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Metalworking Fluids Global Market Analysis, Trends, Growth, Research And Forecast 2033
Metalworking Fluids Global Market
According to The Business Research Company's, The metalworking fluids market size has grown strongly in recent years. It will grow from $12.21 billion in 2023 to $13 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to manufacturing growth, cutting and forming operations, corrosion prevention, regulatory compliance, automotive industry.
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Market Drivers and Trends:
The growing demand for construction is expected to propel the growth of the metalworking fluids market going forward. Construction refers to the activity of building something, typically a large structure. Metalworking fluids are utilized in construction for machining and fabricating metal components and structures. For instance, according to Rethinking The Future, an India-based platform for architecture & design, by 2024, the Canadian construction industry will grow at an 8.5% compound annual growth rate (CAGR). This will increase the value of Canada's construction industry to $354.9 billion (USD). Furthermore, in February 2023, according to the Office for National Statistics, a UK-based Government department, reported that the yearly construction output of the UK for 2022 saw a rise of 5.6% compared to 2021. This came after an unprecedented growth of 12.8% in 2021. Therefore, the growing demand for construction is driving the growth of the metalworking fluids market.
Major companies operating in the metalworking fluids market are launching polymeric ester additives such as the DOVERLUBE 31700 to enhance lubricity in the metalworking fluid industry. DOVERLUBE 31700 is an oil-soluble, non-staining polymeric ester additive for metalworking fluid and lubricant applications. For instance, in February 2021, Dover Chemical Corporation, a US-based chemical group, introduced a new polymeric ester additive, DOVERLUBE 31700, to enhance lubricity in the metalworking industry. This oil-soluble, non-staining polymeric ester can either enhance or replace traditional EP additives and works well with sulfur and phosphorus. It can also reduce or replace chloro-paraffins. Suitable for both naphthenic and paraffinic base oils, DOVERLUBE 31700 is versatile for various metalworking fluid formulations, boasting excellent thermal and hydrolytic stability.
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Major Key Players of the Market:
ExxonMobil Corporation; TotalEnergies SE; Houghton International Inc.; Henkel AG & Co. KGaA; Fuchs Petrolub SE; Quaker Chemical Corporation; Hindustan Petroleum Corporation Limited; Castrol Ltd.; Lubri-Graph Corporation; Croda International plc; Shell plc; Lukoil Oil Company; China Petroleum & Chemical Corporation; Apar Industries Limited; Yushiro Chemical Industry Co. Ltd.; Idemitsu Kosan Co. Ltd.; Cimcool Industrial Products Inc.; Blaser Swisslube Co. AG; Motul India Private Limited; Oelheld Inc.; Moresco Corporation; QualiChem Ltd.; Master Chemical Corp.; Hardcastle Petrofer Private Limited; Chevron Phillips Chemical Company; Total Lubricants USA Inc.; Petro-Canada Lubricants Inc.; Royal Purple LLC; Valvoline Inc.; Warren Oil Company Inc.
Metalworking Fluids Market 2024 Key Insights:
• The metalworking fluids market size is expected to grow to $16.86 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%.
• Rising Construction Demands Boosting The Metalworking Fluids Market
• Extreme Pressure Additive For Metalworking Applications
• Asia-Pacific was the largest region in the metalworking fluids market in 2023.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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