Metalworking Fluids Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2034
Page: 215 | Report Code: MC240604 | Research Suite: Report (PDF) & Market Data (Excel)
Metalworking fluids commonly referred to as cutting and coolant fluids are liquids or oils used in metal cutting, grinding, forming, as well as other operations on metals. These fluids act as coolants, lubricants and chip carriers and provide corrosion protection all of which contribute to better machining, better surface finish and longer tool life. Metalworking fluids are used at the tool–work-piece interface during machining operations and are intended to act as lubricants, heat sinks, and chip breakers. They can be in the form of oil, emulsion and solution depending on the machining process and the type of material to be machined. In general, metalworking fluids are an indispensable part of modern production technologies, ensuring higher production rates, better processing quality and improved product quality in machinery, electronics, metal fabrication, and transport equipment manufacturing among others.
The global market for metalworking fluids has
witnessed significant growth owing to the expansion of the manufacturing
sector, technological advancements, and the increasing demand for high-quality
machined components across various industries. The rapid growth of industries
such as automotive, aerospace, and machinery, particularly in emerging
economies, is driving the demand for metalworking fluids to support machining
and manufacturing operations.
The metalworking fluids market is anticipated to reach USD XXX.X million by 2034 from USD XXX.X million in 2023, at a CAGR of XX.X% during the forecast period.
The growing demand for high-precision machined components
with superior surface finish and dimensional accuracy is fueling the adoption
of advanced metalworking fluids that can meet stringent quality requirements.
Moreover, continuous advancements in fluid formulations, additives, and
manufacturing processes are enhancing the performance and efficacy of
metalworking fluids, which is expected to further boost the metalworking fluids
market during the forecast period 2024-2034.
Growth
Drivers:
Automotive and aerospace
industries are some of the biggest users of metalworking fluids principally
because automotive and aircraft manufacturing involves joining or treating
numerous parts including engine parts, transmission components as well as
aircraft structures. The growth of automotive industry plants and the aerospace
manufacturing centers in various regions also boosts market prospects of
metalworking fluids.
The growth of the manufacturing
sector especially seen in the emerging markets is one of the most promising
drivers for the metalworking fluids market. Some of the core business segments
where metalworking fluids are demanded for lubrication, cooling and protection
include transport equipment manufacturing, machinery and electronics. The
growth indicators of the metalworking fluids market include the rising demands
of industries that are involved in industrialization and infrastructure
development across the globe.
The significance of machined
components that fit tighter tolerances, smoother surface finishes, and improved
dimensional tolerances is growing across automotive, aerospace, and electronics
sectors. MWFs are very effective as they help in reducing friction between the
tool and the work piece, protect the tools from wear and tear, and assist in
the removal of the chips. Based on various end use industries and rising need
for enhanced quality performance and precision in manufacturing processes,
there is a growing need for advanced metalworking fluids which is further
boosting the market growth.
The constant innovation in the
formulations of fluids, additives, and cutting and grinding techniques are some
of the factors that are driving the market for metalworking fluids. OEMs are
focusing on research initiatives in an effort to develop different new fluids
that meet new requirements in terms of lubrication, cooling, and corrosion
protection. The market is influenced by synthetic and semi-synthetic fluids
that demonstrate higher performance characteristics, increased tool life, and
enhanced affordability of machining.
Metalworking Fluids Segmentation:
By Type:
·
Synthetic
Fluids
·
Semi-Synthetic
Fluids
·
Straight
Oils
·
Soluble
Oils
·
Others
By Product Type:
·
Protecting
Fluids
·
Removal
Fluids
·
Forming
Fluids
·
Treating
Fluids
·
Others
By End-Use Industry:
·
Metal
Fabrication
·
Machinery
·
Transport
Equipment Manufacturing
·
Electronics
·
Others
By Region:
·
North America
·
Europe
·
Asia Pacific
·
Latin America
·
Middle East
and Africa
Metalworking Fluids Market by Type Review:
Based on the type, the metalworking fluids market is segmented into five segments including synthetic fluids, semi-synthetic fluids, straight oils, soluble oils, and others. On the basis of type, the soluble oils segment is expected to dominate the market in terms of market share, while the synthetic fluids segment is also predicted to grow at the highest rate in terms of CAGR during the forecast period.
Metalworking
Fluids Market by Product Type Review:
Based on the product type, the
market is segmented into protecting fluids, removal fluids, forming fluids,
treating fluids, and others. On the basis of product type, the removal fluids segment
is expected to be the largest in terms of market share, while the forming
fluids segment is predicted to grow at the highest rate in terms of CAGR during
the forecast period.
Metalworking
Fluids Market by End-Use Industry Review:
Based on the end-use industry, the
market is segmented into metal fabrication, machinery, transport equipment
manufacturing, electronics, and others. On the basis of end-use industry, the transport
equipment manufacturing segment is expected to be the largest in terms of
market share, while the electronics segment is predicted to grow at the highest
rate in terms of CAGR during the forecast period.
Regional
Outlook:
The metalworking fluids market research report offers
detailed analysis and forecasts for five major regions i.e., North America,
Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa.
The Asia Pacific region is forecasted to dominate the global
metalworking fluids market followed by North America, Europe, Latin America,
and Middle East & Africa during the forecast period 2023-2030.
The metalworking fluids market is expected to be dominated
by the Asia Pacific region in the future as well with the market share of XX.
X% in 2023. They include the growth of end-user industries, industrialization,
and sound economic development which are the main drivers of the regional
metalworking fluids market. Key countries that have boosted this market in Asia
Pacific include China, India, Japan, South Korea, Indonesia, Malaysia,
Thailand, and other South-East Asian countries. Furthermore, the use of
hi-speed machining technology and Computer Numerical Control (CNC) is also
rising in the Asia Pacific region. These technologies need metalworking fluids
with improved properties and it is expected to fuel the metalworking fluids
market in the region for the forecast period of 2024-2034.
The Asia Pacific metalworking fluids market is rising at a
steady pace due to the growing manufacturing industry, especially in the
emerging economies of China, India, Japan, South Korea, and Southeast Asian
countries.
Automotive and aerospace are some of the major markets for
metalworking fluids in Asia Pacific region. In terms of demographics, the
middle-class population is growing and incomes are rising in the region,
resulting in increased purchase of automobiles and air travel. For instance,
based on data from the Society of Indian Automobile Manufacturers (SIAM), the
domestic sales of passenger vehicles in India rose from 30,69,523 units in the
year 2022-2023 to 38,90,114 units in the year 2023-2024. This development,
alongside changes in manufacturing trends towards utilizing lightweight
materials and more accurate metalworking processes, has demanded the use of
improved metalworking fluids in the automotive and aerospace industries.
Moreover, owing to the growing focus on advanced
manufacturing technologies and production facilities by countries like China
through its “Made in China 2025” and India via “Make in India”, the market is
expected to gain momentum in the region during the forecast period of 2024-2034.
North America is one of the major market for metalworking fluids because of these reasons such as the strong manufacturing industry and improvements in machining technologies. There is also the element of automotive industry present in the region, the aerospace, and so on, these industries are intensive users of metalworking fluids for machining and lubrication. In addition, the advancement in manufacturing technologies like Computer Numerical Control (CNC) machining and Additive manufacturing has increased the requirement for high-performance metal working fluids in region and this factor is likely to boost the growth of the metal working fluids market in the region during the forecast period 2024-2034.
Key
Companies in Metalworking
Fluids Market:
The research report offers a competitive analysis of
prominent companies operating in the metalworking fluids market. Some of the
leading players profiled in the market research report include:
·
Quaker Houghton
·
TotalEnergies SE
·
Chevron Corporation
·
Exxon Mobil Corporation
·
LUKOIL
·
FUCHS
·
Idemitsu
·
CASTROL LIMITED
·
Valvoline, Inc.
·
Chem Arrow Corporation
·
China Petroleum & Chemical
Corporation
· Other Players