Quenching Fluids & Salts Market is expected to hit $2.3 billion valuation by 2027, Says Global Market Insights Inc.

SELBYVILLE, Del., Feb. 7, 2022 /PRNewswire/ -- According to the report published by Global Market Insights Inc., the Quenching Fluids & Salts Market size was valued at USD 1.7 billion in 2020 and is anticipated to clock in a considerable valuation of USD 2.3 billion by 2027, registering with a CAGR of 7.5% from 2021-2027. The report provides a detailed analysis of the market size & estimations, top winning strategies, drivers & opportunities, competitive scenario, major investment pockets, and wavering market trends.

The market for quenching fluids & salts will be driven by growing residential & commercial construction activities worldwide. Demand for construction materials such as metals and related components has heightened in recent years in line with rapidly developing construction and real-estate sector. Quenching is an important parameter in the heat treatment process of metal as it helps in providing it with the required metallurgical properties. Growth in the construction industry will positively impact the quenching fluids & salts market in the near future.

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In 2020, the cold quenching segment held a valuation of more than USD 1 billion, with estimates expecting it to reach the USD 1.3 billion by 2027. This technique offers a wide range of products that can operate in a wide range of temperatures. Moreover, new product developments that adhere to the strict regulatory norms will drive demand during the anticipated period.

Key reasons for quenching fluids & salts market growth:

1.  Rapidly expanding North America automobile sector.

2.  Inclination towards polymer quenching fluid products.

3.  Rising concerns regarding oil-based products.

4.  Fast growth of the global construction sector.

2027 forecasts show the 'salt' segment will maintain its dominance:

The salt segment was valued at over USD 310 million in the year 2020 and is likely to hit USD 420 million mark by the end of 2027. Nitrate and chloride-based salts are the predominantly used products in the heat treatment landscape. The operating temperate for these salts ranges from 150°C to 595°C, which is pivotal during the heat treatment process. Low cost of these salts is an added benefit that is driving demand in the quenching fluids & salts market.

North America to continue its top status in terms of revenue:

The North America market for quenching fluids & salts is expected to reach a valuation of over USD 550 million by 2027. Expanding automotive and aerospace industry in North America is driving the quenching fluids & salts market in the region.

Preference for electric vehicles has further created new opportunities for the heat treatment industry, thereby sparking new growth strides in the quenching fluids & salts market. Companies operating in the region are also working on R&D (research & development) activities to launch new products for customers.

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Leading market players:

Companies operating in the quenching fluids & salts industry include Chevron Corporation, Chemtool Incorporated, Petrofer, Quaker Chemical Corporation, Metal Heat Treatment Solutions, Croda International Plc., CONDAT, FUCHS, Castrol Ltd., Park Thermal International, Idemitsu Kosan Co., Ltd., Total S.A., Exxon Mobil Corporation, etc. Quenching fluid & salt product manufacturers are also forming strategies to develop & market new product to drive their revenues and cater to new customers.

Impact of COVID-19 on quenching fluids & salts market:

The COVID-19 pandemic has negatively impacted the quenching fluids & salts industry growth. The construction and automobile sector were hit hard due to COVID lockdowns, which consequently led to a decline in steel and metal demand.

According to Tata Steel's annual report, steel demand was expected to decline significantly in 2020-21 in line with a projected contraction in the global economy caused by the impact of coronavirus pandemic. However, revival in economic growth across major economies past COVID restrictions will help bring the quenching fluids & salts industry outlook back on track.

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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.

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SOURCE Global Market Insights Inc.