ALBANY, New York, November 13, 2018
ALBANY, New York, November 13, 2018 /PRNewswire/ --
The global metalworking fluids market depicts the presence of a substantially fragmented market, says Transparency Market on the basis of a newly published report. Such a competitive scenario primarily exists thanks to the existence of innumerable players in the market, who are fiercely competing with each other to gain maximum revenue. With new companies entering the global metalworking fluids market on a regular basis, the competition is expected to increase dramatically during the upcoming years. Most companies are focused on increasing product manufacturing capacities and improving product quality. Players are also increasing their investments made in the market to gain a splendid returns on investment. Castrol Limited, Exxon Mobil Corporation, FUCHS, and Houghton, LUKOIL Lubricants Company, Chevron Phillips Chemical Company, The Lubrizol Corporation, Total, and Chem Arrow Corporation, are key companies operating in the global metalworking fluids market.
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As per expert analysts, the global metalworking fluids market is projected to expand at a healthy 4.6% CAGR during the forecast period from 2016 to 2024. During this period, the market is expected to register revenue worth US$14.78 bn by the end of 2024, which is a substantial rise from an initial revenue worth US$9.91 bn recorded in 2015. Under the applications criteria, the removal fluids segment held a leading position in the market thanks to a consolidated share of 50.8%. In terms of geography, the global metalworking fluids market depicts an extensive presence in North America, owing to a strong presence of various industries and technologies existing in the region.
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A Rapidly Increasing Uptake of Metal-based Processes Stokes Growth in the Market
Rampantly rising urbanization and industrialization occurring all over the globe is primarily responsible for driving growth in the global metalworking fluids market. This is mainly due to the fact that various metal varieties are being extracted, processed, and sold, in order to keep pace with flourishing construction and automobile industries. A key trend observed to exist in this market involves the development of biosynthetic fluids in order to minimize effects of industrialization and vehicle emissions on the environment. This trend is also pushing the market to witness an exemplary growth in recent times.
Moreover, a high demand of steel is increasing the use of metalworking fluids, which are mainly utilized to provide lubrication as well as act as coolants. In addition metalworking fluids are highly utilized to manufacture drawing fluids, stamping fluids, rolling oils, and other such substances, which are utilized in numerous industries. A high demand for such fluid components too is responsible for pushing the global metalworking fluids market to achieve a splendid growth.
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Fluctuation in Raw Material Availability in Remote Regions Stunts Expansion
However, in spite of these factors, the metalworking fluids market is also greatly restrained owing to different reasons. Firstly, extraction of certain raw materials to make the fluids might prove to be substantially expensive. This may cause a hike to occur in the end products' prices, thereby making it difficult for those having less disposable income to buy them. Moreover, volatility in availability of raw materials associated with manufacturing of these fluids could exist in remote and underdeveloped regions. This also largely hinders the global metalworking fluids market's growth. However, several companies in recent times are regulating the costs of production of these fluids as well as are expanding their geographical horizons. These factors are soon expected to substantially offset effects of most restraints affecting the global metalworking fluids market.
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This review is based on the findings of a TMR report, titled, "Metalworking Fluids Market (Application - Removal Fluids, Forming Fluids, Protecting Fluids, and Treating Fluids) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."
Key segments of the global metalworking fluids market:
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