The global metalworking fluids market size is projected to reach USD 11.60 billion by the end of 2027. The global metalworking fluids market is expected to grow significantly due to increased investments in research and development of cost-effective and efficient products. According to a report by Fortune Business Insights titled “Metalworking Fluids Market Size, Share & Industry Analysis, By Function (Neat Cutting Oils, Water Cutting Oils, Corrosion Preventive Oils, and Others), By Type (Mineral, Synthetic, and Bio-based), By Application (Construction, Electrical & Power, Agriculture, Automotive & Transportation, Telecommunication, and Healthcare), and by End-use Industry (Metal Fabrication, Transportation Equipment, Machinery, and Others) and Regional Forecast, 2020-2027,” the market was valued at USD 10.25 billion in 2019 and is anticipated to exhibit a CAGR of 4.3% during the forecast period from 2020 to 2027.
Houghton International Inc.
Castrol
Chevron Phillips Chemical
Exxon Mobil Corporation
Total S.A.
Lubrizol
Quaker Chemical Corporation
Henkel
Fuchs Petrolub SE
BP plc
Others
Metalworking fluids market are essential in heavy machinery and equipment to reduce friction and heat generated between surfaces. The increasing investments in developing efficient and low-cost products are expected to drive market growth. Additionally, the rising adoption of heavy machinery and equipment, fueled by increasing industrial production and manufacturing globally, will support market expansion. The presence of several large-scale manufacturers will also positively influence the metalworking fluids market.
Increasing Mergers and Acquisitions
Recent years have seen a trend of mergers and acquisitions among industrial manufacturing companies and fluid manufacturers. Large-scale companies are acquiring start-ups and SMEs to strengthen their market positions. For instance, in August 2020, Quaker Chemical Corporation completed the acquisition of Lubricor Inc., a manufacturer of lubricants and metalworking fluids for industrial machinery. Such acquisitions are expected to drive market growth in the coming years.
Asia Pacific to Lead Market Growth
The report examines market trends across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Asia Pacific is projected to dominate the market due to the increasing number of industrial manufacturing units in countries like India and China. The presence of large-scale metalworking fluids market share manufacturers and the rising population in the region are key factors driving demand. In 2019, the Asia Pacific market was valued at USD 4.11 billion, with substantial growth expected in the coming years.
The global metalworking fluids market size is set for notable growth, driven by increased R&D investments, rising industrial production, and strategic mergers and acquisitions. With Asia Pacific leading the market, key players are well-positioned to capitalize on these opportunities, further enhancing their market presence.
Information Source: https://www.fortunebusinessinsights.com/industry-reports/metalworking-fluids-market-101391