SELBYVILLE, Del., March 10, 2020 /PRNewswire/ -- As per the report published by Global Market Insights, Inc., the overall metalworking fluids market size was valued at $11.6 billion in 2019 and is projected to surpass $16 billion by 2026, registering a CAGR of 4.8% from 2020 to 2026. The report provides a detailed assessment of the market size and estimations, competitive scenario, drivers and opportunities, key investment pockets, top winning strategies, and wavering market trends.
The growing usage of metalworking fluids in the construction and automotive industry combined with rapid industrialization is likely to drive product demand in the coming years. Metalworking fluids improve component life by minimizing wear and lowering physical and thermal deformation. The products also give superior finish as well as texture in the cutting and welding zone. In addition, increasing consumer spending for vehicle customization is likely to support growth of the metalworking fluids market.
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Based on the product, the neat oils will witness a growth rate of more than 4.5% over the estimated time frame owing to advantages offered by these products like the exceptional lubricity effect between the workpiece and cutting tool. These are majorly used as metal removal fluid in several acute cutting and honing operations. Neat oils are considered a key component for low speed and minimum clearance operations requiring high-quality surface finishes.
Based on application, the forming fluids segment accounted for over 30% volume share in 2019 due to the increasing need for forming fluids during cold heading, welded tube rolling, roll forming, stamping, extruding, and drawing in the manufacturing process. Furthermore, faster production speeds as well as specialized application equipment require forming fluids with enhanced penetration, coverage and wetting capabilities on tooling and part substrates, and further improve the surface finish of the product.
With respect to the industry, the aerospace end-use segment will exhibit over a 5.5% growth rate during the estimated timeframe due to rising aircraft demand across the world. Increasing tourism and proliferating the domestic aerospace industry in several developing economies like China and India will surge the demand for metalworking fluids. Additionally, the rising demand for military aircraft ascribing to growing geographical disputes is likely to further fuel the growth of the metalworking fluids market.
Key reasons for metalworking fluids market growth:
- Rapidly rising commercial vehicle sales.
- Increasing crude steel production.
- Widening application scope in the aerospace industry.
MEA is likely to show substantial growth in the metalworking fluids market due to increasing petroleum demand and immense development activities throughout the region. The Middle East region accounts for over half of the global oil reserve. Moreover, the rising demand coupled with infrastructural development in UAE, Saudi Arabia as well as other GCC countries will support the industrial development in the region. The growing presence of the automotive industry in South Africa will also propel market growth.
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Leading market players analyzed in the metalworking fluids industry research include Chem Arrow Corporation, Total S.A., ExxonMobil, Quacker, FUCHS, The Lubrizol Corporation, and Castrol among many others. They have incorporated a number of strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company level and cross-sectional statistics that make our offering a stand-out for decision-makers.
Metalworking Fluids Market to reach $16 billion by 2026 at 4.8% CAGR
SOURCE Global Market Insights, Inc.