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The global forming fluids market reached a value of US$ 3.2 Billion in 2021.
According to the estimates by IMARC Group, the global forming fluids market is expected to exhibit a CAGR of 1.8% during 2022-2027.
Forming fluids provide cooling, lubrication and corrosion protection in the production of automobiles. Substantial growth in the automotive industry represents one of the key factors bolstering the market growth.
As manufacturing processes of various industrial goods incur high maintenance expenditure, there is a rise in the demand for innovative protection solutions, such as forming fluids, around the world.
On the basis of the product type, the market has been segregated into rolling oils, hydroforming fluids and others.
Based on the application, the market has been categorized into primary metals, transportation equipment, fabricated metal products, machinery, metal cans and others.
Region-wise, the market has been segmented into Asia Pacific, North America, Europe, Latin America, and Middle East and Africa.
Leading industry players are Afton Group, BASF SE, Chevron Corporation, The Dow Chemical Company, Lonza Group, Lubrizol Corporation, Apar Group, Columbia Petro Chem Pvt. Ltd., Public Joint Stock Company Gazprom, Idemitsu Kosan Co., Ltd., Indian Oil Corporation Limited, PJSC LUKOIL, PT PERTAMINA (PERSERO), China Petrochemical Corporation, SK Lubricants Co., Ltd. and Total Specialties USA.
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