Metalworking Fluids Market Expected to Reach $14.7 Billion by 2029
Chicago, May 8, 2024 – The global market for metalworking fluids is projected to witness substantial growth, reaching USD 14.7 billion by 2029, up from USD 12.2 billion in 2024, with a compound annual growth rate (CAGR) of 3.7% during the forecast period. The market growth is fueled by several factors, including increasing demand for high-performance machinery, a surge in automotive production, and ongoing technological advancements. However, factors such as the adoption of dry machining technologies, rising electric vehicle (EV) production, and concerns regarding health and safety are expected to restrain market growth.
Metalworking fluids play a crucial role in various sectors, including automotive and aerospace, where precision in metalworking is essential. These fluids facilitate lubrication, cooling, and protection of workpieces and equipment, thereby driving their demand. Soluble oils, in particular, offer versatility and adaptability to meet evolving needs, contributing significantly to market growth.
Among the product types, forming fluids emerge as the second-largest segment in terms of value. These fluids play a vital role in forming operations such as extrusion, drawing, bending, and stamping. Despite their higher upfront costs, forming fluids offer cost-effectiveness by extending service intervals and reducing equipment wear, making them a preferred choice across industries.
In the end-use industry segment, the transport equipment manufacturing sector leads the metalworking fluids market. Metalworking fluids are essential for machining operations in transportation equipment manufacturing, ensuring accuracy and productivity. This segment’s dominance is driven by increased consumer demand, technological innovation, and globalization of supply chains.
Geographically, Asia Pacific holds the largest market share for metalworking fluids, driven by robust industrial and automotive sectors. The region’s significant manufacturing base, including automotive, aerospace, and machinery industries, fuels the demand for high-quality metalworking fluids.
Key players in the metalworking fluids market include Quaker Houghton, Exxon Mobil Corporation, BP p.l.c., TotalEnergies SE, FUCHS, Idemitsu Kosan Co., Ltd., Chevron Corporation, Chem Arrow Corporation, LUKOIL, China Petroleum & Chemical Corporation (SINOPEC), and Valvoline Inc.
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