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The metalworking fluids market size is forecast to increase by USD 2.38 billion between 2022 and 2027, accelerating at a CAGR of 3.74%. In 2017, the US held the largest market share, projecting an annual revenue of USD 1.97 billion. The research report of the Metalworking Fluids Market offers industry forecasts and segmentation based on End-users including Construction, Automobile, Aerospace, Electrical and power, and Others. It also segments the market by Product, which comprises Mineral, Synthetic, and Bio-based. Geographically, the report covers APAC, North America, Europe, the Middle East and Africa, and South America. The market size, historical data (2017-2027), and future forecasts are presented in terms of value (in USD billion) for all these mentioned segments.
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Increasing industrialization in emerging economies is the key factor driving metalworking fluids market share. The increasing industrialization, particularly in developing nations, is a significant contributor to the global demand for metalworking fluids. These fluids play a crucial role in ensuring effective machining processes as manufacturing activities expand. For instance, countries such as China and India have experienced a remarkable surge in industrialization, leading to a rise in the consumption of metalworking fluids for improved productivity and reduced machinery wear and tear.
Moreover, according to the National Bureau of Statistics, China's value-added industrial output increased by 8.1% in 2021, while India's Index of Industrial Production saw an increase of 13.1% during the same year. As this industrial landscape evolves, the continuous use of metalworking fluids is vital for uninterrupted production, driving the global demand for these fluids. Therefore, the growing industrialization of metalworking fluids will have a positive impact on the Metalworking Fluids Market growth during the forecast period.
The Construction segment was the largest segment and valued at USD 2.94 billion in 2017 which is a major. In developing countries like India, with rapid urbanization, urban areas are predicted to house 40% of India's people and generate 75% of the country's GDP by 2030. Hence, the global expansion of infrastructure projects such as bridges, buildings, and roadways boosts the demand for metalworking fluids, making construction a significant end-user, which will drive the growth of the market in focus during the forecast period.
APAC is estimated to contribute 47% to the growth of the global market during the forecast period.Technavio’s analysts have elaborately explained the regional metalworking fluids markets trends and drivers that shape the market during the forecast period. Due to the rise in the manufacturing and industrial sectors, the APAC metalworking fluids market has been steadily growing. Based on their robust automotive, aerospace, and machinery sectors, China, India, Japan, and South Korea are significant players in the market.
Moreover, the endeavor for more efficient machining operations and longer tool life has augmented the use of high-performance metalworking fluids. Technological advancements, sustainability concerns, and an increasing focus on improving machine efficiencies all have a positive impact on market growth. Such factors are expected to fuel the demand for metalworking fluids, which will drive regional market growth during the forecast period.
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The Metalworking Fluids Market is fragmented in nature. Some significant players include Abitec, AMILE Industries Pvt. Ltd, Apar Industries Ltd., Arabian Petroleum Ltd., BASF SE, Benz oil Inc., Callington Haven Pty Ltd,
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Carborundum Universal Ltd., Chevron Corp., Exxon Mobil Corp., FUCHS PETROLUB SE, Gandhar Oil Refinery India Ltd., GP Global, Grauer and Weil India Ltd., Illinois Tool Works Inc., Lonza Group Ltd., Master Fluid Solutions, Saudi Arabian Oil Co., Sun Chem Pvt Ltd., and Victory Polychem Pvt. Ltd.
The Metalworking Fluids Market analysis report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 - 2027.
Metalworking Fluids Market Scope |
|
Report Coverage |
Details |
Page number |
163 |
Base year |
2022 |
Historic period |
2017 - 2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.74% |
Market growth 2023-2027 |
USD 2.38 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.41 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 47% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abitec, AMILE Industries Pvt. Ltd, Apar Industries Ltd., Arabian Petroleum Ltd., BASF SE, Benz oil Inc., Callington Haven Pty Ltd, Carborundum Universal Ltd., Chevron Corp., Exxon Mobil Corp., FUCHS PETROLUB SE, Gandhar Oil Refinery India Ltd., GP Global, Grauer and Weil India Ltd., Illinois Tool Works Inc., Lonza Group Ltd., Master Fluid Solutions, Saudi Arabian Oil Co., Sun Chem Pvt Ltd., and Victory Polychem Pvt. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
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