NEW YORK, Nov. 25, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape - The global metalworking fluids market size is estimated to grow by USD 2.09 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 3.2% during the forecast period. Increasing industrialization in emerging economies is driving market growth, with a trend towards emergence of bio-based metalworking fluids. However, environmental impact of metalworking fluids poses a challenge.Key market players include Abitec, AMILE Industries Pvt. Ltd, Apar Industries Ltd., Arabian Petroleum Ltd., BASF SE, Benz oil Inc., Callington Haven Pty Ltd, Carborundum Universal Ltd., Chevron Corp., Exxon Mobil Corp., FUCHS SE, Gandhar Oil Refinery India Ltd., GP , Grauer and Weil India Ltd., Illinois Tool Works Inc., Lonza Group Ltd., Master Fluid Solutions, Saudi Arabian Oil Co., Sun Chem Pvt Ltd., and Victory Polychem Pvt. Ltd..
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Metalworking Fluids Market Scope |
|
Report Coverage |
Details |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.2% |
Market growth 2024-2028 |
USD 2089.3 million |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
3.1 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 39% |
Key countries |
US, China, Germany, UK, and Japan |
Key companies profiled |
Abitec, AMILE Industries Pvt. Ltd, Apar Industries Ltd., Arabian Petroleum Ltd., BASF SE, Benz oil Inc., Callington Haven Pty Ltd, Carborundum Universal Ltd., Chevron Corp., Exxon Mobil Corp., FUCHS SE, Gandhar Oil Refinery India Ltd., GP Global, Grauer and Weil India Ltd., Illinois Tool Works Inc., Lonza Group Ltd., Master Fluid Solutions, Saudi Arabian Oil Co., Sun Chem Pvt Ltd., and Victory Polychem Pvt. Ltd. |
Market Driver
The Metalworking Fluids market is experiencing significant growth due to increasing demand from various industries. Key sectors driving this trend include automotive, aviation, construction, and agriculture. In automotive industries, metalworking fluids are used extensively in machining, forming, and forging processes. Similarly, in aviation, these fluids are essential for manufacturing aircraft parts and assemblies. Agricultural sector's focus on high-yield equipment and infrastructure construction also contributes to the market's growth. Construction vehicles and heavy machinery manufacturing require metalworking fluids for efficient production. Additionally, the demand for metalworking fluids is high in the manufacturing of consumer goods and infrastructure projects. Environmental concerns and health issues are influencing the market's development, with a shift towards eco-friendly and biodegradable metalworking fluids. The chemical composition of MWFs (Metalworking Fluids) is being modified to ensure corrosion prevention and heat reduction. Exporters of automobiles and transportation equipment are also significant consumers of metalworking fluids. The market is further boosted by the demand for high-performance metalworking fluids in industries like marine, railroads, and waterways. The market's future looks promising, with advancements in MWF chemistry and the need for improved tool efficiency and workpiece quality driving innovation. However, challenges such as hazardous waste disposals and worker health concerns must be addressed to ensure sustainable growth.
The metalworking fluids market is witnessing a significant trend towards the adoption of eco-friendly, bio-based fluids. These fluids, derived from renewable materials, are gaining popularity due to their lower environmental impact and enhanced worker safety. Companies like Exxon Mobil and BASF are leading this shift, producing bio-based metalworking fluids from sustainable sources such as vegetable oils, esters, and plant extracts. These fluids offer adequate lubrication and cooling while meeting stringent environmental standards. The increasing focus on sustainability is driving the demand for these bio-based fluids, reducing reliance on fossil fuels and emissions.
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Market Challenges
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Segment Overview
This metalworking fluids market report extensively covers market segmentation by
1.1 Construction- The global metalworking fluids market is primarily driven by the construction industry, which utilizes these fluids for various applications such as machining, cutting, and shaping metal components. In construction, cutting and grinding fluids are essential for metal fabrication in steel beam cutting, concrete surface grinding, and metal component shaping. Hydraulic fluids are crucial for heavy machinery like excavators and bulldozers, ensuring efficient operation and preventing metal component wear and tear. Notably, India's urbanization trend predicts that urban areas will house 40% of India's population and generate 75% of the country's GDP by 2030. This expansion of infrastructure projects, including bridges, buildings, and roadways, significantly increases the demand for metalworking fluids, making construction a significant end-user in the market's growth during the forecast period.
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Research Analysis
The Metalworking Fluids market encompasses a wide range of fluids used in the manufacturing sector for machining and metalworking processes. These fluids, derived primarily from crude oil, include base oils, motor oils, and lubricants. They are essential for heavy industry machinery in various industries such as manufacturing, construction, transportation, and more. In the industrial lubricant market, metalworking fluids play a crucial role in primary ferrous and non-ferrous manufacturing processes. The aviation and marine industries also heavily rely on these fluids for their machinery. Factors driving the demand for metalworking fluids include population growth, increasing consumerism, product visibility, and the need for efficient manufacturing processes. Connectivity and infrastructure development further boost demand, while trade relations and the availability of roads are critical considerations for the market's growth.
Market Research Overview
Metalworking fluids, also known as MWFs, are essential liquids used in various industries for metalworking processes such as machining, forming, and forging. These fluids play a crucial role in reducing heat, preventing corrosion, and improving tool efficiency. The market for metalworking fluids is vast and diverse, spanning across sectors like agriculture, construction, automotive, aviation, and heavy industry machinery. In the agricultural sector, metalworking fluids are used in the manufacturing of agricultural equipment, ensuring high-yield production and efficient machinery operation. In the automotive industries, these fluids are employed in the production of automobile parts, ensuring smooth manufacturing processes and high-quality end products. The aviation industry relies on metalworking fluids for the production of aircraft and aircraft parts, ensuring the production of lightweight, durable, and safe components. In the construction sector, metalworking fluids are used in the manufacturing of heavy machinery and equipment, enabling the construction of infrastructure projects and large construction vehicles. The demand for metalworking fluids is driven by consumerism, population growth, and the need for increased process productivity. However, environmental issues and health concerns have led to the development of eco-friendly and non-toxic metalworking fluids. The market for metalworking fluids is expected to grow significantly in the coming years due to the increasing demand for transportation equipment, infrastructure development, and the need for improved workpiece quality and surface finish. Metalworking fluids are used in various industries, including drilling, forging, grinding, forming, and metal fabrication. They are also used in the production of base oils, gear oils, and motor oils. The chemical composition of metalworking fluids varies, depending on the specific application and the type of metal being worked. Metalworking fluids are used in various industries, including the manufacturing of iron structures, non-ferrous metals, and primary ferrous and non-ferrous metals. They are also used in the production of marine and railroad equipment, as well as in the automotive, aviation, and heavy machinery manufacturing industries. The use of metalworking fluids is essential for the production of high-performance metalworking fluids, which are used in the manufacturing of complex components and integrated circuits. These fluids help to improve tool efficiency, reduce tool wear, and ensure high-quality workpiece surfaces. However, the production and disposal of metalworking fluids can pose environmental and health concerns. Proper disposal of hazardous waste is crucial to minimize the impact on the environment and worker health. In conclusion, the metalworking fluids market is a dynamic and diverse industry that plays a crucial role in various sectors, including agriculture, construction, automotive, aviation, and heavy industry machinery manufacturing. The demand for metalworking fluids is driven by consumerism, population growth, and the need for increased process productivity. However, environmental and health concerns have led to the development of eco-friendly and non-toxic metalworking fluids, ensuring sustainable and safe production processes.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio