Metalworking Fluids Market Outlook
According to the report by Expert Market Research (EMR), the global metalworking fluids market growth is expected to grow at a CAGR of 4.10% between 2023 and 2028. Aided by the increasing demand for superior quality industrial fluids and expanding applications of metalworking fluids in various sectors, the market is expected to grow significantly by 2028.
Metalworking fluids, also known as cutting fluids, are used to cool and/or lubricate metal workpieces during machining, grinding, and milling processes. They help in preventing burning and distortion of the workpiece, extending the life of the cutting tool, and ensuring a better finish of the machined surface. Apart from these mechanical benefits, metalworking fluids also provide excellent rust protection.
The increasing demand for high-quality industrial fluids is driving the global metalworking fluids market growth. With the rising complexity in manufacturing processes and stringent quality standards, industries are seeking advanced fluids that can enhance the efficiency and quality of metalworking processes. This trend is leading to a surge in demand for metalworking fluids.
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The burgeoning applications of metalworking fluids in diverse industries significantly contribute to the market’s growth. In the automotive industry, metalworking fluids are used extensively in the manufacturing and assembly processes of various components. Similarly, the aerospace industry relies on these fluids for machining and fabricating complex components. These industries’ growth and the increasing manufacturing activities worldwide are expected to boost the demand for metalworking fluids.
Additionally, the ongoing technological advancements in metalworking fluids are fostering metalworking fluids market expansion. Innovative fluid formulations are being developed to cater to the evolving needs of various industries, which in turn is expanding the application scope of metalworking fluids. Bio-based and synthetic metalworking fluids that offer improved performance and environmental benefits are gaining traction, further driving the market growth.
Moreover, the rising emphasis on reducing environmental impact and worker safety is creating a shift towards safer and more sustainable metalworking fluids. Regulations and standards set by health and safety organisations are urging industries to opt for fluids with lower environmental and health hazards. This trend is likely to promote the growth of synthetic and semi-synthetic metalworking fluids, which offer lower toxicity and higher biodegradability.
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Metalworking Fluids Market Segmentation
The market can be divided based on type, function, end use, and region.
Market Breakup by Type
- Bio Based
Market Breakup by Function
- Neat Cutting Oils
- Water Cutting Oils
- Corrosion Preventive Oils
Market Breakup by End Use
- Metal Fabrication
- Transportation Equipment
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global metalworking fluids companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Quaker Chemical Corporation
- Blaser Swisslube AG
- Eni S.p.A.
- Exxon Mobil Corporation
- Castrol Ltd.
- Lubrizol Corporation
- Chevron Corporation
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