Metalworking Fluid Market Strategy Framework and Key Companies Analysis by 2014-2022
Global Metalworking Fluid Market is expected to witness lucrative growth over the forecast period owing to the rising demand for automobiles. The stringent government initiatives supporting the manufacturing sector have led to the increase in production output. Hence, is projected to boost the growth of this market. In addition, massive industrial growth in Asia Pacific & Africa region is estimated to accentuate the growth of this industry.
The volatility in crude oil prices is also presumed to impact the market growth. The base oil suppliers are at economical advantage owing to the oversupply of crude oil. Thus, resulting in improving their margins over the past couple of years. Moreover, the rising awareness level regarding the harmful effects and high risk of using semi-synthetic and synthetic metalworking fluids has forced manufacturers to increase the research and development expenses on the advancement of bio-based metalworking fluids.
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Metalworking fluids are used for lubrication and cooling of metal when they are subjected to processes such as machining, grinding and milling. These fluids help in reducing the heat and friction between the cutting tool and work piece and prevent from smoking and burning. The gaining popularity of the metalworking fluids for enhancing the surface finish and tool life is estimated to fuel the market growth. Furthermore, the expanding in the niche applications such as medical machining is anticipated to propel the demand for metalworking fluids across the globe. However, stringent environmental regulations could pose a challenge to the growth of this industry. The growing green field projects and escalating demands in important sectors such as manufacturing, energy, and processing sectors act as an opportunity leading to the market growth.
The market on the basis of the product is segmented into Mineral-based, synthetic and semi-synthetic based products. Synthetic-based products are considered to grow at a rapid pace owing to the excellent wear resistance and surface finish, and ability to increase tool life. Therefore, resulted in the increase in demand from various end-user industries such as aerospace, marine, and automobile. Semi-synthetic based products are estimated to penetrate the market over the decade owing to their tremendous machining capabilities. Mineral based products account for low price and abundant availability.
On the basis of metalworking fluid type, the market is categorized into forming fluids, removal fluids, treating fluids and protection fluids. The demand for removal fluid is expected to grow at a significant pace owing to the accelerating consumption in grinding fluids, cutting oils and coolants.Metalworking fluids are widely used in various application segments such as automotive, aerospace, electronic tools, oilfield equipment, firearms and defense equipment and marine segment. Among these segments, automotive segment holds the largest market share followed by aerospace owing to the high demand for automobiles.
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Geographically, the key regions identified in this industry are North America, Europe, Asia Pacific, Latin America and the Middle East and Africa. Asia Pacific is expected to dominate the market owing to the positive outlook towards manufacturing sectors in India, Malaysia and China. The increasing consumption coupled with favorable regulations so as to attract investments is considered to enhance the expansion in this region. Moreover, high GDP growth rates in developing countries are presumed to boost the industrial production capacities.
North America is expected to witness the fastest growth over the decade owing to the high research and development activities in this region. Europe is estimated to grow at a rapid pace owing to the growing bio-based metalworking fluid due to stringent government regulations in this region. The key players in this industry are BP, Houghton International, Quacker Chemical Corporation, ExxonMobil Corp., Blaser Swisslube, Cimcool, Fuchs and Total S.A. Other prominent players are Ashland Inc., Eni S.p.A, PETRONAS, Kuwait Petroleum International, Motul, Chevron Corporation, The Lubrizol Corporation, Evonik Industries and Indian Oil Corporation Ltd.
Most of the players are engaged in expanding their product portfolio by the development of new products, mergers, and acquisition in order to increase their market share. In February 2016, Houghton International received an approval for the use of Hocut 4940 metalworking fluid, from Pratt & Whitney which is a United Technologies company. This fluid is used in the manufacture of military power units and aircraft engines under the Pratt & Whitney reference PMC 9151.
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