Global Metalworking Fluids Market is estimated to be valued at US$ 1,230.7 Mn in 2022, According to the Global Metalworking Fluids Market Report, by Application (Removal Fluids, Forming Fluids, Protecting Fluids, and Treating Fluids), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa), published by Coherent Market Insights.
The global metalworking fluids market was valued at US$ 1,230.7 Mn in 2022. The market is expected to exhibit a CAGR of 4.7% over the forecast period (2023-2030), to reach US$ 1,780.5 Mn by 2030. Metalworking fluids are used to reduce heat and friction and to remove metal particles in industrial machining and grinding operations. There are numerous formulations of metalworking fluids ranging from straight oils (such as petroleum oils) to water-based fluids, which include soluble oils and semisynthetic/synthetic fluids. Metalworking fluids may be complex mixtures of oils, emulsifiers, anti-weld agents, corrosion inhibitors, extreme pressure additives, buffers (alkaline reserve), biocides, and other additives.
The manufacturing sector is expected to be the most affected by the COVID-19 crisis. The crisis is expected to disrupt both demand as well as supply chains and the capability of companies to deliver goods to market. The virus has struck the core global value chain regions including China, Europe, and the U.S. According to World Economic Forum, industrial output in China fell by 13.5% in the first two months of 2020 compared to the previous year. Slowdown in manufacturing is expected to impact the demand for metalworking fluids from this sector.
To know the latest trends and insights prevalent in this market, click on the link below:
https://www.coherentmarketinsights.com/market-insight/metalworking-fluids-market-4007
Key Trends and Analysis of the Global Metalworking Fluids Market:
- Increasing investments by major market players to cater to the growing demand for metalworking fluids market worldwide is a major trend in the market, and this trend is expected to augment the market growth. For instance, in October 2022, Quaker Houghton, a global pioneer in process fluid solutions, presented a wide range of industrial products at FABTECH 2022, Booth B5159.
- Partnerships and collaborations among major manufacturers for establishing their regional as well as global presence is a major trend in the market. For instance, in October 2022, CF Industries and ExxonMobil signed the most significant commercial arrangement of its type to capture and permanently store up to 2 million metric tonnes of CO2 emissions annually from CF Industries' Louisiana manufacturing complex.
Key Takeaways of the Global Metalworking Fluids Market:
- On the basis of application, in 2022, the removal fluids segment accounted for the largest market share of 49.4% in terms of value, followed by forming fluids and protecting fluids segments respectively
- Asia Pacific led the market in 2022 and accounted for 41% of the overall industry volume. Increasing automotive customer base in China and India along with robust industrialization in the region is expected to boost the metalworking fluids demand in the coming years.
