Global Metalworking Fluids market analysis 2024, Forecast To 2033
6 Feb, 2024
The metalworking fluids market has witnessed robust growth, rising from $12.21 billion in 2023 to $13 billion in 2024, with a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period is attributed to manufacturing expansion, cutting and forming operations, corrosion prevention, regulatory compliance, and the thriving automotive industry. Foreseeing strong growth in the next few years, the market is projected to reach $16.86 billion in 2028, reflecting a CAGR of 6.7%. The anticipated growth is linked to metal recycling, aerospace applications, the use of metal alloys and composites, circular economy practices, and a focus on resilience and safety. Major trends in the forecast period include sustainable formulations, the use of advanced materials, the adoption of smart manufacturing practices, electrification in transportation, and the development of biocompatible materials.
Global Metalworking Fluids Market Key Driver
The metalworking fluids market is poised for growth driven by the expanding automotive sector. As the automotive industry experiences diverse activities, including design, development, production, marketing, and sale of automobiles, metalworking fluids play a crucial role in minimizing heat and friction during manufacturing. Notably, Hyundai Motor Company reported a 23.8% year-over-year rise in domestic deliveries in January 2021. The growing automotive sector is expected to drive the metalworking fluids market, reflecting substantial market sizes in 2023, 2024, and 2028.
Get A Free Sample Of The Global Metalworking Fluids Market ReportGlobal Metalworking Fluids Market Segments
The global metalworking fluids market covered in this report is segmented –
1) By Type: Mineral, Synthetic, Bio-Based
2) By Application: Neat Cutting Oils, Water Cutting Oils, Corrosion Preventive Oils, Other Applications
3) By End-Use Industry: Construction, Electrical And Power, Automobile, Metal Fabrication, Transportation Equipment, Other End-Use Industries
By Geography: The regions covered in the Metalworking Fluids market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
Asia-Pacificwas the largest region in the metalworking fluids market in 2023. North Americawas the second-largest market in the metalworking fluids market share. The regions covered in the metalworking fluids market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Major Metalworking Fluids Industry Players
ExxonMobil Corporation, TotalEnergies SE, Houghton International Inc., Henkel AG & Co. KGaA, Fuchs Petrolub SE, Quaker Chemical Corporation, Hindustan Petroleum Corporation Limited, Castrol Ltd., Lubri-Graph Corporation, Croda International plc, Shell plc, Lukoil Oil Company, China Petroleum & Chemical Corporation, Apar Industries Limited, Yushiro Chemical Industry Co. Ltd., Idemitsu Kosan Co. Ltd., Cimcool Industrial Products Inc., Blaser Swisslube Co. AG, Motul India Private Limited, Oelheld Inc., Moresco Corporation, QualiChem Ltd., Master Chemical Corp., Hardcastle Petrofer Private Limited, Chevron Phillips Chemical Company, Total Lubricants USA Inc., Petro-Canada Lubricants Inc., Royal Purple LLC, Valvoline Inc., Warren Oil Company Inc.
Get The Full Global Metalworking Fluids Market ReportMetalworking Fluids Market Overview
The metalworking fluids are used to improve the workpiece's performance by constantly eliminating dust, chips, and swarfs from the tool and the workpiece's surface. Metalworking fluid (MWF) refers to a group of oils and other fluids used to cool and lubricate metal workpieces while they are being machined, crushed, or milled. Metalworking fluids (MWFs) help to avoid burning and smoking by reducing heat and friction between the cutting tool and the workpiece.
Metalworking Fluids Global Market Report 2023 provides data on the global metalworking fluids market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The metalworking fluids market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.