Metalworking Fluids Market Size, Share, Demand, Growth & Trends by 2031
The metalworking fluids market is anticipated to poise absolute dollar opportunity in the global market as it totaled revenue of US$ 9.6 Bn in 2021, expanding at a steady CAGR of 3.7%. Demand for removal fluids is projected to rise at 3.5% to the top 1,354,497 Tons in terms of volume, while the forming fluids segment is expected to grow at 2.7% to a total of 772,256 Tons.
From 2016-2020, the demand for metalworking fluids grew at 1.0% CAGR. A damped sales outlook was witnessed during those years due to the ongoing economic slowdown induced by the COVID-19 outbreak.
However, spurring demand for metalworking fluids is projected in the forthcoming years owing to the increasing adoption of lightweight materials in high-performance applications, especially in the automotive industry. Proper lubrication is necessary for the manufacturing of complex geometrics with lightweight metals, which in turn is spurring demand for metalworking fluids.
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Recommencement of production activities across various sectors has resulted in a significant recovery of the global metalworking fluids market. Future Market Insights projects sales of metalworking fluids to grow at a CAGR of 3.7% over the forecast period 2021-2031.
Surging demand for lightweight components in high-performance applications including heavy machinery, automotive industry, transportation equipment, and construction industries will continue to further bolster sales of metalworking fluids in the forthcoming years.
Ongoing development and research activities have led to a surge in innovative manufacturing techniques for the production of complex geometric shapes. These products require more lubrication as compared to the usual ones. Backed by these factors, consumption levels of metalworking fluids are expected to increase at a steady pace over the forecast period.
The adoption of such high-tech and advanced machines that are capable of performing numerous operations at once is estimated to bolster sales of multifunctional lubricants. The key manufacturers are inclining towards the production of more efficient lubricants that can be used in more than one operation is anticipated to spur sales in the metalworking fluids market.
Moreover, increasing awareness regarding sustainability and the hike in using eco-friendly products is creating lucrative growth demand for water-soluble lubricants in the metalworking fluids industry. This trend is expected to continue in the forthcoming years as concerns regarding the adverse effects of synthetic chemicals present in fluids continue to rise.
ExxonMobil Corporation, Idemitsu Kosan, Co., Ltd, Quaker Chemical Corporation, Fuchs Petrolub SE, BP plc., Apar Industries Ltd., TotalEnergies SE, Yushiro Chemical Industry Co. Ltd., Cimcool Industrial, Products LLC, Metalworking Lubricants Company are some of the key companies profiled in the full version of the report.
The global metalworking fluids market is highly competitive, with key players accounting for about 50% of the total market share. Key market participants are targeting high-growth regions like North America for investments owing to high end-use demand and high energy consumption rate. Moreover, key manufacturers are engaging in mergers, acquisitions, and collaborations to expand their global footprint in the market.
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According to FMI analysis, there were some initial skepticisms concerning how the U.S. market would perform during the ongoing pandemic, but surprisingly the metalworking fluids market in the U.S. grew by 3.0% year-on-year increment till 2021.
Across the North American region, the demand for metalworking fluids is expected to reach 689,102 Tons during the forecast period (2021-2031). The region is anticipated to remain one of the most attractive markets throughout the forecast years, reveals FMI.