Metalworking Fluids Market size is poised to exceed USD 14 billion by 2024: Global Market Insights Inc.
Metalworking Fluids Market size is poised to exceed USD 14 billion by 2024; according to a new research report by Global Market Insights, Inc.
Rapidly growing automotive industry is analyzed to be the key factor propelling the global metalworking fluids market size over the forecast timeframe. In 2015, the overall automobile industry was valued at over USD 600 billion and is estimated to exceed USD 900 billion over the next eight years.
Metals are widely used in automobiles due to their physical and molecular stability and structural strength. Metalworking fluids are used as coolants in automotive applications including metal protecting, metal forming, metal removal and metal treating. Using metalworking fluids also increases the automobile part life by reducing wear & thermal deformation and increasing lubrication. This will consequently help to propel business growth over the projected timeframe.
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Metal fabrication industry is experiencing escalating growth and is likely to boost metalworking fluids market share by 2024, with 2015 volume being close 1.5 billion tons and projected to reach 2.3 billion tons by the end of 2024. Steel & metal are crucial components of aerospace, automobile, original equipment manufacturers (OEMs) and machinery. Various downstream process of steel & metal such as cutting, bending and assembling, which involves the usage of these fluids, ultimately resulting in industry growth.
Stringent environmental regulations towards rising toxic leftover disposal may hamper metalworking fluids market share. Worker health risk concerns through these fluids may obstruct growth. Strong demand indicators of alloys such as aluminum in the automotive and aerospace industry may restrict product demand over the forecast timeframe, as these compounds do not demand metalworking fluids during the machining process.
Petrochemicals are the basic raw materials used in the industry, oscillating crude oil prices may negatively influence metalworking fluids market price trends. However, emergence of bio-based metalworking fluids market has created new growth avenues for the industry participants.
Browse key industry insights spread across 108 pages with 86 market data tables & 12 figures & charts from the report, “Metalworking Fluids Market Size By Application (Removal, Forming, Protecting, Treating), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, GCC) Application Potential, Price Trends, Competitive Market Share & Forecast, 2015 – 2024” in detail along with the table of contents:
Key insights from the report include:
- Global metalworking fluids market size is projected to reach USD 14.70 billion by 2024, with estimated gains at 4.6% CAGR.
- In 2015, metalworking fluids market size for protecting fluids generated revenue more than USD 1.2 billion. Protective fluids form a thin insulating layer in between the metal surface and contaminant including water, moisture, air and other corrosion-forming elements.
- Metalworking fluids market share for treating fluids is analysed to witness gains more than 2.5% CAGR by 2024. These fluids are widely used to maintain temperature in the quenching and metalworking processes.
- In 2015, North America, mainly led by the U.S. metalworking fluids market share was valued more than USD 2.5 billion. Improving OEM and automotive sector in the U.S. post economic downturn is the major reason for regional growth.
- Europe, led by Germany and UK, metalworking fluids market size will witness 4% CAGR over the forecast timeframe.
- Asia Pacific, particularly led by India, China and Indonesia, metalworking fluids market size was dominant region in 2015. The regional business growth was mainly driven by rapid industrialization accompanied with escalating automotive sector.
- In 2015, the global metalworking fluids market was competitive. Some of the product manufacturer contributing the industry share includes Castrol Limited, Lukoil Lubricants, Apar Industries, FUCHS, Chevron Phillips Chemical Company LP, Exxon Mobil Corporation, The Lubrizol Corporation and Lukoil Lubricants.