The metalworking fluid market worldwide is characterized by intense competition. This is because of numerous players – a sizeable proportion of whom are small in size – that operate in the market. This also makes the market fragmented. As a result of the aforementioned trends, the metalworking fluid market is seeing pricing pressure, which is egging the more prominent companies with means to enter into partnerships and collaborations with their smaller regional counterparts.
The prominent companies in the market are also pouring money into development of improved products. Besides, they have solid stock supplies to fall back upon. Stringent regulations pertaining to environment along with unstable prices of base stock have led players to focus on biosynthetic fluids in the market.
The global market for metalworking fluids is predicted to rise at a CAGR of 4.6% in the forecast period starting from 2016 and ending in 2024, states a market research study by Transparency Market Research. At this rate, the market which was valued at US$9.91 bn in 2015, will likely become worth US$14.78 bn by 2024-end.
Metalworking fluids find application as protecting fluids, removal fluids, treating fluids, and forming fluids. The segment of removal fluids, of them, held the maximum share of 50.8% in 2014. Going forward too, they are expected to account for leading share.
Geographically, Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa are main segments in the metalworking fluid market that have been studied in the report. North America led the market with maximum share of 26.1% in 2014. The region is mainly powered by the U.S. that contributed to almost three-fourth of the demand in 2014. The market in the region is expected to see steady growth in the next couple of years because of the growing application of removal fluids and forming fluids in the region.
Removal Fluids Generate Maximum Demand in Market
Metalworking fluids, also referred to as cutting fluids, typically find application as lubricants and coolants in metalworking processes. They are manufactured from various raw materials and using different processes such as animal fat, petroleum distillates, plant oil, water, and air. Majorly fuelling the market is the rising automation and the proliferation of metal fabrication industries. As removal fluids, metalworking fluids are finding maximum use. “Removal fluids find use in lubricating the metal surface while doing away with extra metal from the job piece,” adds the analyst who wrote the TMR report.
Forming fluids are also driving substantial demand in the market. Different types of forming fluids such as rolling oil, and stamping and drawing fluids are finding application in end-use industries of metal and steel. In fact, metalworking fluids are expected to see their demand soar in the next couple of years due to their rising application in various end-use industries of steel and metal and automation.
Negative Impact of Waste on Environment Acting As Bottleneck to Market Growth
However, the market is expected to see headwinds on account of the problem of waste disposal of metalworking fluids which negatively impacts the environment. Apart from that, health risks to operators is also posing a challenge to the market. There has been an increasing thrust on research to overcome such difficulties and help the market grow.
This review is based on the findings of a TMR report, titled, “Metalworking Fluids Market (Application – Removal Fluids, Forming Fluids, Protecting Fluids, and Treating Fluids) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
The Global Metalworking Fluids Market is segmented as below:
Global Metalworking Fluids Market, Application Analysis
- Removal Fluids
- Forming Fluids
- Protecting Fluids
- Treating Fluids
Global Metalworking Fluids Market, Regional Analysis
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- GCC countries
- South Africa
- Rest of MEA
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