Metalworking Fluids Market size is likely to reach USD 14.54 billion by 2025, registering at a 4.4% CAGR during the forecast period. Metalworking fluids are primarily used in manufacturing industries to reduce tool wear friction and improve the quality of workpiece and process productivity.
“Metal working fluids are one of
the most complex attributes of any manufacturing process, which has a
proportionate impact on energy resources and productivity. MWF is an emerging
trend and its futuristic potential is regarded as a substitute for fossil
fuel.”
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The key driving factors responsible for the growth of Metalworking
Fluids market :
The prolonged use of metal
working fluids has been reported to cause several health problems such as
cancer, bronchitis, asthma, and hypersensitivity pneumonitis. The prevailing
health hazards associated with the use of metal working fluids is a major
factor hampering the metalworking fluid industry growth.
The metalworking fluids market
has been segmented based on the product type into mineral, synthetic and
bio-based. Based on application, the market has been categorized as neat
cutting oils, water cutting oils, and others. Water cutting oils have been
further sub segmented into soluble cutting oils, synthetic cutting oils, and
semi-synthetic cutting oils. The metalworking fluid market has found its
numerous industries across metal fabrication, machinery, transportation
equipment, and others. Industrial end-users consist of construction,
agriculture, electrical & power, aerospace, rail, automobile,
telecommunication, marine, and healthcare.
Neat cutting oil or insoluble oil
is generally used in a combination with mineral oil to enhance its performance
under high pressure and temperatures. These are used as lubricants to improve
the finish on a metal cut and prevent its rusting process. However, researchers
in several epidemiological studies have scaled the adverse effects of
polycyclic aromatic hydrocarbons (PAHs) that are present in neat cutting oils
and thus, propelled an adoption of synthetic cutting oils. Synthetic
metalworking fluid provides detergent action, reduces oxidation and misting to
offer effective rust protection mechanism. Synthetic MWF is a composition of
organic and inorganic salts mixed in water. It has not demonstrated any
potential adverse health effects.
Geographical segmentation has
presented a detailed analysis of push-to-talk market growth prospects across
the regions of North America, the Asia Pacific, Europe, the Middle East, and
Africa, and Latin America. The developing countries of Asia Pacific and the
Middle East & Africa have demonstrated steady growth due to low labor costs
and minimum initial investments. The Indian and Chinese government policies are
keen on implementing export-oriented standards in order to grab the
international attention, which shall be fueling their foreign trades in the
upcoming years. The flourishing heavy-duty manufacturing industries across
North America and European regions have generated a firm demand for metalworking
fluids market.
The competitive landscape
showcases the profiles and business strategies of the major players, along with
their recent developments. Some of the dominant players operating in this
market include Apar Industries Limited, Chevron Phillips Chemical Company,
Castrol, ExxonMobil Houghton International, , Fuchs Lubricants Co., LUKOIL,
Total, The Lubrizol Corporation, Quaker Chemical Corporation, Master Chemical
Corporation, The Dow Chemical Company, Milacron, Henkel, Chemetall, Afton
Chemical, PPG Industries, Hindustan Petroleum Corporation Limited, Shell,
Indian Oil Corporation Limited, PT.Pertamina (Persero), and SINOPEC among
others.
Players are entering into
business partnerships with fellow contestants and are significantly investing
in innovation strategies, which is estimated to drive the cellular vendors to
reach new growth markets.
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