According to the latest report by IMARC Group, titled “Metalworking Fluids Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global metalworking fluids market size reached US$ 9.46 Billion in 2020. Metalworking fluids (MWFs) comprise a wide range of oils and other liquids utilized in the functioning of metal pieces of machinery during industrial operations. They reduce friction and heat and prevent burning and smoking, which is generated between cutting tools and workpieces. They assist in extending the tool life, improving the performance and quality of the workpiece, minimizing the chances of wear and tear and delivering a superior surface finish for the welding process. Consequently, MWFs are extensively used around the world in mechanical workshops for cutting and shaping metals.
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Global Metalworking Fluids Market Trends:
Significant growth in the automotive sector on account of the growing global population and inflating disposable incomes represents one of the key factors catalyzing the demand for MWFs across the globe. MWFs are utilized in metal removal, chemical protection and treatment, and enhancing the overall service life of the tool. Apart from this, a considerable shift from conventional metal alloys to stainless steel, titanium, and aluminum are driving the sales of MWFs further. Additionally, original equipment manufacturers (OEM) are conducting research and development (R&D) activities to generate higher volumes of metal components and ensure energy efficiency in equipment. This, in confluence with the growing consumer expenditure on vehicle modifications, is acting as another growth-inducing factor. Looking forward, the market value is projected to reach US$ 12.74 Billion by 2026, expanding at a CAGR of 5.10% during the forecast period (2021-2026).
Market Breakup:
- Based on the product type, the market has been divided into removal, forming, protection and treating fluids.
- On the basis of the source, the market has been classified into mineral, synthetic and bio-based segments.
- Based on the end use, the market has been segmented into transportation equipment, machinery, primary metals, fabricated metal products, metal cans, and others.
- On the basis of the fluid type, the market has been categorized into neat cutting, water cutting (soluble, semi-synthetic and synthetic), corrosion preventive and other oils.
- Based on the industry, the market has been divided into construction, electrical and power, agriculture, automobile, aerospace, and others.
- Region-wise, the market has been segregated into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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