Metalworking Fluids market improves penetration rate in the industrial and transportation end-use industries

Metalworking Fluids Market size was valued at USD 11.73 Bn. in 2022 and the total Metalworking Fluids revenue is expected to grow at a CAGR of 4.8% from 2023 to 2029, reaching nearly USD 16.29 Bn.

Metalworking Fluids Market Overview:

The Metalworking fluids (MWF) primary roles include cooling and lubricating. MWFs are aimed at the contact of the metal workpiece and the cutting edge of the machine tool for these objectives. Other benefits of using MWF include improved workpiece surface finish, longer tool life, removal of metal chips produced during metalworking operations, and reduced power consumption.' MWF has also been referred as cutting oils, grinding oils, honing oils, soluble oils, suds, slurry water, lubricants, coolants, neat oils, or mineral oils. Increased demand for automotive and heavy sector equipment is expected to drive Metalworking Fluids Market growth. Individual end-use industries, such as machinery, metal fabrication, and transportation equipment, are driving the Metalworking Fluids (MWFs) market during the forecast period. Crude oil is the most basic raw material used to manufacture the product. The crude oil is refined, processed, and mixed to produce the desired plain cutting oils, soluble oils, and corrosion-preventive oils. Base oil is a main raw ingredient generated from crude oil that contributes to roughly 40% of the overall MWF cost. Manufacturing is a major industry in North America and Europe. Advances in manufacturing procedures for complex end-use items, together with a surge in construction machinery and power, agricultural, and automotive equipment exports, have driven market growth. The substantial progress of end-use industries in the Asia Pacific is also related to market growth in North America and Europe. A growing number of consumers in Asia Pacific favor innovative technology and equipment in the agribusiness, automotive, and construction industries are the lucrative growth destinations for Metalworking Fluids Market As a result, MWFs have improved their market penetration in the industrial and transportation equipment end-use industries. The increase in the heavy machinery industry in developing economies of the Asia Pacific and Central & South America is expected to drive the demand. The increased exploration and production of oil and gas in these locations, particularly by Chinese petroleum corporations, has had a significant impact on the demand for MWFs in the oilfield equipment business.Metalworking Fluids MarketTo know about the Research Methodology :- Request Free Sample Report

Metalworking Fluids Market Dynamics:

High demand from the Automotive & Transportation Industry The increasing automotive sector in South and Central America, increasing commercialization in Asia-Pacific and African nations, and growing building activity globally are the major drivers driving the Metalworking Fluids Market. The global transportation sector increased significantly as a result of increased demand for transport vehicles from emerging nations. Because the transportation industry is the major user of metalworking fluids, growth in the Metalworking Fluids Market is expected to increase during the forecast period. In addition, rapidly changing customer preferences for customized automobiles, as well as increased demand for lightweight and fuel-efficient vehicles in the face of rising environmental concerns, are expected to drive demand for Metalworking Fluids. Besides that, the key end industries like aerospace, defense, and marine retain the strength of the material provided by the metalworking fluids. The post-recession recovery of the automobile industry, particularly in the United States, is expected to increase the demand for metalworking fluids throughout the forecast period. According to JP Morgan, the US automotive sector is seeing a V-shaped rebound, which would likely assist the market's overall recovery. However, rising civilizations like India, China, Russia, and Brazil have seen massive growth in the automotive and transportation industries, particularly in the manufacturing sectors. The rising production of automobiles is the primary factor driving demand for Metalworking Fluids and, as a result, driving the growth of the Metalworking Fluids industry. Aside from the automobile industry, the aerospace, railway, marine, and defense industries are all rapidly increasing. Meanwhile, these fluids are still widely utilized in the manufacturing and machinery industries. The machine shop is the heart of the manufacturing sector, as manufacturers focus not only on efficiency and cost-cutting but also on the adoption of long-term business processes and technology. Machine shops in the newest machinery business are gearing up for the production of customized specialty goods, which are expected to drive revenue growth throughout the forecast period. Metalworking Fluids MarketStringent Regulations on the Metalworking Fluids adoption The primary objective and purpose of governmental bodies are to protect society, the environment, and employees from risks associated with industrial manufacturing. As a result, numerous organizations are attempting to reduce the environmental risks posed by these fluids. Some of the organizations involved in this effort are the EPA (Environmental Protection Agency), OSHA (Occupational Safety and Health Administration), NIOSH (The National Institute for Occupational Safety and Health), and OSH (Occupational Safety and Health) (Canadian Centre for Occupational Health and Safety). These authorities have established several stringent regulations that restrict the adoption of Metalworking Fluids and hamper the industry revenue growth. Rising Shift towards Dry Machining While MWFs are still widely utilized in the machining industry, advanced processing techniques like as dry machining are gaining wide acceptance across the end-users. MWFs are costly to use and even to dispose of, and they have been subjected to ongoing examination for safety and environmental dangers. As a result, discussions on dry machining and near-dry machining come up often. Dry machining works effectively in situations where the tool only makes occasional interventions in the material, such as milling. Dry machining generates a cleaner, less stressful working environment. Vacuums are used by manufacturers to remove chips and air from fixtures, leaving no coolant mist or debris to dispose of. On the other hand, dry machining does not provide all of the benefits of MWFs and is only acceptable when the component quality and machining times attained in wet machining are equaled or exceeded. However, while dry machining has advantages in some sectors, it will not replace traditional metalworking fluid technology anytime during the forecast period. And this is one of the major challenges for the Metalworking Fluids market growth.

Metalworking Fluids Market Segment Analysis:

Based on Product, the Mineral segment dominated the market with the largest share of about 52% of the Metalworking Fluid Market in 2021. The segment is further expected to maintain its dominance throughout the forecast period with the largest share in terms of both value and volume. The large share is attributed to the usage of mineral-based oils due to their low cost. Small and medium-sized producers often utilize mineral oil-based MWFs due to price-conscious consumers. This is expected to have an impact on the market's growth throughout the forecast period. Mineral-based fluids are also used in a wide range of machining operations, including turning, grinding, broaching, drilling, and milling. As a result, the demand from various end-users drives the segment growth. The synthetic MWFs segment is expected to grow at a CAGR of about 4.1% over the forecast period. The qualities provided by MWFs, such as increased tool life and improved surface polish, are expected to drive segment growth. Because of their capacity to decrease friction between work components, eliminate waste, and lengthen sump life, synthetic oils are in great demand. Many nations' large-scale manufacturers have adopted semi-synthetic MWFs, resulting in an increase in synthetic MWF penetration during the past few years, which is expected to continue during the forecast period. Increasing concerns over the use of petroleum products have resulted in stringent environmental regulations and government initiatives to promote environmentally friendly products. As a result, the production of bio-based MWFs has increased. Additionally, as a result of environmental constraints on human exposure to cutting fluids, Meta removal fluids producers and customers are shifting toward bio-based solutions. Because it is entirely composed of synthetic esters and vegetable oils, it is 100% biodegradable and renewable. Besides that, they meet the health and safety standards established by numerous government regulators. Shell, ExxonMobil, BP plc, and Total SA are among the major businesses already competing with bio-based goods. Bio-based fluids now have a small market share, but this is expected to increase throughout the forecast period. Metalworking Fluids MarketBased on Function, the Neat Cutting Oil segment held the largest share and dominated the Metalworking Fluids market in 2021. The segment is further expected to grow at a CAGR of 4.5% and maintain its dominance throughout the forecast period. The growth is attributable to increased demand from the automotive, aerospace, marine, and construction industries. They are used in a broad variety of machining procedures as well as cutting activities. They are in great demand from the high-volume manufacturing business in Asia Pacific's growing nations due to their ability to provide cost-effective solutions. Over the forecast period, the usage of high-alloy steels in the heavy equipment manufacturing industry is also expected to drive demand for the neat-cutting oils segment. The water-cutting oil segment accounted for the second-largest market share in 2021. The growth is due to an increase in fluid utilization in several advanced machining procedures. Water Cutting Oil fluids are used in a wide range of operations where heat dissipation is essential for a successful machining process and high-quality products. They are diluted in water before being utilized in the machine shop for various cutting operations such as drilling, milling, and grinding. These fluids are utilized in heavy equipment manufacturing to keep the machining operation's temperature under control. The semi-synthetic cutting oil segment in water-cutting oil is expected to grow at a significant CAGR during the forecast period. Its popularity can be attributed to its use in cast iron, aluminum components, and machining processes such as sawing, drilling, turning, and milling. The increased usage of these oils in various applications is expected to drive segment growth during the forecast period. Corrosion-preventative fluids are expected to increase at a consistent CAGR over the forecast period. These oils are used in machining operations where the danger of tool damage is high; as a result, these oils are responsible for increasing sump life, which results in decreased overhead costs for manufacturers. Small-scale firms have enhanced their use of corrosion-preventative oils due to their low production volumes and constrained cost structures.

Regional Insights:

Asia Pacific region held the largest market share of about 38% and dominated the Metalworking Fluids market in 2021. The region is further expected to maintain its dominance at the end of the forecast period. The increased number of production plants in the Asia Pacific region is related to the increasing product demand. The market for mineral and synthetic MWFs is expected to be dominated by China and India in particular. This region's market for synthetic MWFs is expected to increase. This is because improved lubrication performance is becoming increasingly important in automotive grinding and machining processes. Additionally, rising demand from the agricultural and construction sectors is expected to be a major driver of the Metalworking Fluids market. China and India have a considerable market share not just in the region, but also globally, with India expected to increase at the highest rate. One of the primary driving factors for the Indian market is the rising demand for heavy machinery applications. The Indian heavy machinery industry is increasing due to increased industrialization and economic development. As India makes greater inroads into the global engineering market, the country's engineering design and development business is rapidly growing. The engineering sector in India is the largest among all industrial categories. The majority of engineering items produced in India are heavy engineering goods. Metalworking Fluids MarketMetalworking fluids (MWFs) are widely utilized in the production of heavy-duty machinery and equipment. As a result of the rising need for such gear, the requirement for MWFs is expected to grow throughout the forecast period. Industrial machinery, heavy electrical equipment, concrete machinery, materials management machinery, plastics processing machinery, process plant equipment, earth moving, and construction and mining equipment are all sub-sectors of the heavy machinery industry. Nevertheless, in Q3 of 2019, the market experienced minor obstacles due to production cuts by key construction equipment manufacturers, JCB and Tata Hitachi, which may serve as a short-term restricting factor for market growth. The tendency is likely to decrease over the following several years, providing a good view of the industry in 2024. The North American market is also expected to increase significantly in terms of value throughout the forecast period. Mineral, synthetic, and water-soluble oils are available from MWF manufacturers in North America and are suitable for ferrous and non-ferrous metal machining and grinding. Metalworking fluids are suitable for ferrous metals and alloys such as cast iron, steel, and stainless steel, as well as non-ferrous metals and alloys such as aluminum, nickel, copper, and magnesium.

Metalworking Fluids Market Scope: Inquire before buying

Metalworking Fluids Market
Report Coverage Details
Base Year: 2022 Forecast Period: 2023-2029
Historical Data: 2018 to 2022 Market Size in 2022: US $ 11.73 Bn.
Forecast Period 2023 to 2029 CAGR: 4.8% Market Size in 2029: US $ 16.29 Bn.
Segments Covered: by Product Mineral Synthetic Bio-based
by Function Neat Cutting Oils Water Cutting Oils Corrosion Preventive Oils Others
by Application Construction Electric & Power Agriculture Automobile Aerospace Rail Marine Telecommunication Healthcare
by End-Use Metal Fabrication Transportation Equipment Machinery Others

Metalworking Fluids Market, by Region

North America (United States, Canada and Mexico) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe) Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC) Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) South America (Brazil, Argentina, Columbia and Rest of South America)

Key Players are:

1. ExxonMobil Corporation (U.S.) 2. Houghton International Inc. (U.S.) 3. Chevron Corporation (U.S.) 4. Lubrizol Corporation (U.S.) 5. Quaker Chemical Corporation (U.S.) 6. The Dow Chemical Company (U.S.) 7. Master Chemical Corporation (U.S.) 8. Cimcool Industrial Products LLC (U.S.) 9. Lukoil Oil Company (Russia) 10.Blaser Swisslube AG (Switzerland) 11.Clariant AG (Switzerland) 12.Infineum International Limited (U.K.) 13.Croda International Plc. (U.K) 14.Shell (Netherlands) 15.Lukoil Lubricants ( Russia) 16.Fuchs Petrolub SE (Germany) 17.Total S.A. (France) 18.China Petroleum & Chemical Corp. (China) 19.Idemitsu Kosan Co. Ltd (Japan) 20.BP plc. (India) 21.Milacron, Henkel Corporation (India) 22.Apar Industries Ltd. (India) 23.Yushiro Chemical Industry Co. Ltd. (Japan) 24.Metalworking Lubricants Company (India) 25.Indian Oil Corporation Ltd (India) FAQs: 1. What are the growth drivers for the Metalworking Fluids market? Ans. The increasing automotive sector, increasing commercialization, growing building activity, rapidly changing customer preferences for customized automobiles, as well as increased demand for lightweight and fuel-efficient vehicles are expected to be the major driver for the Metalworking Fluids market. 2. What is the major restraint for the Metalworking Fluids market growth? Ans. The Stringent Regulations on the Metalworking Fluids adoption are expected to be the major restraining factor for the Metalworking Fluids market growth. 3. Which region is expected to lead the global Metalworking Fluids market during the forecast period? Ans. The Asia-Pacific market is expected to lead the global Metalworking Fluids market during the forecast period due to the increased number of production plants in the Asia-Pacific region increasing the demand for Metalworking Fluids products and eventually driving the market growth. 4. What is the projected market size & growth rate of the Metalworking Fluids Market? Ans. The Metalworking Fluids Market size was valued at USD 11.73 Bn. in 2022 and the total Metalworking Fluids revenue is expected to grow at a CAGR of 4.8% from 2023 to 2029, reaching nearly USD 16.29 Bn. 5. What segments are covered in the Market report? Ans. The segments covered are Product, Function, Application, End-use, and Region.
1. Global Metalworking Fluids Market: Research Methodology 2. Global Metalworking Fluids Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Global Metalworking Fluids Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Metalworking Fluids Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11 Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12 COVID-19 Impact 4. Global Metalworking Fluids Market Segmentation 4.1 Global Metalworking Fluids Market, by Product (2022-2029) • Mineral • Synthetic • Bio-based 4.2 Global Metalworking Fluids Market, by Function (2022-2029) • Neat Cutting Oils • Water Cutting Oils • Corrosion Preventive Oils • Others 4.3 Global Metalworking Fluids Market, by Application (2022-2029) • Construction • Electric & Power • Agriculture • Automobile • Aerospace • Rail • Marine • Telecommunication • Healthcare 4.4 Global Metalworking Fluids Market, by End-use (2022-2029) • Metal Fabrication • Transportation Equipment • Machinery • Others 5. North America Metalworking Fluids Market(2022-2029) 5.1 North America Metalworking Fluids Market, by Product (2022-2029) • Mineral • Synthetic • Bio-based 5.2 North America Metalworking Fluids Market, by Function (2022-2029) • Neat Cutting Oils • Water Cutting Oils • Corrosion Preventive Oils • Others 5.3 North America Metalworking Fluids Market, by Application (2022-2029) • Construction • Electric & Power • Agriculture • Automobile • Aerospace • Rail • Marine • Telecommunication • Healthcare 5.4 North America Metalworking Fluids Market, by End-use (2022-2029) • Metal Fabrication • Transportation Equipment • Machinery • Others 5.5 North America Metalworking Fluids Market, by Country (2022-2029) • United States • Canada • Mexico 6. Europe Metalworking Fluids Market (2022-2029) 6.1. European Metalworking Fluids Market, by Product (2022-2029) 6.2. European Metalworking Fluids Market, by Function (2022-2029) 6.3. European Metalworking Fluids Market, by Application (2022-2029) 6.4. European Metalworking Fluids Market, by End-use (2022-2029) 6.5. European Metalworking Fluids Market, by Country (2022-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Metalworking Fluids Market (2022-2029) 7.1. Asia Pacific Metalworking Fluids Market, by Product (2022-2029) 7.2. Asia Pacific Metalworking Fluids Market, by Function (2022-2029) 7.3. Asia Pacific Metalworking Fluids Market, by Application (2022-2029) 7.4. Asia Pacific Metalworking Fluids Market, by End-use (2022-2029) 7.5. Asia Pacific Metalworking Fluids Market, by Country (2022-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Metalworking Fluids Market (2022-2029) 8.1 Middle East and Africa Metalworking Fluids Market, by Product (2022-2029) 8.2. Middle East and Africa Metalworking Fluids Market, by Function (2022-2029) 8.3. Middle East and Africa Metalworking Fluids Market, by Application (2022-2029) 8.4. Middle East and Africa Metalworking Fluids Market, by End-use (2022-2029) 8.5. Middle East and Africa Metalworking Fluids Market, by Country (2022-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America Metalworking Fluids Market (2022-2029) 9.1. South America Metalworking Fluids Market, by Product (2022-2029) 9.2. South America Metalworking Fluids Market, by Function (2022-2029) 9.3. South America Metalworking Fluids Market, by Application (2022-2029) 9.4. South America Metalworking Fluids Market, by End-use (2022-2029) 9.5. South America Metalworking Fluids Market, by Country (2022-2029) • Brazil • Argentina • Rest Of South America 10. Company Profile: Key players 10.1 ExxonMobil Corporation (U.S.) 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2 Houghton International Inc. (U.S.) 10.3 Chevron Corporation (U.S.) 10.4 Lubrizol Corporation (U.S.) 10.5 Quaker Chemical Corporation (U.S.) 10.6 The Dow Chemical Company (U.S.) 10.7 Master Chemical Corporation (U.S.) 10.8 Cimcool Industrial Products LLC (U.S.) 10.9 Lukoil Oil Company (Russia) 10.10 Blaser Swisslube AG (Switzerland) 10.11 Clariant AG (Switzerland) 10.12 Infineum International Limited (U.K.) 10.13 Croda International Plc. (U.K) 10.14 Shell (Netherlands) 10.15 Lukoil Lubricants ( Russia) 10.16 Fuchs Petrolub SE (Germany) 10.17 Total S.A. (France) 10.18 China Petroleum & Chemical Corp. (China) 10.19 Idemitsu Kosan Co. Ltd (Japan) 10.20 BP plc. (India) 10.21 Milacron, Henkel Corporation (India) 10.22 Apar Industries Ltd. (India) 10.23 Yushiro Chemical Industry Co. Ltd. (Japan) 10.24 Metalworking Lubricants Company (India) 10.25 Indian Oil Corporation Ltd (India) 10.26 HPCL (India) 10.27 Kuwait Petroleum Corp. (Kuwait)

About This Report

Report ID 56121
Category Material & Chemical
Published Date June 2023
Updated Date
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