The Metalworking fluids market in 2014 was estimated to be USD 8.30 Billion and is projected to grow at a CAGR 3.2%during the forecast period of 2017-2024. Metalworking fluids have high stability for both high and low extreme temperatures as well as chemical resistance which is an essential requirement in the growing automotive industry thus rapidly driving the market.
Metal working fluids market is segmented on the basis of geography, product type and application. The segmentation by product type is on the basis of removal fluids, forming fluids, protecting fluids and treating fluids. The classification of the application is on basis of transportation equipment, machinery, fabricated metal products, primary metals and metal cans and others.
The Metalworking fluids market is primarily driven by the growth in the automotive industry. High production rate, less downtime, and enhancement of tool life are the key factor driving the Metalworking fluids market.
There is a demand for a multipurpose working fluid which protects the tools while resulting in higher rate of production. The original equipment manufacturers are using gallium, titanium, and palladium for diverse manufacturing processes. This invention would produce more demand for Metalworking fluid that can be compatible with various metals. High performance Metal fluid working that can be used for superior high-pressure fluid system effective for efficient functioning is demanded by the Aerospace industry.
The global economic crisis was a huge setback for the Metalworking fluid industry and automotive industry. The recent rebound of the automotive industry led to an upswing in the demand for Metalworking fluids on the global front. The factors that act as restraints to the Metalworking fluid market are high vulnerability to microbial attack and regulatory use of anti-microbial chemicals for protection are major market restraints for Metalworking fluid.
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