ALBANY, New York, Feb. 28, 2019
ALBANY, New York, Feb. 28, 2019 /PRNewswire/ --The global metalworking fluids market depicts a fierce competition, states a newly launched market report by Transparency Market Research. This is primarily because of the existence of several players in this field. Most players operating in the metalworking fluids market are small manufacturers. Owing to this, the metalworking fluids manufacturers are under pressure to reduce product prices. This is demanding players to merge or get into partnership. Some of the titan players operating in the global metalworking fluids marker are FUCHS, Exxon Mobil Corporation, Houghton, LUKOIL Lubricants Company, Castrol Limited, Chevron Phillips Chemical Company, and The Lubrizol Corporation.
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As per Transparency Market Research, the global metalworking fluids market is anticipated to rise at a CAGR of 4.6% throughout the forecast period from 2016 to 2024. The global metalworking fluids market is likely to reach a valuation of US$14.78 bn by the end of the forecast period rising from a value of US$9.91 bn in 2015.
On geographical standpoint, North America held a maximum market share of 26.1% in 2014. This is because of an increased demand for these fluids from the U.S. The country accounts for nearly three-fourth of the demand from North America. On the basis of application, removal fluids segment accounted for maximum shares in 2014. This is expected to remain dominant throughout the forecast period because of the increasing demand from the end use industries. Some of the prominent end use industries are automotive, metal fabrication and steel and metal industry.
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Increasing Demand from Steel and Metal Industries to Drive Growth
Metalworking fluids are majorly used in the form of coolants as well as lubricants in the metal working activities. They are manufactured with the help of a variety of materials like petroleum distillates, plant oil, air, plant oil, water, and animal fat. Metalworking fluids are widely used in steel and metal industries too in different forms such as drawing fluids, stamping fluids, as well as rolling oils. The global metalworking fluids market is likely witness boosted growth in the time to come owing to an increased demand from steel and metal industries.
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Transport Equipment to Dominate Metalworking Fluids Market
The use of metalworking fluids is increasing in industries such as transportation and metal fabrication. In these industries, metalworking fluids can be used as forming, cutting, and grinding. This is because of their flexibility of usage in various application. Metalworking fluids are employed in manufacturing of engines, boilers, and radiators. Despite being so many drivers in the global metalworking fluids market, there are some restrains which could hamper the growth of the global metalworking fluids market. Some of them are, the availability of cheaper substitutes and fluctuating prices of metalworking fluids. These factors may restraint growth in the global metalworking fluids market. However, the rising demand of automotive parts is a key factor driving the growth of 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."
The global metalworking fluids market is segmented as below:
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