According to the latest market research study released by Technavio, the global metalworking fluid market is expected to grow at a CAGR of more than 4% during the forecast period 2016-2020.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
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Technavio research analysts categorize the global metalworking fluid market based on product type:
Global metalworking fluid market share by product type 2015
|
Removal Fluids |
52.13% |
|
Forming Fluids |
30.00% |
|
Protecting Fluids |
10.85% |
|
Treating Fluids |
7.02% |
Source: Technavio
Global removal fluids market
The removal fluids segment was valued at almost $5 billion in 2015 and is expected to grow at a CAGR of around 4% by 2020. The extensive use of removal fluids in metalworking procedures where cutting is the principal machining technique will fuel the growth of this market segment. These fluids are mainly used in the process of removal of metal chips from the workpiece, cool the metalworking tools and machined parts, and protect the metal from corrosion. Some of the other applications of these fluids are included in the process of broaching, drilling, boring, grinding, and sawing.
“The growing demand for water-miscible products in the APAC countries like India, Japan, and China will lead to the growth of this market segment. The key industries that have the highest consumption of these fluids include machinery, transportation equipment, and fabricated metals. The increasing application of removal fluids in the aerospace and automotive industries will propel the progress of this industry,” says Chandrakumar B J, a lead analyst at Technavio for research on metals and minerals.
Global forming fluids market
The forming fluids segment was valued at around $3 billion in 2015 and is expected to grow at a CAGR of more than 4% by 2020. The fluids are extensively used for the fabrication of metal cans, metal products, primary metals, and machinery and in processes that involve changing the contour and shape of the metals. Forming fluids include die-casting compounds, rolling oils, hydroforming fluids, forging compounds, and stamping and drawing compounds. The key end-users of these fluids include primary metals, fabricated metal products, transportation equipment, and machinery industries. The new trend of recycling practices and increased use of water-soluble products in the automotive industry will lead to the growth of this market segment.
Global protecting fluids market
The protecting fluids segment was valued at about $1 billion in 2015 and is expected to grow at a CAGR of around 4% by 2020. The extensive use of protecting fluids in the fabricated metal products and transportation equipment sector will lead to the growth of this market segment. These fluids are used to shield metal surfaces temporarily from air, water, and other corrosive substances and the most common protective fluids are corrosion preventatives that are applied to iron, steel, and to a lesser extent to nonferrous metals such as copper, aluminum, and brass. North America is the largest region of consumers and producers of these fluids in the market.
Global treating fluids market
The treating fluids segment was valued at about $660 million in 2015 and is expected to grow at a CAGR of around 3% by 2020. Treating fluids can be used both on cool, and heat meat and have application that ranges from basic production to metal finishing. These fluids are primarily used in a process called quenching that involves the cooling of hot metal products. The straight quenching oils industry is the largest consumer of these fluids in the market.
The top leading vendors operating in the global metalworking fluid market are:
- BASF
- Chevron Oronite
- ExxonMobil
- Lonza
- Fuchs Petrolub
Other prominent vendors in the metalworking fluids market include Apar, Columbia Petro, Gazprom, Idemitsu Kosan, Lukoil, Pertaminam, and Sinopec.
A more detailed analysis is available in the Technavio report titled, ‘Global Metalworking Fluid Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Chlorinated Paraffins Market 2016-2020
- Global Lubricants Market 2015-2019
- Global Functional Fluids Market 2016-2020
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