Metalworking Fluids Market size is likely to reach USD 14.54 billion by 2025, registering at a 4.4% CAGR during the forecast period. Metalworking fluids are primarily used in manufacturing industries to reduce tool wear friction and improve the quality of workpiece and process productivity.
“Metal working fluids are one of the most complex attributes of any manufacturing process, which has a proportionate impact on energy resources and productivity. MWF is an emerging trend and its futuristic potential is regarded as a substitute for fossil fuel.”
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The key driving factors responsible for the growth of Metalworking Fluids market :
The prolonged use of metal working fluids has been reported to cause several health problems such as cancer, bronchitis, asthma, and hypersensitivity pneumonitis. The prevailing health hazards associated with the use of metal working fluids is a major factor hampering the metalworking fluid industry growth.
The metalworking fluids market has been segmented based on the product type into mineral, synthetic and bio-based. Based on application, the market has been categorized as neat cutting oils, water cutting oils, and others. Water cutting oils have been further sub segmented into soluble cutting oils, synthetic cutting oils, and semi-synthetic cutting oils. The metalworking fluid market has found its numerous industries across metal fabrication, machinery, transportation equipment, and others. Industrial end-users consist of construction, agriculture, electrical & power, aerospace, rail, automobile, telecommunication, marine, and healthcare.
Neat cutting oil or insoluble oil is generally used in a combination with mineral oil to enhance its performance under high pressure and temperatures. These are used as lubricants to improve the finish on a metal cut and prevent its rusting process. However, researchers in several epidemiological studies have scaled the adverse effects of polycyclic aromatic hydrocarbons (PAHs) that are present in neat cutting oils and thus, propelled an adoption of synthetic cutting oils. Synthetic metalworking fluid provides detergent action, reduces oxidation and misting to offer effective rust protection mechanism. Synthetic MWF is a composition of organic and inorganic salts mixed in water. It has not demonstrated any potential adverse health effects.
Geographical segmentation has presented a detailed analysis of push-to-talk market growth prospects across the regions of North America, the Asia Pacific, Europe, the Middle East, and Africa, and Latin America. The developing countries of Asia Pacific and the Middle East & Africa have demonstrated steady growth due to low labor costs and minimum initial investments. The Indian and Chinese government policies are keen on implementing export-oriented standards in order to grab the international attention, which shall be fueling their foreign trades in the upcoming years. The flourishing heavy-duty manufacturing industries across North America and European regions have generated a firm demand for metalworking fluids market.
The competitive landscape showcases the profiles and business strategies of the major players, along with their recent developments. Some of the dominant players operating in this market include Apar Industries Limited, Chevron Phillips Chemical Company, Castrol, ExxonMobil Houghton International, , Fuchs Lubricants Co., LUKOIL, Total, The Lubrizol Corporation, Quaker Chemical Corporation, Master Chemical Corporation, The Dow Chemical Company, Milacron, Henkel, Chemetall, Afton Chemical, PPG Industries, Hindustan Petroleum Corporation Limited, Shell, Indian Oil Corporation Limited, PT.Pertamina (Persero), and SINOPEC among others.
Players are entering into business partnerships with fellow contestants and are significantly investing in innovation strategies, which is estimated to drive the cellular vendors to reach new growth markets.
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Liquid and powder sector accounted for the majority market share of glucuronolactone and is estimated to lead the overall market in the years to come.
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