Honing Oil Market – Industry Analysis by Type, Application, Region and Forecast (2022-2029)

Honing Oil Market size was valued at US$ 2.47 Billion in 2021 and the total revenue is expected to grow at 4.3% through 2022 to 2029, reaching nearly US$ 3.45 Billion
Honing Oil Market Overview:
The Honing Oil Market was valued at USD Bn in 2021, and is predicted to grow at a CAGR of percent to USD Billion by 2029. The Honing Oil Market is studied by segments like Type (Petroleum Based Honing Oil, Non-Petroleum Based Honing Oil), Application (Defense and Aerospace, Automotive, Electronic and Electrical, Others) and Region (North America, Europe, Asia-Pacific, and Rest of the World). The report consists of the Trend, Forecast, Competitive Analysis, and Growth Opportunities of the market.

For the forecast period of 2022 to 2029, the report provides a complete analysis that reflects today's Market realities and future market prospects. To provide a comprehensive perspective of the market, the research segments and analyses it in great detail. The key data and observations offered in the study can help market participants and investors identify low-hanging fruit in the market and build growth strategies.

COVID-19 Impact on Honing Oil Market

Due to imposed lockdowns and imposed limits by respective regulatory bodies in the wake of the recent COVID-19 pandemic, numerous industries' operations were either temporarily halted or were operating with a reduced personnel. This is no different in the global Market, and this aspect is expected to have a substantial negative impact on the industry's revenue growth. Furthermore, the high costs of installation and maintenance of such machines may limit the global Market's revenue growth throughout the forecast period.To know about the Research Methodology:-Request Free Sample Report
Honing Oil Market Dynamics:
Honing oils are being used in a variety of applications across the industrial industry, including drilling, tapping & reaming, cutting, grinding, drawing, and threading, due to their ability to reduce honing time, protect honing equipment, and boost productivity.

Several industries have seen a significant increase during the last couple of years. This, combined with the rising availability of advanced industrial equipment, has led in increasing application of process automation technologies, particularly in developing economies like China, India, Brazil, South Korea, Australia, and others.

Furthermore, with a growing emphasis on reducing production time and improving industrial production capacity, organisations and governments throughout the world are focusing on a variety of efforts to encourage industrial automation in order to strengthen their industrial manufacturing sectors.

According to a study conducted by the India Brand Equity Foundation, the Indian government announced in 2021 the launch of the Samarth Udyog Bharat 4.0 initiative, which aims to promote the implementation of innovative manufacturing & process automation technologies in order to expand the country's manufacturing sector by 2025. Such advances will generate attractive growth prospects in the global market, as honing oils are widely used in the automated honing processing for numerous drilling and cutting applications throughout manufacturing sectors.

The presence of particular required limits and stringent rules issued by regulatory organizations across numerous nations, such as the European Commission and the Food and Drug Administration (FDA), addressing the honing of implantable devices in the medical industry, is stifling the market for honing oils.

Furthermore, the high danger of human contact with harmful chemicals such as chlorine, fluorine, chlorine, and sulfur often used in honing oils, as well as restrictions prohibiting the use of VOC-based honing oils, are limiting market expansion.
Honing Oil Market Segment Analysis:
Based on type, Market can be classified into Petroleum Based honing oil and non-petroleum based honing oil. Petroleum based honing oil has the major share in this segment. While there are some similarities between honing oil & mineral oil, they are not quite the same. Honing oil is created from water and vegetable oils and could be petroleum-based or non-petroleum-based. Meanwhile, honing oil is manufactured expressly for use on sharpening stones, which is why it may contain common chemicals such as chlorine, rust inhibitors, sulfur, and detergents.

Mineral oil, on the hand is petroleum-based, just as honing oil. The difference is- mineral oil has been purified to the point where it is odorless and harmless. Mineral oil also does not contain any additives like non-petroleum honing oil does. Because petroleum based honing oil is light and also does not harden or get rancid, mineral oil is an excellent choice for sharpening. Thus, as a heavy and viscous oil would interfere with the stone's sharpening operation, a light oil is preferred.

Based on application, the market is classified into Defense and Aerospace, Automotive, Electronic and Electrical and Others. Automotive manufacturers need honing oil extensively in the production of various automotive components and equipments, and hence this segment dominates the market. Other transportation industries, such as aerospace and defense, use honing oil for the manufacture of large parts or components.
Honing Oil Market Regional Insights:
From 2022 to 2029, Asia Pacific excluding Japan is expected to dominate the worldwide market, according to the report. On account of rising per capita disposable income and a growing desire to travel in comfort, Asia Pacific is seeing a major increase in sales and production of automotive vehicles like passenger cars, motorcycles and commercial vehicles.

As per the MMR Study, almost 22.6 million passenger vehicles were manufactured in India in 2017, while more than 21.5 million passenger vehicles were sold in 2021. As honing oils are used to recondition engine cylinder heads and bores during vehicle manufacturing, increased automobile production and sales are expected to boost demand in the APAC region excluding Japan in the future years.

According to the report, during the projection period 2022-2029, Western Europe will emerge as a highly attractive market for honing oils. With the constantly developing industrial and advanced manufacturing industry and rising vehicle production, need for solutions for reconditioning and sharpening mechanical parts is rapidly increasing.

As a result, prominent market players are focusing on introducing new goods to leverage on the growing demand. Sunnen Products Company, a leading distributer and developer of bore sizing & finishing products, for example, announced the launch of a new SHO-965 honing oil with a low-VOC formulation, low-odor, & super-complaint features last year. A surge of new and innovative product launches is expected to boost the Western Europe market's growth.

To understand the Honing Oil industry and study the market trends. Focusing on the regional market and other segmentations, knowing the drivers and challenges of the same. Understanding the market segment geographically to gauge the growth potential.

The report includes analytical models like the Porter’s Five Forces, which helps in understanding the operating environment of the competition in the Market and thereby study the stakeholders to derive an efficient strategy; and PESTLE Analysis to gain a macro perspective of the Honing Oil Industry in terms of political aspects like Government stability, policies, trade regulation and economic aspects like market trends, taxes and inflation. It also provides the effect of environmental factors and influence of social and legal aspects on the Market.
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Global Honing Oil Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 2.47 Bn.


Forecast Period 2022 to 2029 CAGR:
4.3%
Market Size in 2029:
US $ 3.45 Bn.


 Segments Covered:
by Type
• Petroleum Based
• Non-Petroleum Based


by Application
• Defense & Aerospace
• Automotive
• Electronics & Electrical
• Others



Honing Oil Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Honing Oil Market Key Players
• Sunnen Products Company (US)
• Penrite Oil (Australia)
• Lansky Sharpeners (US)
• Growmark (US)
• Mundial (US)
• Sunbelt Lubricants (US)
• Eurol BV (Netherlands)
• CC Jensen (Denmark)
• Delapena Honing Equipment (UK)
• Metalworking Lubricants Company (US)
• Houghton International (US)
• Engis Corporation (US)
• Hindmaa Oils (India)
• Lubri-Chem (India)
• RBM Oil Corp. (India)

Frequently Asked Questions:

1] What segments are covered in the Honing Oil Market report?
Ans. The segments of Application, Type, and Region are covered in the Market report.

2] Which Region is expected to hold the highest share in the Honing Oil Market?
Ans. The APAC region is expected to hold the highest share in the Market.

3] What is the market size of the Honing Oil Market by 2029?
Ans. The market size of the Honing Oil Market is expected to reach USD 3.45 Bn by 2029.

4] What is the forecast period for the Honing Oil Market?
Ans. The forecast period for the Honing Oil Market is 2022-2029.

5] What was the market size of the Honing Oil Market in 2021?
Ans. The market size of the Honing Oil Market in 2021 was USD 2.47 Bn.