The market is projected to grow because of rising demand for high-performance machinery, increasing demand of automotive production, and technological advancements. However, adoption of dry machining technologies, increasing EV production, and health and safety issues are restraining the growth of the market.
Browse in-depth TOC on "Metalworking Fluids Market".
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Soluble oils are projected to register the highest CAGR, in terms of value, of the global metalworking fluids market during the forecast period.
The metalworking fluids market is set to grow significantly during the forecast period. This growth is driven by increased manufacturing activities worldwide, advancements in technology, and a higher demand for precision in metalworking. Sectors like automotive and aerospace, which heavily depend on these fluids, are expanding, further boosting demand. Soluble oils can effectively handle the shifting needs, such as the growing use of sophisticated materials and machining techniques due to their versatility and adaptability, fueling the market growth.
Forming fluids is estimated to be the second-largest product type of metalworking fluids market, in terms of value, during the forecast period.
Forming fluids are the second-largest product type in the metalworking fluids market as they are essential in several forming operations, including extrusion, drawing, bending, and stamping. Forming fluids have a variety of functions that aid in the forming of metal, including lubricating, cooling, and safeguarding the workpiece and equipment used in the process. Although they cost more upfront, their ability to extend service intervals and reduce wear on expensive equipment makes them a cost-effective choice for businesses in the automotive, aerospace, and industrial sectors. This blend of high performance and long-term savings drives their popularity and widespread use.
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Transport equipment manufacturing segment to lead metalworking fluids market in end-use industry segment, during the forecast period, in terms of value.
The transport equipment manufacturing segment accounted for the largest share of the metalworking fluids market in 2023, in terms of value. The dominance of the transport equipment manufacturing segment in the metalworking fluids market is driven by a combination of increased consumer demand, technological innovation, and globalization of supply chains. The lubrication, cooling, chip removal, and corrosion protection that metalworking fluids offer are crucial for the machining operations and ensure the accurate and productive manufacturing of transportation equipment, propelling the growth of the metalworking fluids market.
Asia Pacific is estimated to be the largest market for the metalworking fluids market, in terms of value, during the forecast period.
Asia Pacific holds the position as the largest consumer region for metalworking fluids, largely due to its robust industrial and automotive sectors. The region boasts a significant manufacturing base, including automotive, aerospace, and machinery industries, all of which require high-quality metalworking fluids to ensure smooth operation and longevity of equipment. Additionally, the region's rising need of high-performance machinery have led to an increased demand for metalworking fluids.
The key players profiled in the report Quaker Houghton (US), Exxon Mobil Corporation (US), BP p.l.c. (UK), TotalEnergies SE (France), FUCHS (Germany), Idemitsu Kosan Co., Ltd. (Japan), Chevron Corporation (US), Chem Arrow Corporation (US), LUKOIL (Russia), China Petroleum & Chemical Corporation (SINOPEC) (China), and Valvoline Inc. (US).
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