The global Metalworking Fluids Market size is projected to reach USD 15.85 billion by 2027, exhibiting a revenue-based CAGR of 4.4% over the forecast period, according to a new report by Grand View Research, Inc. Automobile industry is expected to be one of the key factors driving the demand for Metalworking Fluids (MWF).
Automobile industry is largely dependent on MWF owing to their abilities to reduce friction between two metal components, provide excellent surface finish, prolong tool life, and remove metal chips. According to the data published by OICA, the global automotive production grew from 90.9 million units in 2015 to 95.3 million units in 2018. Original Equipment Manufacturers (OEMs) are investing in R&D activities to produce energy efficient vehicle components.
Metalworking fluids aid in increasing the efficiency of machining processes, used across various end-use industries including construction, automobile, healthcare, aerospace and others, thus, increasing the production volumes of those machines. This factor is expected to significantly drive the demand for metalworking fluids over the forecast period.
Neat cutting oils dominated the application of MWF, due to their utilization in various complex machining operations.They are used in a wide variety of machining processes such as drilling, broaching, turning, and honing as they help to enhance the surface finish along with increasing the tool life.
In 2019, transportation equipment was the second-largest end-use segment of these fluids. Maintenance, Repair, and Overhauling (MRO) is the major area where metalworking fluids are used for improving the the engine performance. They are used in all kinds of transportation equipment, including high-performance engines of trains, ships, and aircraft.
However, growing concern regarding the use of petroleum products has led to strict environmental regulations and government initiatives in order to promote products that do not damage the environment. This has led to increasing production of bio-based metalworking fluids over the synthetic and mineral based ones.The increasing interest in bio-based metalworking fluids because of various regulations pertaining to workplace safety is further projected to boost the demand, especially in the markets from Europe and North America.
U.S. held the dominant share of the North America metalworking fluids market with 83.49% in 2019. MWF manufacturers in North America produce a wide variety of mineral, synthetic, and water-soluble oils suitable for machining and grinding operations of both ferrous and non-ferrous metals. MWFs are suitable for ferrous metals such as cast iron, steel, and stainless steel as well as for non-ferrous metals and alloys such as aluminum, nickel, copper, and magnesium.
Browse Details of Report @
https://www.grandviewresearch.com/industry-analysis/metalworking-fluids-market
Further key findings from the report suggest: