Metalworking Fluids Market growth is driven by increasing demand in the industrial and construction sectors | Key Players Castrol, Chevron Phillips Chemical Company, ExxonMobil, LUKOIL, The Lubrizol Corporation, Total, The Dow Chemical Company, Henkel, Sh
The metalworking fluids demand in machinery is likely to increase significantly over the forecast period on account of rapid growth in industrial and construction sectors in emerging economies. Increasing production in various sectors such as defense, automobiles, aerospace and marine is anticipated to be a major factor which will drive the MWF market in the coming years. The global aerospace & defense industry will grow significantly during the forecast timespan as the industry is slated to increase at 4.1% CAGR by 2025. The recovery of global economies, stable commodity prices and increase in passenger travel demand are likely to fuel the growth in commercial aircraft sector in near future. In defense sector, increased global security threats and higher spending on defense by countries including China, Japan, India and Saudi Arabia will drive global defense sector growth over forecast timespan, which will subsequently boost metalworking Market.
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Increasing adoption of electric vehicles and digitalization of automobiles pose a major threat to product demand over the forecast timeframe. Moreover, increasing hazardous waste has polluted natural resources to a major extent. This may hamper the metalworking fluids Market during the forecast time period. Furthermore, petroleum-based metalworking fluids are non-biodegradable due to which they pose a health risk to the workers, which are working in the industry for a long duration. Stringent environmental regulations have hampered metalworking fluids demand in past few years.
Soluble oil had a major market share in metalworking fluids market in 2017 and will remain market leading product segment over the forecast timeframe followed by semi-synthetic fluids. Synthetic fluids acceptance in the aerospace industry is increasing which can be attributed to the product's high resistance to corrosion & rust and non-flammability at higher temperatures. Synthetic fluids are likely to grow at the highest CAGR during the forecast period.
In application segment, removal oil had the largest market share in 2017 and is anticipated to grow at the highest CAGR in the coming years. Forming fluid was the second largest application segment in MWF market and anticipated to grow with a prominent CAGR over the forecast timeframe due to increasing forming fluid usage in automobile and steel industry.
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Owing to the robust growth in manufacturing and automobile sector, Asia Pacific led the global MWF market in 2017. Asia Pacific will remain the market leader by 2025 followed by Europe. MEA shall have second highest CAGR after Asia Pacific due to rapid industrialization and increasing disposable income of consumers in this region. Moreover, environment regulations in MEA are lenient compared to other regions which will further boost the product demand in the near future.
Major multinational giants and some medium size companies are working in the metalworking fluids industry. Major players operating in the metalworking fluids industry includes Lubrizol Corporation, Total, DowDuPont, Exxon Mobil Corporation, Apar Industries Limited, Henkel, Castrol Limited, Sinopec, PPG Industries, and Royal Dutch Shell PLC. The industry witness's strategic mergers and acquisitions by major players to retain their business share across the value chain. For instance, in April 2018, Italmatch Chemicals signed an agreement to acquire Afton Chemicals Corp's MWF business. Afton Chemicals is a wholly owned subsidiary of NewMarket Corp. This transaction is expected to be closed by the end of May 2018. Italmatch Chemicals will acquire the entire business and assets related to MWF in Bedford Park, U.S.
Metalworking Fluids Market by application
o Removal fluids
o Forming fluids
o Protecting fluids
o Treating fluids
Browse key industry insights spread across 281 pages with 296 market data tables & 50 figures & charts from the report, “Metalworking Fluids Market” in detail along with the table of contents:
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