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Metalworking Fluids Market to Reach US$14.79 Billion by 2024

08-31-2018 08:54 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: Transparency Market Research Reports

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Metalworking Fluids Market to Reach US$14.79 Billion by 2024

The global metalworking fluids market had an evaluated opportunities worth US$9.91 bn in 2015, and is estimated to reach a valuation of US$14.78 bn by the end of 2024, rising at a 4.6% during the forecast period of 2016 to 2024. Application in various end-use industries such as automation, metal fabrication, steel, and original equipment manufacturers (OEM) are favoring the market expansion, although environmental issues and health risk to workers is hindering the growth rate.

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Automotive Industry Maintains Removal Fluids as Most Important Application Segment

Application-wise, the global metalworking fluids market is segmented into removal fluids, protecting fluids, treating fluids, and forming fluids. Out of these, removal fluids application segment accounted for the maximum shares at 50.8% in 2014, and is expected to remain dominant throughout the forecast period. Metalworking fluids are used widely in the metalworking process in industries such as automotive and metal fabrication. The fluids are generally employed in applications such as metal removal, metal forming, metal protecting, and metal treating. In terms of volume, the removal fluids application segment is projected to reach 1,876.1 kilo tons by 2024.

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North America Remains Most Profitable Region

Region-wise, the global metalworking fluids market is segmented into North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. In terms of volume, North America accounted for the maximum 26.1% shares in 2014. Country-wise, the U.S. contributed to nearly three-fourth of the demand from North America, with removal fluids holding the position of most in-demand application segment. The metalworking fluids market in North America is projected to expand at a steady pace compared to the global growth rate, primarily due to the increasing application of removal fluids and forming fluids in the region. Asia Pacific is estimated to expand at the most prominent growth rate, owing to thriving automotive industry, with China producing most of the demand for metalworking fluids.

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The global metalworking fluids market is fragmented in nature with the presence of several global players, and emergence of a number of domestic players who are providing products of similar quality to eat into the global shares. Exxon Mobil Corporation, FUCHS, and Houghton are three of the leading global players in this market who held maximum shares in 2014. LUKOIL Lubricants Company, Chevron Phillips Chemical Company, Castrol Limited, The Lubrizol Corporation, Total, and Chem Arrow Corporation are some of the other prominent players in the global market for metalworking fluids.

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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

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