As per Fact.MR – a market research and competitive intelligence provider, the global metalworking fluids market is projected to expand at a CAGR of over 4% to be valued at more than US$ 12 Bn by the end of the 2021-2031 assessment period.
Primary focus of metalworking applications revolves around maximizing efficiency of machinery and operations. Thus, it is preferable to use metalworking fluids that are multi-functional in nature. Significant growth in metalworking processes worldwide has propelled demand for metalworking fluids.
Regulations regarding safe disposal of fluids have been constantly revised to meet several different formulations and blends introduced by industrial manufacturers. Furthermore, new metalworking processes such as flow forming, hydro forming and low carbon manufacturing are gaining traction, which is fostering demand for metalworking fluids.
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Key Takeaways from Market Study
- Global metalworking fluids market to top US$ 12 Bn by 2031.
- Removal fluids projected to reach around US$ 4 Bn by 2031.
- Forming fluids projected to record above 2% CAGR over next 10 years.
- Market in Europe to hold share of more than 30%.
- Market in Australia expected to reach valuation of US$ 1.5 Bn by 2031.
- Market in Germany to record 1% CAGR over forecast period of 2021- 2031.
“Users of metalworking fluids in machining and fabrication have to invest in expensive and effluent treatment facilities in order to meet environmental and waste treatment regulations. As a result, metalworking fluid producers are making a seismic shift to bio-based metalworking fluids to obtain regulatory clearance,” according to a Fact.MR analyst.
Which Region is Predicted to Be the Most Lucrative Market for Metalworking Fluid Suppliers?
The Asia Pacific region leads with more than 40% of the share in the global market for metalworking fluids owing to the region having a stronghold in terms of manufacturing for fluids.
Semi-synthetic metalworking fluids, synthetic metalworking fluids and water cutting fluids will witness high uptake in the Asia Pacific region that are expected to be growth engines for the market in the foreseeable future.
The Asia Pacific region is set to dominate the market during the forecast period primarily due to increasing demand from the agriculture and construction sector. Growing industrialization and economic development are driving the growth of the Indian heavy machinery industry.
Country-wise Analysis
What is the Metalworking Fluids Demand Outlook for the U.S.?
The market in the U.S was valued at over US$ 2 Bn in 2020. Demand in the U.S. is anticipated to be led by rise in sales of neat cutting oil that is majorly used for aluminum products.
The U.S. is considerably going through a shift in its manufacturing industry from steel machinery to aluminum products and this is because of aluminum unique properties, such as easy molding and lightweight properties.
Therefore, increase in the use of aluminum is predicted to create profitable opportunities for the consumption of neat cutting oil, and thus, simultaneously boosting the market.
Latest trends of metal removal fluids in the U.S, Growing demand for straight oil, corrosion preventive oils, and increasing sales of forging & quenching oil, emulsified oil in various industries by metalworking fluid manufacturers in the country will further create lucrative market growth opportunities.
Category-wise Insights
Why is the Popularity Removal Fluids Rapidly Rising?
Removal fluids are crucial ingredients for metal removal and forming. They also help in extending the service lives of the tools, saving thousands of Dollars.
These fluids usually contain high-performance soluble oil and semi-synthetic emulsion technology and offer a wide range of performance capabilities to meet the industrial requirements for machining and grinding operations. Hence increasing the sales of removal fluids and metal protecting fluids.
Removal fluids are designed to work in a variety of hard and soft water qualities and offer low foam and long-term corrosion protection for machines and components. They are supplied in concentrated form and require mixing with water at the point of use.
In recent years, top companies in the metal removal fluids sector have adopted advanced technologies. Thus, currently, the right fluid for a particular process has the potential to significantly increase efficiency and process productivity.
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Market Competition
Key players in the market are focusing on acquisitions to expand their product portfolios in order to cater to the needs of a variety of customers.
Metal forming fluid manufacturers & synthetic metalworking fluids are aiming towards establishing supply contracts with end-use industries for revenue generation as project cost remains on the higher side. Top metalworking fluids formulators & suppliers are primarily aiming to carry out strategic acquisitions, collaborations, and launching innovative products.
- In February 2020, Quaker Chemical Corporation opened a new production line in Dahej, India. This new production line will manufacture rolling oils and metalworking fluids for steel & metal industries in India and the Middle East & Africa.
- In 2019, Master Fluid Solutions, a leading manufacturer in Perrysburg, Ohio, announced the acquisition of Wilhelm Dietz GmbH, a pipe and tube expansion, forming, wire drawing, and metalworking company based in Düsseldorf, Germany, to expand its global footprint and gain manufacturing capabilities in mainland Europe.
- In 2019, Petro-Canada Lubricants has introduced METWORXTM, a new non-chlorinated Metalworking Fluids product line that reduces friction in a wide range of processes. The METWORX product line delivers excellent cooling and lubrication to reduce friction during metalworking, with general-purpose and specialized solutions for milling, turning, drilling, tapping, and grinding.
Key Market Segments in Metalworking Fluids Industry Research
Category
- Semi-Synthetic
- Synthetic
- Mineral-Based
- Bio-Based
Function
- Neat Cutting Oils
- Water Cutting Oils
- Straight Oils
- Emulsified Oils
- Corrosion Preventive Oils
Product
- Removal Fluids
- Protection Fluids
- Forming Fluids
- Treating Fluids
Application
- Metal Fabrication
- Heavy Machinery
- Transportation Equipment
- General Manufacturing
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