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The global metalworking fluids market size is projected to reach USD 11.60 billion by the end of 2027. The increasing applications of the product in the automotive and transportation industry will provide impetus to market growth. According to a report published by Fortune Business Insights, titled “Metalworking Fluids Market Size, Share & COVID-19 Impact 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.
Metalworking fluids are liquids that are widely used in industrial machinery and equipment. These products have the ability to reduce the friction and heat that is generated in the machinery. The use of these fluids helps reduce the friction thus bringing down future repair and maintenance cost as well as reducing the cost of ongoing operations. The increasing number of industrial manufacturing units and the subsequently rising adoption of heavy machinery and equipment will have a positive impact on the growth of the market in the coming years. Additionally, the fact that these fluids are regularized by strict government norms makes it easier for end users. The increasing investments in the research and development of chemical compositions of metalworking fluids will have a huge impact on the growth of the market in the foreseeable future.
Houghton International Inc. Completes Acquisition of Wallover Enterprises; Announces New Strategic Investments
The report highlights a few of the major industry developments of recent times and discusses their impact on the growth of the overall market in recent years. Accounting to the increasing demand for metalworking fluids across the world, there have been several company mergers in recent years. The efforts taken to maximize the operational efficacies at industrial workplaces have given the platform for manufacturers in the market. In July 2016, Houghton International Inc., a subsidiary of Hinduja Group, announced that it has completed the acquisition of Wallover Enterprises. The company possesses an exceptional range of lubricants that are defined for use in several industrial applications. Increasing number of such company mergers and acquisitions will have a massive impact on the growth of the overall market in the coming years.
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Increasing Applications in Automotive and Transportation Industry to Aid Growth
The increasing demand for these fluids, resulting from their applications in diverse industry verticals, will create several growth opportunities for the companies in the market. The product is widely used in the automotive and transportation industry, where heavy duty machinery is constantly used on a regular basis. Besides this industry, the product finds applications in a few other industries including ICT, food and beverage, and consumer goods.
Chevron Phillips Chemical and Exxon Mobil Corporation are Among the Leading Companies in the Market
The high demand for metalworking fluids has shaped up a competitive market in recent years. With the aim of establishing a stronghold in the market, companies are looking to adopt newer strategies, with some companies also offering the products at lower prices. Among all companies, Chevron Phillips Chemical and Exxon Mobil Corporation have emerged as the leading manufacturers of these fluids in the past few years.
List of companies profiled in the report:
August 2020: Quaker Chemical Corporation announced that it has completed the acquisition of Lubricor Inc. The company is a manufacturer of metalworking fluids and is currently valued at USD 11.9 million.
The global market is segmented on the basis of:
Value (USD Billion) and Volume (Kilo tons)
Function, Type, Application, End-use Industry and Geography
By End-use Industry