Growing demand for metalworking fluids in automotives and heavy machinery owing to its properties of increasing efficiency is expected to drive market growth. Competitive pricing owing to large number of small suppliers in the market is expected to be a key feature of the industry over the next seven years.
Synthetic fluids are expected to witness significant growth on account of their increasing use on account of their superior capabilities such as increasing tool life and providing excellent surface finish. However, customers in Asia Pacific region are still consuming mineral oil based fluids on account of their price sensitive nature.
Asia Pacific has been leading the demand owing to presence of a large-scale consumer base, particularly from India and China. Price sensitivity among OEMs in Asia Pacific is a major factor influencing demand for metalworking fluids in the region.
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Further key findings from the report suggest:
Mineral based oil accounted for 52.1% of global volume share in 2014. Mineral oil is the conventional metalworking fluids produced in large volumes owing to their easy availability and cost effectiveness.
Europe bio-based metalworking fluids market was valued at USD 277.5 million in 2014. Europe is expected to witness a strong demand for the bio-based product owing to the prevalence of strong government regulations. However, the expensive nature of these products is expected to hamper their growth over the forecast period.
Asia Pacific was the largest market and is expected to witness gains at a CAGR of 4.4% from 2015 to 2022. Increasing production volumes in various sectors including automobile, defense, marine and aerospace is expected to be a major factor driving market in the region.
Corrosion preventive oils demand was 514.4 kilo tons in 2014. Corrosion preventive oils are used in machining operations where possibility of damaging the tool is very high. These oils are responsible for improving the sump life which eventually leads to reduction in the overhead costs for the manufacturers. This has resulted in increasing demand from small scale manufacturers on account of their tight cost structures and low volumes.
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