Metalworking fluids are the range of oils and lubricating liquids that are used to cool and/or smoothen the metal work-piece when they undergo various mechanical processes such as machining, grounding, milling, and others. These fluids help to prevent the heat generation and excessive friction between the cutting tools and the work-piece. Additionally, the use of metalworking fluid helps to improve the quality of the workpiece by continuously removing the fines, chips, and the small pieces of metal, from the tool being used and the surface of the workpiece.
Global Top Key Players:
The prominent players operating in the global metalworking fluids market are Total S.A. (France), Indian Oil Corporation Ltd (India), Chevron Corporation (U.S.), Henkel AG & Co. KGaA (Germany), Exxon Mobil Corporation (U.S.), HPCL (India), Houghton International Inc. (U.S.), BP (India), Shell (the Netherlands), Croda International Plc. (U.K), and China Petrochemical Corporation (China), among others
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The protuberant factors driving the growth of the global metalworking fluids are the rapid industrialization in Asia-Pacific and African countries, growing automotive industry, and increasing construction activities around the world. The global vehicle sale marked nearly 80 million units in 2017 and it is expected to grow at significant rate in coming years due to rising demand for the passenger vehicles from the emerging economies. The global transportation sector is witnessing new normal with flourishing world trade. Being the largest consumer of metalworking fluid, this growth trend in the transportation sector is likely to favor growth of the global metalworking fluids market.
Moreover, shifting consumer preference towards the customized cars and increasing demand for the light-weight, fuel-efficient vehicles on the backdrop of increasing environmental concerns is projected to fuel demand for the metalworking fluids in coming years. However, the capital-intensive nature of metalworking, gradual reduction of metal parts in automotive, and volatility of crude oil prices are the major factors restraining the growth of the market during the forecast period. Nevertheless, the major end-use industries such as aerospace, defense, and marine will continue to use the metal-based structures on account for the strength the material provides.
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North America is the second largest region in the global metalworking fluids market, following Asia Pacific. The U.S. is the major market in this region due to the presence of well-established end users such as aerospace & defense, and marine. Europe is another significant region in the global metalworking fluids market. Major contributors to the regional market are the U.K, France, Germany, and Switzerland. Industrial machinery and automotive industries in Europe are fetching maximum demand for the metalworking fluids in this region.
Latin America is witnessing a steady growth of end-user industries majorly in countries namely Brazil and Mexico. In coming years increasing opportunities for the building & construction industry may help propel the growth of the regional market.
The global metalworking fluids market has been segmented into fluid type, application, and region. On the basis of fluid type, the market is divided into straight oils, soluble oils, synthetic oils, semi-synthetic oils, and others. Based on application the global metalworking fluids market is segmented into transportation equipment, industrial machinery, automotive, construction, metal fabrication, and others. Regionally, the market is divided into five key regions, including Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.