Cutting Oil Market

Cutting Oil Market: Introduction

• 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.

Key Drivers and Restraints of Global Cutting Oil Market

• Rise in demand for cutting oils for usage in several applications is estimated to augment the global cutting oil market during the forecast period
• Technological advances in 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
• Increase in industrialization and growth of the automotive sector are projected to drive the global cutting oil market during the forecast period. 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.
• 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. They can adversely affect humans as well. 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 usage of cutting oil, as the oil is insoluble and can cause soil contamination.

Global Cutting Oil Market: Segmentation

• The global cutting oil market can be segmented in terms of product type, application, and end-user
• Based on product type, the market can be divided into water-soluble cutting oils and neat cutting oils. Demand for water-soluble cutting oils is high, as these coatings possess excellent cooling, low viscosity, and easy-to-clean properties. They are also non-flammable.
• Based on application, the market can be divided into construction, heavy metal fabrication, shipbuilding & offshore, automotive, and others. The heavy metal fabrication segment is expected to expand significantly in the near future.
• In terms of end-user, the global cutting oil market can be classified into oil & gas, chemical & petrochemical, marine, automotive & aerospace, and others

Global Cutting Oil Market: Regional Segmentation

• In terms of region, the global cutting oil market can be segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
• Asia Pacific is anticipated to hold 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 rise in demand from the manufacturing sector, primarily in China and India
• Increase in demand for cutting oil in automobile and manufacturing industries is expected to fuel the market in Europe

COVID-19 Impact on the Global Cutting Oil Market

• The COVID-19 pandemic has adversely impacted the global economy due to the stringent lockdowns imposed in all major countries. Manufacturing has also been affected by these lockdowns. However, governments of various countries across the world are currently easing lockdown restrictions. As a result, the manufacturing process is on the road to recovery. This is projected to drive the demand for cutting oils during the forecast period.

Key Players Operating in Global Market

• Exxon Mobil Corporation
• Pro Oils
• Houghton International Inc.
• Total S.A.
• Chevron Corporation
• Indian Oil Corporation Ltd
• Quaker Chemical Corporation
• Fuchs
• 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

• Construction
• Heavy Metal Fabrication
• Shipbuilding & Offshore
• Automotive
• Others

Global Cutting Oil Market, by End-user

• Oil & Gas
• Chemical & Petrochemical
• Marine
• Automotive & Aerospace
• Others

Global Cutting Oil Market, by Region

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Russia & CIS
  • Rest of Europe
• Asia Pacific
  • China
  • South Korea
  • Japan
  • India
  • ASEAN
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa