FMI projects the metalworking fluids market to exhibit 3.7% CAGR between 2021 and 2031. Increasing adoption of lightweight materials for metal fabrication, heavy machinery, and transportation equipment will augment the sales.
Sales of metalworking fluids are expected to total US$ 9.6 Bn, with demand for removal fluids projected to rise at 3.5% in terms of volume. With increasing use of heavy machinery in the mining and construction industry, demand for multifunctional lubricants is expected to surge.
Request a report sample to gain comprehensive insights at https://www.futuremarketinsights.com/reports/sample/rep-gb-517
Key manufacturers are investing extensively in developing lubricants that are more efficient and are sustainable. As a result of growing sustainability concerns and need for compliance with government imposed rules on the use of harmful metals, key players are focusing on developing eco-friendly bio-based lubricants.
Hence, end users are increasingly adopting lightweight metals such as copper, aluminium, and zinc in the production of complex component for heavy machinery and transportation equipment. With rising demand for removal fluids and protection fluids, sales of metalworking fluids are expected to total 3.6 Mn Tons by 2031.
“Due to surging adoption of electric vehicles, demand for lightweight and multifunctional lubricants have increased. In order to cater the surging demand, key players are engaging in extensive research and development activities to develop bio-based metalworking fluids, while adhering to government regulation and to stay ahead in the competition,” says the FMI analyst.
Key Takeaways from FMI’s Metalworking Fluids Market Survey
- Based on category, straight oil in metal working fluids market is expected to hold the leading market share, registering 3.1% year-on-year growth in 2021
- Metal removal fluids are expected to account for over half of global metal working fluids market sales
- Over 50% of metal working fluids market sales are concentrated in transportation equipment sector
- Sales of metalworking fluids across North America will reach a shipment of 689,102 Tons, with the U.S. leading the market growth
- Growing adoption of lightweight vehicles in Germany is expected to boost the adoption of metalworking fluids by 3.5% CAGR
- Sales of metalworking fluids in China to surge at 5.1% CAGR on the back of increasing adoption of synthetic and semi-synthetic oils for heavy machinery production in automotive industry
- Increasing adoption of heavy machinery for diverse end-use application such as mining and construction, especially across East & South Asia, will propel the metalworking fluids market
- Extensive investment in research activities for the development of bio-based lubrication solutions to comply with government regulations regarding harmful synthetic chemicals will positively shape the market growth
- Growing preference for lightweight metals for the production of automotive such as electric vehicles and heavy machinery will augment the sales over the coming years
- Stringent regulations implemented on the use and production of harmful synthetic metal working fluids is likely to hamper the sales
- Shift of consumers towards sustainable and eco-friendly products in metalworking fluid will act as restraint for the market growth
- Declining use and production of metal parts among automakers and original equipment manufacturers will restrict the market growth
Top 5 players including Quaker Chemical Corporation, TotalEnergies SE, ExxonMobil, Idemitsu Kosan Co. Ltd, and BP PLC are anticipated to hold over 44-55% of global market share, estimates FMI.
Market players are focusing on product development and new product launches to gain competitive edge in the industry. Mergers, acquisition, and collaboration with other key players are expected to be the primary growth strategies adopted by leading companies.
- Leading player, Quaker Chemical Corporation, in 2021, announced the collaboration with Grindaix GmbH, a German high-tech coolant control and delivery systems provider. This new joint venture will help customers to precisely measure and optimize parameters such as coolant flow, velocity, nozzle angles, and other grinding applications in metalworking sector.
- In August 2020, Azelis Americas’ leading provider of lubricant and metal working fluid company, Monson, entered into a partnership with BASF to distribute BASF’s premium line of lubricant and metalworking components.
- In October 2020, Biosynthetic Technologies announced the launch of their new product line of novel additives for the metalworking fluids market, known as Biocea. These products were developed as revolutionary new class of high-performance bio-based additives for the use in metalworking fluids and were made available across the globe.
Prominent key players operating in metalworking fluids market profiled by FMI include:
- ExxonMobil Corporation
- Idemitsu Kosan, Co., Ltd
- Quaker Chemical Corporation
- Fuchs Petrolub SE
- BP plc.
- Apar Industries Ltd.
- TotalEnergies SE
- Yushiro Chemical Industry Co. Ltd.
- Cimcool Industrial Products LLC
- Metalworking Lubricants Company
More Valuable Insights on Metalworking Fluids Market
In its latest report, Future Market Insights report on global metalworking fluids market offers comprehensive analysis, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021 and 2031. The study also delves into deeper insights of the market through detailed segmentation:
- Straight Oil
- Emulsified Oil
- Semi-Synthetic Oils
- Synthetic Oils
By Product Type:
- Removal Fluid
- Protection Fluids
- Forming Fluids
- Treating Fluids
- Metal Fabrication
- Heavy Machinery
- Transportation Equipment
- General Manufacturing
- North America
- Latin America
- East Asia
- South Asia Pacific
- Middle East and Africa
Key Questions Covered in the Report
- The report offers insight into metalworking fluids market demand outlook for the forecast period 2021-2031
- The market study also highlights projected sales growth for metalworking fluids market between 2021 and 2031
- Metalworking fluids market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Metalworking fluids market share analysis, covering key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others