According to the latest report by IMARC Group, titled “Forming Fluids Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global forming fluids market reached a value of US$ 3.02 Billion in 2018. A forming fluid refers to a type of lubricant which is specially designed for metal forming processes like folding, stamping, drawing and wire-drawing. These fluids are usually derived from petroleum distillates, animal fats, plant oils, water, air and related raw materials. They are widely utilized for the manufacturing of sheet metal and for changing the shape and contour of metal components. Their primary function is cooling and lubrication in bending, stretching and shaping operations. They also possess anti-corrosion properties and help prevent any damage to the final product, even during storage.
Apart from cooling and providing protection from corrosion, enhanced lubrication is another key benefit that is provided by forming fluids, which has significantly escalated their demand in the automotive industry. They are also crucial in processes like the removal, shaping and treating of metals which are extensively used for maintaining the durability and structural strength of vehicles. As a result, the robust growth in the automotive industry has further boosted the sales of forming fluids. Furthermore, on account of the heavy maintenance expenditure across the manufacturing and processing industries, there has been a significant rise in the demand for innovative protection solutions. Owing to the aforementioned factors, the global forming fluids market size is anticipated to reach US$ 3.37 Billion by 2024, exhibiting a CAGR of around 2.2% during 2019-2024.
- On the basis of the product type, the market has been segregated into rolling oils, hydroforming fluids and others. Amongst these, rolling oils represent the most popular product type.
- Based on the application, the market has been categorized into primary metals, transportation equipment, fabricated metal products, machinery, metal cans and others. Amongst these, primary metals account for the biggest application segment.
- On the geographical front, the market has been divided into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. Currently, Asia Pacific accounts for the majority of the overall market shares.
- The competitive landscape of the market has also been analyzed in the report with some of the major players being Afton, BASF, Chevron Oronite, Dow, Lonza, Lubrizol, Apar, Chevron, Columbia Petro, Gazprom, Idemitsu Kosan, Indian Oil, Lukoil, Pertamina, Sinopec, SK and Total Lubricants USA.
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