Metalworking fluids or cutting fluids are popularly used as lubricants and coolants in metalworking procedures such as fabrications and machining. Neat oil, semisynthetic fluids, soluble oil, and synthetic fluids are some of the types of metalworking fluids available in the global market. Different processes and raw materials such as animal fat, air, water, plant oil, and petroleum distillates are used to manufacture metalworking fluids. Over the past few years, there has been an increase in the demand for metalworking fluids. Moreover, the demand for removal fluids is expected to be the highest in the years to come. With many companies introducing new metalworking fluids, the global metalworking fluids market is expected to expand at a rapid pace in the next few years.
Recently in Pennsylvania, Houghton International launched a new semi-synthetic metalworking fluid, useful for grinding, general machining, and automotive applications. The new HOCUT 4440 is meant to deliver high performance in the water-miscible metal-removal fluids criteria. Also, Lubrizol introduced a similar metalworking fluid, VEG-ESTER GY-300 to its product line. VEG-ESTER GY-300 is derived from a renewable resource and is a potential petroleum oil replacement in the emulsifiable metalworking fluids. The global metalworking fluids market features many leading manufacturers of metalworking fluids. Once such key player, Total Lubricants, recently added a few products, Total Valona MS/ST and Total Valona GR, to their portfolio.
In 2015, Removal Fluids Application Segment Accounted for 50% of Global Metalworking Fluids Market
The global metalworking fluids market stood at US$9.91 bn in 2015 and is expected to reach US$14.79 bn by 2024, progressing at a 4.60% CAGR from 2016 to 2024. The global metalworking fluids market is segmented on the basis of application and region. By application, the global metalworking fluids market is classified into removal fluids, treating fluids, protecting fluids, and forming fluids. In 2015, the removal fluids application segment accounted for a dominant share of 50% in the global metalworking fluids market.
Based on region, the global metalworking fluids market is divided into Asia Pacific, Europe, North America, and Rest of the World. In 2014, Asia Pacific dominated the global metalworking fluids market and is expected to maintain its dominance in the years to come. The growth in economy of nations such as India and China is expected to propel the Asia Pacific metalworking fluids market.
Based on region, the global metalworking fluids market is divided into Asia Pacific, Europe, North America, and Rest of the World. In 2014, Asia Pacific dominated the global metalworking fluids market and is expected to maintain its dominance in the years to come. The growth in economy of nations such as India and China is expected to propel the Asia Pacific metalworking fluids market.
Growing End-user Industries to Drive Global Metalworking Fluids Market
Stamping, drawing, and rolling oil fluids are some of the types of foaming fluids used in many end-user industries. The global demand for metalworking fluids is expected to increase in the years to come due to the growth in various end-user industries such as steel and metal and automation.
However, health risks to workers and environmental issues are predicted to hamper the growth of the global metalworking fluids market in the next few years. The introduction of bio-based metalworking fluids by leading players is expected to provide many growth opportunities in the global metalworking fluids market in the next few years. Some of the leading players in the global metalworking fluids market are Castrol Limited, Chem Arrow Corporation, FUCHS, LUKOIL Lubricants Company, Total, Chevron Phillips Chemical Company, ExxonMobil Corporation, Houghton, and The Lubrizol Corporation.
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