Cutting Oil Market: a Coolant and Lubricant
- Cutting oil is a type of lubricant used as a metalworking fluid in various industrial applications such as machining and stamping. Cutting oils are specifically designed for increasing the longevity of cutting tools and minimizing wear and tear. The primary function of cutting oil is to regulate the temperature by cooling the work surface.
- Cutting oil is utilized in machining operations, as it reduces heat coming from the work piece interface. Cutting oils also serve as lubricants. They lubricate the workpiece interface. Cutting oil is also used in the removal of chips/metal fines and particulates.
- Composition of cutting oil generally varies depending on the type of machining process they are used in. Cutting oils are usually produced from natural or synthetic base oils. Furthermore, depending on the machining application wherein the cutting oil is used, various additives are added to the base oil in order to alter its properties.
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Key Drivers of Global Cutting Oil Market
- Rising demand for cutting oils for use in several applications is estimated to augment the global cutting oil market during the forecast period
- Technological advances in t equipment used in various industries, such as construction, electrical & power, agriculture, automobile, aerospace, rail, marine, telecommunication, and health care, are expected to boost the demand for cutting oil during the forecast period
- Increasing industrialization and growth of the automotive sector are projected to drive the global cutting oil market from 2019 to 2027. The automotive sector uses cutting oil in large quantities, owing to the ability of cutting oil to provide an excellent surface finish and high-quality fabrication.
Crude Oil Prices to Hamper Global Market
- Base oils used in cutting oils are extracted from crude oil. Volatility in prices of crude oil is likely to influence prices of the base oil, which may hamper the global cutting oil market.
- Cutting oils, if not handled properly, pose hazard to a few metals and they can affect humans also. Exposure to cutting oils leads to skin disorders (such as skin irritations, oil acne, and rashes); eye, nose, and throat irritation; or respiratory symptoms (such as cough, asthma, and other breathing issues).
- Disposal of cutting oil is expected to act as a major restraining factor for use of cutting oil, as the oil is insoluble and it can cause soil contamination
Increasing Innovations and Rapid Development of New Equipment to Offer Attractive Opportunities
- Rising production of specialized machinery and growing adoption of innovative processes, such as employing new coolant cycling programs to improve lubrication system and machining processes, drive the demand for specialized cutting oils
- Disposal of cutting oil is a major issue for the manufacturing industry, which is expected to create demand for bio-based cutting oils. This is expected to provide immense opportunities to the global cutting oil market in the near future.
Asia Pacific to Hold a Significant Share of Global Cutting Oil Market
- In terms of region, the global cutting oil market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific is anticipated to hold a prominent share of the global cutting oil market during the forecast period
- The cutting oil market in Asia Pacific is expected to expand in the next few years, due to increase in automotive production in the region and risen demand from the manufacturing sector, primarily in China and India
- Strong base of automobile and manufacturing industries in Europe from countries, such as Italy and Germany. The increasing demand for cutting oil from automobile and manufacturing industries is expected to fuel market growth.
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Key Players Operating in Global Cutting Oil Market
The global cutting oil market continues to remain consolidated among a few large-sized players, which currently account for nearly 50% share of the global market, in terms of revenue. Companies are focusing on expanding their regional footprint, which is their key strategy.
Key players operating in the global cutting oil market are:
- Exxon Mobil Corporation
- Pro Oils
- Houghton International Inc.
- Total S.A.
- Chevron Corporation
- Indian Oil Corporation Ltd
- Quaker Chemical Corporation
- Eni S.p.A
- Blaser Swisslube
Global Cutting Oil Market: Research Scope
Global Cutting Oil Market, by Product Type
- Water-soluble Cutting Oils
- Neat Cutting Oils
Global Cutting Oil Market, by Application
- Heavy Metal Fabrication
- Shipbuilding & Offshore
Global Cutting Oil Market, by End-user
- Oil & Gas
- Chemical & Petrochemical
- Automotive & Aerospace
Global Cutting Oil Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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