The Metalworking Fluids Market to see Remarkable Growth by 2027

The Metalworking Fluids Market to see Remarkable Growth by 2027

Global metalworking fluids (MWF) market forecast will be mainly driven by robust demand across aerospace, defense, marine, and automotive applications. Rapid industrialization and urbanization, particularly in emerging economies, and the subsequent growth of the construction sector is anticipated to fuel the demand for metalworking activities in the near future.

Metalworking fluids can be segmented into synthetic fluids, semi-synthetic fluids, soluble oil, and neat oil based on products. Soluble oil segment held a dominant revenue share in global MWF industry during 2017 followed by semi-synthetic fluids.

In recent years, the demand for synthetic fluids in aerospace applications has been rising steadily. This can be linked with advantages such as non-flammability at higher temperatures and excellent resistance to corrosion and rust. Synthetic fluids are anticipated to record the highest CAGR over 2018-2025.

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Many countries including China, India, Japan, and Saudi Arabia are increasingly spending on defense on account of increased security concerns and threats. Expansion of the defense sector, a major consumer of metalworking fluids, is expected to augment the market share significantly. Global Market Insights, Inc., predicts that global metalworking fluids market size will be worth US$15 billion by 2025.

The global aerospace & defense sector application segment is projected to grow at a healthy 4.1% CAGR up to 2025. This can be attributed to the recovery of global economies and stable commodity prices which has consequently increased the demand for air travel and fuel military budgets. Lucrative growth in commercial aircraft sector will undeniably complement MWF industry outlook over the coming years.

On the basis of applications, removal fluids accounted for one of the largest revenue shares in 2017 followed by forming fluids. Forming fluids are expected to experience strong demand from automobile and steel sectors and will register a prominent CAGR during the analysis period. Presence of several multinational giants as well as large number of medium-size enterprises will complement MWF market size.

Asia Pacific dominated the global MWF industry size in 2017 on account of robust growth of the automobile and manufacturing sector. The region is expected to lead the industry up to 2025 followed by Europe. Rapid industrialization and urbanization in Middle East and Africa region along with rising disposable incomes of consumers will bolster the regional outlook. In addition, presence of a comparatively lenient regulatory framework in the region will stimulate the demand for metalworking fluids.

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Lubrizol Corporation, Exxon Mobil Corporation, Henkel, Sinopec, Royal Dutch Shell PLC, PPG Industries, Castrol Limited, Apar Industries Limited, DowDuPont, and Total are some of the major industry participants in global MWF market. These companies use merger & acquisition and collaboration strategies from time to time to expand their business share across the value chain.

For instance, Italmatch Chemicals had struck a deal in April 2018 to acquire Afton Chemicals Corporation’s MWF business. Moreover, market players are continuously making R&D efforts and investments to come up with new product formulations to address the growing product demand. These companies are required to adhere to regulatory and government norms which will boost product innovations over the coming years, driving future metalworking fluids market trends.

About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

 

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