Metalworking Fluids Market 2021 Growth Statistics, Trends Analysis, Size Estimation, Market Dynamics and Future Growth Insights By 2026
The Global Metalworking Fluids Market size to touch USD 14.31 billion in terms of revenue by 2026, exhibiting a CAGR of 4.3% during the forecast period, the value of the market was at USD 10.24 billion in 2018.
Metalworking Fluids Market Drivers:
Rapid development of the transport industry will be a major force driving the growth of this market. Transport systems play a central role in the economic development of a country. Not only do they facilitate efficient movement of goods and people by linking different parts of a nation, but also generate jobs and increase productivity of the other factors of production. Steady rise in the rate of urbanization is the main factor fueling this industry. For instance, the UN predicts that around two-thirds of the world population will be living in urban areas by 2050. Furthermore, the World Bank states that close to 2 billion vehicles will hit the roads by 2050. Metalworking fluids are critical in manufacturing components for different transport vehicles and, therefore, growth of the transport industry will accelerate the metalworking fluids market revenue during the forecast period.
List of Top Key Players in Metalworking Fluids Manufacturers :
- BP plc.
- Exxon Mobil Corporation
- Fuchs Petrolub SE
- Quaker Chemical Corporation
- Total S.A.
- Exxon Mobil Corporation
- Houghton International Inc.
Long-term Benefits of Metalworking Fluids to Positively Impact Their Adoption Rate
One of the prominent metalworking fluids market trends is the well-known benefits that these substances offer. For example, metal cutting fluids lubricate and provide a covering for the work-piece tool at the point where it touches other metals. This ensures that seizures and galling does not occur and a smooth surface finish is assured. Further, since these fluids reduce friction, they lower energy consumption, which makes these materials energy-efficient. Moreover, cutting fluids act as coolants for tools and do not let their temperature go above the critical value beyond which the tools harden and their rate of wear goes up. Owing to these advantages, metalworking fluids find wide applicability in a variety of industries, including aerospace, defense, and agriculture.
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Determined Efforts to Increase R&D Capacities by Players to Spur Competition
The metalworking fluids market analysis shows that competition in this market is likely to get intense owing to the increasing investment made by key players to enhance their R&D capabilities. Developing novel solutions would aid companies to firmly entrench their position in the market through wide product offerings.
Strong Economic Growth in India and China to Propel the Market in Asia-Pacific
Asia-Pacific is set to dominate the metalworking fluids market share on account of speedy development in the manufacturing sectors of China and India. Additionally, active efforts by governments of these and other Southeast Asian countries to promote manufacturing industries will bode well for this market. Lastly, increasing demand and consumption of automobiles will further fuel the market in this region.
The metalworking fluids market size in North America was USD 2.82 billion in 2018 and the region is anticipated to rise at a robust pace throughout the forecast period. A well-established automotive manufacturing sector in European countries will feed the growth of this market in the continent. Slower growth is foreseen in Latin America and the Middle East & Africa owing to low consumer demand.