In the past few decades, metalworking fluids (MWFs) have become widely used in the manufacturing process of numerous metal parts. MWFs are a type of cooling fluid used for metal processing and fabrication, offering many benefits such as improved machinability and tool life, better chip formation and less energy consumption. The growing demand for metal parts and components in various end-user industries is driving the demand for metalworking fluids.
According to a new report from Mordor Intelligence, the global metalworking fluids market is expected to grow at a CAGR of 5.35% from 2023 to 2032, reaching a value of USD 8,5 12.1 billion. Drivers for this growth include technological advancements in metalworking fluids, increasing investments in manufacturing, and rising automotive production. The growing demand for metals in the production of aircraft and rising global trade are also expected to fuel the growth of the metalworking fluids market.
The report also provides an in-depth analysis of the market trends, drivers, opportunities, and restraints. It also highlights the market's competitive landscape, enabling market players to get an idea of the competitive environment. Furthermore, the report provides a comprehensive analysis of the SWOT and PEST analysis, value chain analysis, and industry forecast.
The market is segmented on the basis of type, application, and region. The type segment includes semi-synthetic metalworking fluids, synthetic metalworking fluids, and biobased metalworking fluids. The application segment is divided into cutting, forming, honing, grinding, and others. Geographically, the market is divided into North America, Europe, Asia-Pacific, Middle-East and Africa, and Latin America.
Major players in the metalworking fluids industry include Houghton International, Inc., Quaker Chemical Corporation, Chevron Corporation, Petro-Canada Lubricants Inc., Total S.A., Royal Dutch Shell plc, FUCHS Lubricants Co., Blaser Swisslube, Inc., and ExxonMobil Corporation. Strategically, these players are focused on investments in research and development activities to enhance their product offerings and strengthen their competitiveness in the global market.
In conclusion, the metalworking fluids market is projected to show steady growth in the coming years, driven mainly by increased investments in manufacturing and rising automotive production. In addition, the emergence of newer technologies and the growing demand for metals in the production of aircraft are expected to fuel the growth of the market.
R&D investments, technological advancements, and strategic collaborations are some of the key strategies adopted by market players to strengthen their foothold in the global metalworking fluids market. A shift towards development of specialty metalworking fluids is expected, presenting a wide range of opportunities for market players in the coming years.
