Press release
North America Metalworking Fluids Market to generate sizable gains over 2016-2024, U.S. to be the major revenue pocket
The aforementioned companies, based in Philadelphia, U.S.A., have decided to combine their operations and expand their product portfolios to include forming fluids, heat treating fluids, removal fluids, and protecting fluids. Other companies operating in global metalworking fluids market are also undertaking research & development activities and adopting strategies such as mergers & acquisitions to diversify their product offering and expand their presence across the globe.
Castrol Limited, Chevron Phillips Chemical Company LP, ExxonMobil Corporation, Apar Industries, Lukoil Lubricants, FUCHS, and The Lubrizol Corporation are major companies partaking in global metalworking fluids market, which is fairly competitive. In 2015, the top players of this market held more than 40% of the overall revenue.
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Metals are used to provide stability and strength to vehicles, while metalworking fluids are extensively used as coolants for forming, treating, removal, and protection of metals. The escalating growth of the automotive sector will lead to more number of metals being used for enhancing vehicle parts. This in turn, will demand the usage of metalworking fluids to increase the shelf life of vehicle components, reduce wear & tear, and increase lubrication, thereby enhancing the growth of metalworking fluids industry.
Metalworking fluids are one of the key products of global pretreatment coatings market. Driven by the rapid growth of the metal & steel sector, metalworking fluids industry, worth USD 9.85 billion in 2015, is projected to hit USD 14.7 billion by 2024, with a CAGR estimation of 4.6% over 2016-2024. This is primarily due to the fact that metal and steel undergo operations such as cutting and assembling, which require the usage of metalworking fluids, in the automotive, machinery, and aerospace sectors. The metal & steel market size is set to cross 2.3 billion tons by 2024, which will successfully impel metalworking fluids market in the years to come.
Synthetic lubricants such as esters also find massive applications in metalworking fluids industry. In fact, synthetic lubricants market from metalworking fluids is forecast to surpass a target revenue of USD 5 billion with a CAGR projection of 4% over 2016-2023. The growth in this industry is also expected to fuel metalworking fluids market share.
Browse Detailed TOC, Tables, Figures, Charts and Companies Mentioned in Global Metalworking Fluids Market Research Report at @ https://www.fractovia.org/news/industry-research-report/metalworking-fluids-market
The rising development of the manufacturing and automotive sectors has a major role to play in the growth of metalworking fluids industry across various geographies. For instance, Europe metalworking fluids market is projected to experience an annual growth rate of 4% over 2016-2024.
This growth can primarily be attributed to the development of the automotive sector in the region. The automotive industry in Germany is touted to be the most dynamic, competitive industries in the world, after all, Germany boasts of being the third-largest automotive manufacturer in the world.
The rapid innovations in this sector and the increasing number of efficient automakers in the nation will thus, drive Germany metalworking fluids market. With Germany and UK slated to be the major revenue contributors, Europe metalworking fluids industry will grow at a remarkable pace.
Speaking along similar lines, the automotive sector in Asia Pacific is also growing at a rapid pace. Driven mainly by the automotive business expansion and rising industrialization in countries such as China, Indonesia, and India, Asia Pacific metalworking fluids market is set to record a massive CAGR over 2016-2024, having dominated the global landscape in 2015. In addition, the increasing government funding and norms to enhance the manufacturing sector is expected to impel the regional growth.
Metalworking fluids find applications in metal forming, metal treating, metal protection, and metal removal. They form a thin film between the surface of the metal and the pollutants in the atmosphere, thereby protecting the metal from any contamination or corrosion. This will propel global metalworking fluids market size from protecting applications, which was worth more than USD 1.2 billion in 2015.
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lobal metalworking fluids market growth is likely to be held back by certain constraints. One of the key factors restraining the growth of this market include the increasing waste disposal that has been creating numerous environmental problems, Additionally, the fact that workers’ health and safety are being compromised from the chemical fumes and emissions is also hampering the growth of metalworking fluids market.
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