Metalworking Fluids Market: Size, Share, Growth, Trends, Growth Opportunities, and Industry Statistics Report, 2032

The global metalworking fluids market size is projected to reach USD 11.60 billion by the end of 2027. The increasing investments in the research and development of low cost and efficient products will have a huge impact on the growth of the market. According to a report published by Fortune Business Insights, titled "Metalworking Fluids Market Size, Share & Industry Analysis, By Function (Neat Cutting Oils, Water Cutting Oils, Corrosion Preventive Oils and Others), By Type (Mineral, Synthetic and Bio-based), By Application (Construction, Electrical & Power, Agriculture, Automotive & transportation, Telecommunication and Healthcare), and by End-use Industry (Metal Fabrication, Transportation Equipment, Machinery and Others) and Regional Forecast, 2020-2027," the market was worth USD 10.25 billion in 2019 and will exhibit a CAGR of 4.3% during the forecast period, 2020-2027.

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✅ List of companies profiled in the report:

▶ Houghton International Inc.
▶ Castrol
▶ Chevron Phillips Chemical
▶ Exxon Mobil Corporation
▶ Total S.A.
▶ Lubrizol
▶ Quaker Chemical Corporation
▶ Henkel
▶ Fuchs Petrolub SE
▶ BP plc.
▶ Other

Metalworking fluids are used in heavy machinery and equipment to reduce the friction between two surfaces. The ability of these fluids to reduce the overall heat produced when in use, will contribute to the growing demand for the product across the world. The increasing investments in the research and development of efficient products will emerge in favor of the growth of the overall market in the coming years. The increasing adoption of heavy machinery and equipment, driven by the rising industrial production and manufacturing units across the world will aid the growth of the market. The presence of several large scale manufacturers in this sector will also contribute to the growth of the overall metalworking fluids market in the foreseeable future.

The strict measures taken to curb the spread of the coronavirus have affected several industries including automotive, building & construction, and production units of various manufacturing plants. For instance, in India, the effect of COVID-19 is so severe that the automotive industry is growing at a rate of -50% which is significantly less than in 2019. The pandemic has resulted in a huge supply-demand gap and it is directly affecting the production chain of the industries. Metalworking fluid is used in several industries for cutting, stamping, machining, grinding, and other different processes. Supply chain disruptions, labor unavailability, and a slowdown in logistics has reduced the demand for any industrial activity, in turn affecting the industries that are highly dependent on metalworking fluids. These factors are likely to hit the market globally.

✅ Shutdown in Manufacturing Units will have a Negative Impact on Manufacturers during the Covid-19 Pandemic

The rapid spread of the coronavirus in several countries across the world has had a negative impact on several manufacturing units across the world. Due to the strict measures implemented by governments across the world, manufacturing units have come to a standstill. Due to social distancing practices, there has been a shortage in man power and labor across the world. This has had an adverse effect on manufacturers in the metalworking fluids sector across the world. Accounting to the adverse effects of the pandemic on the market, companies might look to implement newer strategies once the pandemic is over, with the aim of recovering the economic losses.

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✅ Company Mergers and Acquisitions are an Increasing Trend Among Industrial Manufacturing Companies and Fluid Manufacturers

The report encompasses several factors that have contributed to the growth of the overall market in recent years. Accounting to the massive demand for metalworking fluids across the world, there have been several company mergers and acquisitions in recent times. Due to healthy market competition, large scale companies are looking to acquire start-ups as well as SMEs with the aim of establishing a stronghold in the market. In August 2020, Quaker Chemical Corporation announced that it has completed the acquisition of Lubricor Inc. The latter is a manufacturer of lubricants and metalworking fluids that have been categorized for use in industrial machinery and equipment. This acquisition will not just help the company grow but will also influence the growth of the overall market in the coming years. The report highlights a few other company mergers of recent times and discusses their impact on the global market.

✅ Asia Pacific to Emerge Dominant; Increasing Manufacturing Units to Emerge in Favor of Market Growth

The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in Asia Pacific is projected to emerge dominant in the coming years. The increasing number of industrial manufacturing units in countries such as India and China will have a massive impact on the growth of the regional market. The presence of several large scale metalworking fluids manufacturers in these countries is consequential to the increasing demand for several resources. This is mainly attributable to the increasing population across the region. As of 2019, the market in Asia Pacific was worth USD 4.11 billion and this value is projected to rise at a considerable pace in the coming years.

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✅ Industry Developments:

July 2016: Houghton International Inc., a subsidiary of Hinduja Group, announced that it has acquired Wallover Enterprises. The company is a lubricants manufacturer based in Ohio.

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This release was published on openPR.