Overview and Scope
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.
Sizing and Forecast
The metalworking fluids market size has grown strongly in recent years. It will grow from <b>$12.21 billion in 2023 to $13 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. </b> The growth in the historic period can be attributed to manufacturing growth, cutting and forming operations, corrosion prevention, regulatory compliance, automotive industry.
The metalworking fluids market size is expected to see strong growth in the next few years. It will grow to <b>$16.86 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. </b> The growth in the forecast period can be attributed to metal recycling, aerospace applications, metal alloys and composites, circular economy practices, resilience and safety. Major trends in the forecast period include sustainable formulations, advanced materials, smart manufacturing, electrification in transportation, biocompatible materials.
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Segmentation & Regional Insights
The 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
<b>Asia-Pacific</b> was the largest region in the metalworking fluids market in 2023. <b>North America</b> was 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.
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Major Driver Impacting Market Growth
The growing automotive sector is expected to fuel the growth of the metalworking fluids market in the forecast period. The automotive industry is made up of a diverse group of businesses and organizations that are involved in the design development, production, marketing, and sale of automobiles. Metalworking fluids, which minimize heat and friction in industrial cutting and grinding operations, are frequently utilized by automobile manufacturers in the manufacturing of car parts and other equipment. For instance, Hyundai Motor Company, a South Korea-based automotive manufacturer announced a 23.8% year-over-year rise in domestic deliveries to 52,005 units in January 2021. Moreover, according to the India Brand Equity Foundation (IBEF), in 2020, roughly 3.49 million units of commercial and passenger vehicle categories were sold in India. Therefore, the growing automotive sector drives the growth of the metalworking fluids market.
Key Industry Players
Major companies operating in the metalworking fluids market include <b> 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. </b>
The metalworking fluids market report table of contents includes:
1. Executive Summary
2. Metalworking Fluids Market Characteristics
3. Metalworking Fluids Market Trends And Strategies
4. Metalworking Fluids Market – Macro Economic Scenario
5. Global Metalworking Fluids Market Size and Growth
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31. Global Metalworking Fluids Market Competitive Benchmarking
32. Global Metalworking Fluids Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Metalworking Fluids Market
34. Metalworking Fluids Market Future Outlook and Potential Analysis
35. Appendix
Top Major Players:
ExxonMobil Corporation
TotalEnergies SE
Henkel AG & Co. KGaA
Fuchs Petrolub SE
Quaker Chemical Corporation
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