Press release
Metalworking Fluids Market: Expansion of Global Steel and Metal Fabrication Industry Drives Demand By 2024
Metalworking Fluids Market
The threat of new entrants is likely to remain moderate to high during the forecast period. “Easy availability of raw materials and rapid technological developments in metalworking fluids have rendered the market highly opportunistic for new players,” says TMR’s lead analyst. The global metalworking fluids market had a valuation of US$10.33 bn in 2016 and is projected to rise to US$14.79 bn by the end of 2024, progressing at a CAGR of 4.6% between 2016 and 2024.
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Asia Pacific Remains at Forefront through 2024 Owing to Robust Growth of End-user Industries
On the basis of application, removal fluids will continue to the most prominent segment until 2024, accounting for 51.4% of the overall market volume. The segment will also expand at a CAGR higher than any other segment during the review period. The demand for metalworking fluids in metal removal is likely to increase due to the robust growth of the original equipment manufacturing (OEM) and automotive industries.
Asia Pacific will continue to account for the lion’s share in the global arena until 2024. The region is anticipated to exhibit a CAGR of 3.7% in terms of volume during the same period. While developed regions will witness a slowdown in the growth, developing regions will be prominent destinations for global participants, owing to the flourishing growth of end-user industries.
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Flourishing Growth of Automotive Sector Triggers Adoption
The global steel and metal fabrication industry has witnessed consistent growth over the last few years. “Metalworking fluids are used as coolants in applications such as metal treating, metal forming, metal removal, and metal protecting and therefore, the expansion of the steel and metal fabrication sector is leading to increase in metalworking processes,” says a TMR analyst. In addition, the rapid growth of the automotive sector worldwide is escalating the production of automobiles, thereby boosting the uptake of metalworking fluids. Improvements in technologies pertaining to these fluids are also stoking the growth of the market.
Environmental and Health Issues Due to Toxic Nature Hamper Growth Prospects
Due to the toxic nature of metalworking fluids, their increasing disposal is creating serious environmental issues. The rising environmental concerns are, thus, hampering the growth of the market. Moreover, these fluids pose risks to human health, which is compelling governments to enforce stringent regulations on the manufacturing and recycling of these fluids, which in turn is negatively impacting the growth of the market. The burgeoning usage of alloys of non-ferrous metals such as aluminum and titanium in the aerospace industry is also keeping the market from realizing its utmost potential, as these alloys eliminate the use of metalworking fluids in the machining process. Nevertheless, the development of bio-based metalworking fluids is poised to provide a significant push to the market in the near future.
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