ALBANY, New York, December 20, 2018
ALBANY, New York, December 20, 2018 /PRNewswire/ --
High level of fragmentation on account of several small players is expected to shape the competitive contours of the global metalworking fluids market, finds Transparency Market Research (TMR). The global metalworking fluids market also features an increasingly competitive landscape, attributed primarily due to the presence of plethora of companies of all sizes, primarily those with a global presence. TMR observes that a growing number of players are focusing on developing cost-effective metalworking fluids formulations to meet the needs of a wide spectrum of lubricant applications in end-use industries. To this end, top players in the global metalworking fluids market are adopting a slew of strategic measures such as entering into partnerships with small players or are opting for mergers. Numerous manufacturers of metalworking fluids are also relying on using biosynthetic base oil to develop high-end cost-effective formulations, which will also confer competitive gains to them in coming years.
The leading three players who held the major shares in the global metalworking fluids market in 2014 are Houghton, Fuchs Petrolub, and Exxon Mobil Corporation. These are focusing on constantly improving the product performance to retain their strongholds over the market.
The global metalworking fluids market stood at US$9.91 billion in 2015. Expanding at a CAGR of a 4.6% during 2016-2024, the global market is projected to reach worth of US$14.78 billion by the end of this period.
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Of the various applications of metalworking fluids, removal fluids led the global market in 2015 and is expected to contribute the major share throughout the forecast period. This may be attributes to their widespread demand in metalworking processes used in automotive manufacturing and metal fabrication.
On the regional front, North America held the sway by accounting for a major share of 26.1% in the global metalworking fluids market in 2014, with the U.S. contributing the leading chunk of revenues. The regional market is anticipated to rise at steady pace, driven primarily by the rising uptake of metalworking fluids for removal application in end-use industries.
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Extensive Use of Metalworking Fluids as Lubricants and Coolants in Metal Working Processes drives Revenues
The rising worldwide drive for metalworking fluids in workshops stems from the need for ensuring metal workpiece quality in various manufacturing processes including machining, grounding, milling, and honing. The demand is attributed to the use of metalworking fluids as lubricants and coolants for a range of functions, broadly reducing friction and the heat between the tool and workpiece. The global metalworking fluids market is driven by the rising volumes of metal working processes in various end-use industries, notably in automotive and steel manufacturing. Substantial numbers of applications of metalworking fluids relate to their use in removal of chips, swarfs, and fines from the tool and the workpiece.
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Focus on Improving Safety Profiles of Base Oils to pave way to Product Innovations
The rising application of multipurpose metalworking fluids in various end-use industries is a notable trend accentuating the market. They can be used for lubricating of machine components and for power transmission. End users give due consideration on the composition of metalworking fluids as altering it may change the range of functions these fluids can perform. In addition, it is imperative for manufacturers in the global metalworking fluids market to give attention to the safety profile of the base oil used in metalworking fluids, such as evaluating their allergen content, compatibility with humans, and emission behavior. These factors are expected to drive advancement in products. The rising use of biosynthetic base oils in metalworking fluids is expected to drive innovations in the market.
The study presented here is based on a report by Transparency Market Research (TMR) 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."
Global metalworking fluids market is segmented based on:
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