Transparency Market Research has published a new market report titled “Metalworking Fluids Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024.” According to the report, the global metalworking fluids market was valued at US$9.91 bn in 2015 and is anticipated to reach US$14.79 bn by 2024, expanding at a CAGR of 4.6% between 2016 and 2024.
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Metalworking fluids are used as coolants and lubricants in metalworking processes. They are also known as cutting fluids. Based on different applications, they have been segmented into removal fluids, forming fluids, treating fluids, and protecting fluids. Metalworking fluids are manufactured using different raw materials and processes such as petroleum distillates, animal fat, plant oil, air, and water. Metalworking fluids are categorized into different product type such as neat oil, soluble oil, semi-synthetic fluids, and synthetic fluids.
Removal fluids accounted for more than 50% volume share of the global metalworking fluids market in 2015. Growth in automation and metal fabrication industries is estimated to drive the market for metalworking fluids during the forecast period. Removal fluids are employed in lubricating the metal surface while removing excess metal from the job piece. Forming fluids was the second largest application segment, followed by protecting fluids and treating fluids, in 2015. Rolling oil, and stamping and drawing fluids are the types of forming fluids that are generally used in end-user industries such as steel & metal. Global demand for metalworking fluids is projected to increase in the near future due to growth in end-use industries such as automation, and steel & metal. Waste disposal of metalworking fluids and health risks to operators are the major constraints likely to hamper the market growth in the near future. Increase in research and development activities in the metalworking fluids market to overcome the environmental disposal issue and health risks to operators is expected to further stabilize the demand for metalworking fluids in the near future.
Asia Pacific accounted for major share of the global market in 2014, driven primarily by the growth in economy of countries such as China and India and those in the ASEAN region. Automotive, metal fabrication, and steel & metal industries are anticipated to expand significantly during the forecast period. This, in turn, is estimated to boost the demand for metalworking fluids in the near future.