The global metalworking fluids market is reached a value of US$ 11 Billion in 2018. Metalworking fluids (MWF) refer to a range of liquids and oils that are used to lubricate and cool down metal pieces while they are being machined, ground and milled. The MWFs reduce friction and heat in-between the cutting tool and the workpiece and prevent smoking or burning while inhibiting corrosion. These fluids find extensive applications worldwide in mechanical workshops for cutting and shaping metals. Furthermore, they aid in extending a vehicle’s component life by maintaining lubrication, reducing the chances of wear and tear or any physical and thermal deformation, along with delivering superior surface finish and texture in the welding process.
The thriving automotive industry is the key factor driving the market. Metals are widely used to provide structural strength and durability to automobile vehicles. Consequently, metalworking fluids are required for metal removal, chemical treatment and protection, and enhancing the overall work hours of the tool. Furthermore, increased consumer spending on vehicle modifications has catalyzed the market growth. A shift in the preference from traditional metal alloys to stainless steel, aluminum and titanium is also projected to drive the market further. These metals provide lightweight and long-lasting features to the equipment which are highly desirable in the market. Moreover, increasing research and development (R&D) activities conducted by original equipment manufacturers (OEM) to produce higher volumes of metal components that ensure energy efficiency in equipment is also projected to drive the demand for metalworking fluids in the coming years. Looking forward, IMARC Group expects the market to reach a value of around US$ 13 Billion by 2024, registering a CAGR of around 3% during 2019-2024.
The report has also analyzed the competitive landscape of the market with some of the key players being BP, Chevron, Houghton International, ExxonMobil, Total S.A., Apar, Hindustan Petroleum Corporation Limited, Castrol Limited, Indian Oil Corporation Limited, Lubrizol, Gazprom, Pertamina, Columbia Petro, PETRONAS Lubricants International, Quaker Chemical Corporation, etc.
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