The global metalworking fluids market is expected to touch a valuation of USD 11.99 billion by 2022, finds a report by Grand View Research, Inc. Metalworking fluids (MWF) are coolants or lubricants that enhance the performance of metalworking processes such as stamping. Types of MWF are aerosols, oil-water emulsions, pastes, gels, and others. They are mostly derived from plant oils and animal fats. Benefits of these fluids are enhancing the life of the cutting tip, prevent corrosion, and ensure the safety of workers using metalworking machines.
The MWF market is expected to expand at a 3.5% CAGR from 2015 to 2022 due to high use of these fluids in heavy machinery and automotives for performance purposes. Rising demand from the automobile sector in China and India is projected to drive market growth over the forecast period (2012 to 2022). The exploration and production (E&P) activities in Asia Pacific and subsequent regional growth in the industrial manufacturing sector are anticipated to influence market growth. However, availability of MFW alternatives may pose a challenge to market growth.
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U.S. metalworking fluids market volume, by product, 2012 – 2022 (Kilo Tons)
The adverse effects of metalworking fluids have led to formation of certain standards pertaining to the health of industrial workers. The guidelines outlined by the Health and Safety Executive have led to reduced incidence of asthma and breathing problems by workers. In addition, improvements in MWF have led to increased performance of heavy machinery. For instance, the Mobil DTE 10 Excel produced by Mobil Industrial Lubricants allows easy lubrication and high cooling of machines.
The global metalworking fluids market is segregated by product, application, and region. By product, the market is divided into bio-based, synthetic, and mineral. Major applications are categorized into corrosion preventive oils, water soluble cutting oils, neat cutting oils, and others.
On the basis of regions, the market is fragmented into Latin America, North America, Middle East and Africa (MEA), Europe, and Asia Pacific (APAC). APAC dominated the global market in 2014 due to favorable regulations in China, India, and Malaysia. The growing domestic consumption and investments by foreign investors are expected to further boost market growth over the forecast period. It is expected to expand at a 4.4% CAGR from 2015 to 2022. The strong economic growth of BRIC countries is also expected to positively influence the market in the forthcoming years.
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The North America market for metalworking fluids was valued at 2.7 billion in 2014 and can expand at a significant growth rate over the forecast period. This expansion is attributed to demand from the U.S. automobile sector. The booming aerospace sector has led to development of mineral oils that improve the lubricity of machines. The use of bio-based fluids to meet surface finish needs of aerospace and military components is expected to be a major factor impelling the North America market.
The Europe market is characterized by the strong automotive manufacturing sector in Germany. Turkey and Russia contribute a major revenue share to the market owing to the presence of numerous aluminum and steel producers in the region. The use of tougher materials in machines and development of coolants that increase sump life are expected to transform the market. However, stringent regulations regarding production of additives and emulsifiers can impede market growth over the forecast period. The MEA market is expected to experience a significant growth in near future due to the existence of exploration and production companies in Iran and Saudi Arabia.
Key companies in the metalworking fluids market include PETRONAS; BP P.L.C.; Exxon Mobil Corporation; Cimcool Industrial Products Inc.; and Houghton International. The market is consistent with price wars due to the presence of various small-scale suppliers. Partnerships and alliances are some of the key strategies used by these players to sustain market share. For instance, in 2017, Houghton International joined hands with Quaker Chemical Corporation to develop products which can cater to their customers in mining, machinery, aerospace, automotive, and heavy equipment industries.
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