Global Metalworking Fluids Market Size To worth USD 19.15 Billion by 2033 | CAGR of 4.74%
Category: Chemicals & MaterialsGlobal Metalworking Fluids Market Size To worth USD 19.15 Billion by 2033
According to a research report published by Spherical Insights & Consulting, The Global Metalworking Fluids Market Size is Expected to Grow from USD 12.05 Billion in 2023 to USD 19.15 Billion by 2033, at a CAGR of 4.74% during the forecast period 2023-2033.
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Browse key industry insights spread across 230 pages with 128 Market data tables and figures & charts from the report on the "Global Metalworking Fluids Market Size, Share, and COVID-19 Impact Analysis, By Product (Mineral, Synthetic, and Bio-Based), By Application (Neat Cutting Oil, Water Cutting Oil, Corrosion Preventive Oil, and Others), By End-use (Metal Fabrication, Transportation Equipment, Machinery, and Others), By Industrial End-use (Construction, Electric & Power, Agriculture, Automobile, Aerospace, Rail, Marine, Telecommunications, and Health Care), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033. " Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/metalworking-fluids-market
The metalworking fluids market refers to the market that sells metalworking fluids for lubricating and cooling metal during manufacturing. Everyday activities including milling, drilling, cutting, stamping, and grinding require metalworking fluids in a variety of industries. Increased demand for heavy industry and automotive products, together with a growing preference for lightweight components in high-performance applications including construction, heavy machinery, and transportation equipment, are driving the metalworking fluid market trend. By meeting the continuous demand for effective machinery operation and maintenance, this industrial expansion created opportunities for metalworking fluids market. The increasing need for metalworking fluids in the automotive and transportation industry along with the growing production of vehicles are significantly propelling the metalworking fluids market demand. Further, the specific end-use industries such transportation equipment, metal fabrication, and machinery are driving the market for metalworking fluids. On the contrary, the stringent regulations imposed by government agencies for protecting people, environment and workers from hazards, which are closely related to industrial manufacturing are challenging the metalworking fluids market.
The mineral segment held the largest share of the global metalworking fluids market in 2023 and is expected to grow at a significant CAGR during the forecast period.
Based on the product, the global metalworking fluids market is divided into mineral, synthetic, and bio-based. Among these, the mineral segment held the largest share of the global metalworking fluids market in 2023 and is expected to grow at a significant CAGR during the forecast period. The increased use of mineral-based fluids in drilling, milling, broaching, grinding, and turning operations is driving the market growth.
The neat cutting oil segment accounted for the largest share of over 42.0% in 2023 and is expected to grow at a significant CAGR during the forecast period.
Based on the application, the global metalworking fluids market is divided into neat cutting oil, water cutting oil, corrosion preventive oil, and others. Among these, the neat cutting oil segment accounted for the largest share of over 42.0% in 2023 and is expected to grow at a significant CAGR during the forecast period. The growing use of high-alloy steel in the heavy equipment manufacturing sector is driving the market demand for metalworking fluids.
The machinery segment accounted for the largest revenue share of more than 41.61% in 2023 and is anticipated to grow at a significant CAGR during the forecast period.
Based on the end-use, the global metalworking fluids market is divided into metal fabrication, transportation equipment, machinery, and others. Among these, the machinery segment accounted for the largest revenue share of more than 41.61% in 2023 and is anticipated to grow at a significant CAGR during the forecast period. The increased usage of MWFs among small scale enterprises due to limited procurement budgets contributing to driving the market in the machinery segment.
The construction segment dominated the market with the largest revenue share of 26.98% in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe.
Based on the industrial end-use, the global metalworking fluids market is divided into construction, electric & power, agriculture, automobile, aerospace, rail, marine, telecommunications, and health care. Among these, the construction segment dominated the market with the largest revenue share of 26.98% in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe. The increasing building and construction activities along with the demand for construction machinery in industrial, residential, and commercial construction are driving the market growth.
Asia Pacific is projected to hold the largest share of the global metalworking fluids market over the forecast period.
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Asia Pacific is projected to hold the largest share of the global metalworking fluids market over the forecast period. The increased need for superior lubrication performance in automotive grinding and machining operations is propelling the metalworking fluids market demand. Further, the robust manufacturing base in China and India is driving the market demand for metalworking fluids.
North America is predicted to grow at the fastest CAGR in the metalworking fluids market over the forecast period. MWF manufacturers in North America offer mineral, synthetic, and water-soluble oils that are appropriate for grinding and machining processes on both ferrous and non-ferrous metals, thereby propelling the metalworking fluids market.
Major key players in the metalworking fluids market include Houghton International, Inc., Chevron Corp., Exxon Mobil Corp., BP plc, TotalEnergies, Indian Oil Corporation Ltd., Henkel AG & Co. KGaA, Hindustan Petroleum Corporation Ltd., Blaser Swisslube AG, Total S.A., FUCHS, China Petroleum & Chemical Corp., Kuwait Petroleum Corp., and Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Recent Developments
- In January 2023, Univar Solutions B.V., a subsidiary of Univar Solutions, Inc., a leading global solutions provider to users of specialty ingredients and chemicals, announced the Company has been appointed as distributor for Marott Graphic Services (MGS Chemistry Group) unique rust protection additives for inks, coatings, rust prevention oils, and lubricants and metalworking fluids in Europe.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global metalworking fluids market based on the below-mentioned segments:
Global Metalworking Fluids Market, By Product
- Mineral
- Synthetic
- Bio-Based
Global Metalworking Fluids Market, By Application
- Neat Cutting Oil
- Water Cutting Oil
- Corrosion Preventive Oil
- Others
Global Metalworking Fluids Market, By End-use
- Metal Fabrication
- Transportation Equipment
- Machinery
- Others
Global Metalworking Fluids Market, By Industrial End-use
- Construction
- Electric & Power
- Agriculture
- Automobile
- Aerospace
- Rail
- Marine
- Telecommunications
- Health Care
Global Metalworking Fluids Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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