TOKYO, JAPAN, Sept. 02, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled "Metalworking Fluids Market Size, Share, Growth Analysis Report By Product (Mineral, Synthetic, Bio-based), By Application (Neat Cutting Oils, Water Cutting Oils, Corrosion Preventive Oils, Others), By End-Use (Metal Fabrication, Transportation Equipment, Machinery, Others), By Industrial End-Use (Construction, Electric & Power, Agriculture, Automobile, Aerospace, Rail, Marine, Telecommunication, Healthcare), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" in its research database.
"According to the latest research study, the demand of global Metalworking Fluids Market size & share was valued at approximately USD 10,729.30 million in 2021. The market is expected to grow above a CAGR of 3.50% and is anticipated to reach over USD 13,189.05 million by 2028."
The report analyses the Metalworking Fluids market's drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global Metalworking Fluids market.
What are Metalworking Fluids? How big is the Metalworking Fluids Industry?
Metalworking fluids are the numerous oils and lubricants used in various metallurgy and metal building processes. These fluids reduce friction during manufacture, lowering the heat generated by the same. They are also quite helpful for eliminating metal chips that have protruded from the surface.
These fluids are widely used in mechanical workshops worldwide for cutting and shaping metal. Additionally, they increase lubrication, lessen wear and tear, and prevent thermal and physical deformation, increasing the life of welded metals by improving their surface smoothness and texture.
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Key Insights from Primary Research
The report contains qualitative and quantitative research on the global metalworking fluids Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.
Some of the main players in the global Metalworking Fluids market include:
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The thriving automotive industry primarily drives the market growth. It is common practice to use metals in automotive vehicles to provide structural strength and durability. Metalworking fluids are necessary for metal removal, chemical treatment, and tool protection. As a result, the market has grown as consumers spend more on modifications of their vehicles. Further, market growth is projected due to a shift from traditional metal alloys to stainless steel, aluminum, and titanium. Such Metals provide highly desirable features such as lightweight and long-lasting durability to equipment. Therefore, original equipment manufacturers (OEMs) are also expected to conduct more research and development (R&D) in the coming years to manufacture higher volumes of metal components that are energy efficient.
The outbreak of COVID-19 has severely impacted the global market for metalworking fluids. The lockdowns implemented in various countries significantly affected the metalworking fluids market. Further, market stagnation was caused by regulations designed to prevent health hazards. In addition to government regulations preventing the manufacture and use of harmful synthetic metalworking fluids, consumers' preference for environment-friendly products affects the sales of metalworking fluids.
Metalworking Fluids Market: COVID-19 Impact Analysis
In various countries, minor production and transportation delays were brought about as a result of lockdowns that were brought about by the COVID-19 epidemic. The novel coronavirus was able to gain a stronger foothold after many rounds of infection, which caused disruptions in economic activity and caused the market for metalworking fluids to suffer. Because there are not enough raw materials available, the production of metalworking fluids will be restricted, which will have a negative impact on sales of forming fluid.
Manufacturing supply chains have been disrupted as a result of the outbreak, which has resulted in a substantial supply-demand gap. The demand for any kind of industrial activity has been disrupted as a result of a combination of disruptions in the supply chain, labour shortages, and delayed logistics, which has had an effect on industries that rely heavily on metalworking fluids.
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Metalworking Fluids Market: Segmentation Analysis
The metalworking fluids market is segregated based on product, application, end-use, industrial end-use, and region. Based on product, the market is divided into mineral, synthetic and bio-based. Among these, the mineral segment led the market in 2021 and is expected to maintain its dominance throughout the forecast period. Based on application, the market is classified into neat cutting oils, water cutting oils, corrosion preventive oils and others. In 2021, the neat cutting oils category dominated the global market.
Based on end-use, the market is classified into metal fabrication, transportation equipment, machinery and others. The machinery segment dominated the market in 2021. Based on industrial end-use, the market is classified into construction, electric & power, agriculture, automobile, aerospace, rail, marine, telecommunication and healthcare. In 2021, the construction segment dominated the market
The metalworking fluids market is divided into geographic regions: North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. The Asia Pacific was anticipated to dominate the global market for metalworking fluids in 2021 because of the expanding demand from the transportation and automotive industries. The growth of this market is mainly attributed to the availability of cheap land and labor in India, China, and Indonesia, as well as the growth of the manufacturing sector.
Further, water cutting fluids, synthetic metalworking fluids and semi-synthetic metalworking fluids are expected to be major growth engines for the market in the foreseeable future in the Asia Pacific region. The governments of China and India have taken significant steps and provided strong support for the manufacturing industry, which is assisting the region's supremacy in market share.
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The global metalworking fluids market is segmented as follows:
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