety issues are restraining the growth of the market.
Browse in-depth TOC on "Metalworking Fluids Market".
310 – Tables
59 –
Figures
266 – Pages
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Soluble oils are projected to register the highest CAGR, in
terms of value, of the global metalworking fluids market during the
forecast period.
The metalworking fluids market is set to grow significantly
during the forecast period. This growth is driven by increased
manufacturing activities worldwide, advancements in technology, and
a higher demand for precision in metalworking. Sectors like
automotive and aerospace, which heavily depend on these fluids, are
expanding, further boosting demand. Soluble oils can effectively
handle the shifting needs, such as the growing use of sophisticated
materials and machining techniques due to their versatility and
adaptability, fueling the market growth.
Forming fluids is estimated to be the second-largest product
type of metalworking fluids market, in terms of value, during the
forecast period.
Forming fluids are the second-largest product type in the
metalworking fluids market as they are essential in several forming
operations, including extrusion, drawing, bending, and stamping.
Forming fluids have a variety of functions that aid in the forming
of metal, including lubricating, cooling, and safeguarding the
workpiece and equipment used in the process. Although they cost
more upfront, their ability to extend service intervals and reduce
wear on expensive equipment makes them a cost-effective choice for
businesses in the automotive, aerospace, and industrial sectors.
This blend of high performance and long-term savings drives their
popularity and widespread use.
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Transport equipment manufacturing segment to lead
metalworking fluids market in end-use industry segment, during the
forecast period, in terms of value.
The transport equipment manufacturing segment accounted for the
largest share of the metalworking fluids market in 2023, in terms
of value. The dominance of the transport equipment manufacturing
segment in the metalworking fluids market is driven by a
combination of increased consumer demand, technological innovation,
and globalization of supply chains. The lubrication, cooling, chip
removal, and corrosion protection that metalworking fluids offer
are crucial for the machining operations and ensure the accurate
and productive manufacturing of transportation equipment,
propelling the growth of the metalworking fluids market.
Asia Pacific is estimated to
be the largest market for the metalworking fluids market, in terms
of value, during the forecast period.
Asia Pacific holds the position
as the largest consumer region for metalworking fluids, largely due
to its robust industrial and automotive sectors. The region boasts
a significant manufacturing base, including automotive, aerospace,
and machinery industries, all of which require high-quality
metalworking fluids to ensure smooth operation and longevity of
equipment. Additionally, the region's rising need of
high-performance machinery have led to an increased demand for
metalworking fluids.
The key players profiled in the report Quaker Houghton (US),
Exxon Mobil Corporation (US), BP p.l.c. (UK), TotalEnergies SE
(France), FUCHS (Germany), Idemitsu Kosan Co., Ltd.
(Japan), Chevron Corporation (US),
Chem Arrow Corporation (US), LUKOIL (Russia), China Petroleum & Chemical
Corporation (SINOPEC) (China), and
Valvoline Inc. (US).
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