Metalworking Fluids Market Estimated to Reach US$ 12.74 Billion Globally By 2026
October 13, 2021
The global metalworking fluids market reached a value of US$ 9.46 Billion in 2020. IMARC Group expects the market to grow at a CAGR of 5.1% during 2021-2026.SHERIDAN, WYOMING, UNITED STATES, October 13, 2021 /EINPresswire.com/ -- According to the latest report by IMARC Group, titled “Metalworking Fluids Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global metalworking fluids market size reached US$ 9.46 Billion in 2020. Metalworking fluids (MWFs) comprise a wide range of oils and other liquids utilized in the functioning of metal pieces of machinery during industrial operations. They reduce friction and heat and prevent burning and smoking, which is generated between cutting tools and workpieces. They assist in extending the tool life, improving the performance and quality of the workpiece, minimizing the chances of wear and tear and delivering a superior surface finish for the welding process. Consequently, MWFs are extensively used around the world in mechanical workshops for cutting and shaping metals.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Global Metalworking Fluids Market Trends:
Significant growth in the automotive sector on account of the growing global population and inflating disposable incomes represents one of the key factors catalyzing the demand for MWFs across the globe. MWFs are utilized in metal removal, chemical protection and treatment, and enhancing the overall service life of the tool. Apart from this, a considerable shift from conventional metal alloys to stainless steel, titanium, and aluminum are driving the sales of MWFs further. Additionally, original equipment manufacturers (OEM) are conducting research and development (R&D) activities to generate higher volumes of metal components and ensure energy efficiency in equipment. This, in confluence with the growing consumer expenditure on vehicle modifications, is acting as another growth-inducing factor. Looking forward, the market value is projected to reach US$ 12.74 Billion by 2026, expanding at a CAGR of 5.10% during the forecast period (2021-2026).
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
Hindustan Petroleum Corporation Limited
Indian Oil Corporation Limited
PETRONAS Lubricants International
Quaker Chemical Corporation
Metalworking Fluids Market Segmentation:
Our report has categorized the market based on region, product type, source, end use, fluid type and industry.
Market Breakup by Product Type:
Market Breakup by Source:
Market Breakup by End Use:
Fabricated Metal Products
Market Breakup by Fluid Type:
Neat Cutting Oils
Water Cutting Oils
Soluble Cutting Oils
Semi-synthetic Cutting Oils
Synthetic Cutting Oils
Corrosion Preventive Oils
Market Breakup by Industry:
Electrical and Power
Breakup by Region:
North America (United States, Canada)
Europe (Germany, France, United Kingdom, Italy, Spain, Others)
Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
Market Performance (2015-2020)
Market Outlook (2021-2026)
Porter’s Five Forces Analysis
Market Drivers and Success Factors
Comprehensive Mapping of the Competitive Landscape
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