Global Metalworking Fluids Market: Snapshot
Also sometimes termed as cutting fluids, metalworking fluids are used as lubricants and coolants fabrication, machining, and other metalworking processes. Among the consumers, the growing inclination toward synthetic fluids that contain lubricants is a reflection of their benefits over conventional fluids, owing to their advanced functions and forms. Moreover, metalworking fluids offer improved tramp oil control, are accurate in measuring concentration, extend pump life by reducing oil contamination, reduce mist, resist fire, and generate less form. Overall, the improved efficiency and performance under load in low viscosity formulations is driving the demand in the global metalworking fluids market, although the premium cost of these fluids and low consumption to concentration ratio is obstructing the market from achieving its complete profitability.
The global metalworking fluids market had an evaluated opportunities worth US$9.91 bn in 2015, and is estimated to reach a valuation of US$14.78 bn by the end of 2024, rising at a 4.6% during the forecast period of 2016 to 2024. Application in various end-use industries such as automation, metal fabrication, steel, and original equipment manufacturers (OEM) are favoring the market expansion, although environmental issues and health risk to workers is hindering the growth rate.
Automotive Industry Maintains Removal Fluids as Most Important Application Segment
Application-wise, the global metalworking fluids market is segmented into removal fluids, protecting fluids, treating fluids, and forming fluids. Out of these, removal fluids application segment accounted for the maximum shares at 50.8% in 2014, and is expected to remain dominant throughout the forecast period. Metalworking fluids are used widely in the metalworking process in industries such as automotive and metal fabrication. The fluids are generally employed in applications such as metal removal, metal forming, metal protecting, and metal treating. In terms of volume, the removal fluids application segment is projected to reach 1,876.1 kilo tons by 2024.
North America Remains Most Profitable Region
Region-wise, the global metalworking fluids market is segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. In terms of volume, North America accounted for the maximum 26.1% shares in 2014. Country-wise, the U.S. contributed to nearly three-fourth of the demand from North America, with removal fluids holding the position of most in-demand application segment. The metalworking fluids market in North America is projected to expand at a steady pace compared to the global growth rate, primarily due to the increasing application of removal fluids and forming fluids in the region. Asia Pacific is estimated to expand at the most prominent growth rate, owing to thriving automotive industry, with China producing most of the demand for metalworking fluids.
The global metalworking fluids market is fragmented in nature with the presence of several global players, and emergence of a number of domestic players who are providing products of similar quality to eat into the global shares. Exxon Mobil Corporation, FUCHS, and Houghton are three of the leading global players in this market who held maximum shares in 2014. LUKOIL Lubricants Company, Chevron Phillips Chemical Company, Castrol Limited, The Lubrizol Corporation, Total, and Chem Arrow Corporation are some of the other prominent players in the global market for metalworking fluids.