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Metalworking Fluids Market Global Industry Insights, Trends, Outlook, And Opportunity Analysis
Metalworking fluids are the lubricating liquids or oils which facilitate smooth and easy processing of metal work-pieces. They prevent the heat generation and excessive friction between cutting tools and the work-piece when a metal undergoes various mechanical processes such as machining, grounding, and milling, among others.
The major applications of these fluids are removal, forming, cutting, treating fluids, and protection. Transportation & automotive, industrial machinery, metal fabrication, and construction are the major end-user industries for the metalworking fluids.
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The protuberant factors driving the growth of the global metalworking fluids are the rapid industrialization in Asia-Pacific and African countries, growing automotive industry, and increasing construction activities around the world.
The global vehicle sale marked nearly 80 million units in 2017 and it is expected to grow at significant rate in coming years due to rising demand for the passenger vehicles from the emerging economies.
The global transportation sector is witnessing new normal with flourishing world trade. Being the largest consumer of metalworking fluid, this growth trend in the transportation sector is likely to favor growth of the global metalworking fluids market.
The global metalworking fluids market has been segmented into fluid type, application, and region.
Based on fluid type, the market is divided into straight oils, soluble oils, synthetic oils, semi-synthetic oils, and others. Straight oils are directly used in metalworking operations. It includes mineral or petroleum oil, animal oil with severe treatment. Straight oils are not diluted with water, but other additives may be present. On the other hand, soluble oils contain 30 to 85 percent severely refined petroleum oils, as well as emulsifiers to disperse the oil in water.
Based on application the global metalworking fluids market is segmented into transportation equipment, industrial machinery, automotive, construction, metal fabrication, and others. The transportation equipment is the largest segment of others. This is attributed to the raid growth of transportation sector on the backdrop of expanding global trade and emerging means of transport.
Key players in the global metalworking fluids market are Total S.A. (France), Indian Oil Corporation Ltd (India), Chevron Corporation (U.S.), Henkel AG & Co. KGaA (Germany), Exxon Mobil Corporation (U.S.), HPCL (India), Houghton International Inc. (U.S.), BP (India), Shell (the Netherlands), Croda International Plc. (U.K), and China Petrochemical Corporation (China), among others.
The global metalworking fluids market is geographically spanned across five key regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Asia Pacific is the largest region among them owing to the increasing industrialization and growing automotive industry along with the construction sector in this region. Countries namely India, China, and Japan are the major markets in this region owing to the growing demand from aerospace and marine industries.
North America is the second most significant region in the global metalworking fluids market. The U.S. is the leading market in this region due to the presence of well-established end-user industries such as aerospace and defense.
Latin America is witnessing a steady growth of end-user industries majorly in countries namely Brazil and Mexico. In coming years increasing opportunities for the building & construction industry may help propel the growth of the regional market.
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