The Metalworking Fluids Market is projected to grow at a 3.7% CAGR from 2021 to 2031, driven by demand in the automotive and transportation sectors.
As per a latest market study by Future Market Insights (FMI), the demand for metalworking fluids is projected to grow at 3.7% CAGR between 2021 and 2031, reaching US$ 9.61 Bn in 2021. With a favorable demand outlook, sales of metalworking fluids are poised to total 36,67,557.1 Tons by 2031.
Increasing adoption of metalworking fluids for the production of key metal components in the transportation equipment and heavy machinery industries will continue augmenting market growth.
Growing preference for lightweight metals such as aluminum, copper, and zinc in production of complex components used in high performance applications is anticipated to boost sales of metalworking fluids over the forecast period.
Rapid urbanization and population growth are leading to a surge in demand for private transportation vehicle and increased spending on public transport. The automotive industry has been a key beneficiary of this trend, as automotive sales continued increasing in developing countries such as China, India, Saudi Arabia, and ASEAN nations.
Similar growth has been recorded in these markets for public transportation facilities such as metro trains, resulting in high demand for metalworking fluids in the automotive and transportation sectors.
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However, various stringent regulations regarding the usage of harmful synthetic chemicals are restricting the market growth. To counter this issue, manufacturers are investing in research and development activities to develop eco-friendly lubrication solutions.
Emergence of bio-based fluids, and other multifunctional fluids to reduce incompatibility will continue providing tailwinds to metalworking fluids sales in the forthcoming years.
Key Takeaways from Metalworking Fluids Market Study
“Increasing sales of lightweight automotive such as electronic vehicles (EVs), along with innovations in fluid blends to cater to diverse industrial requirements will continue pushing the sales of metalworking fluids over the forecast period,” says the FMI analyst.
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Metalworking Fluids Market: Participant Insights
Key players operating in the global metalworking fluids market comprise ExxonMobil Corporation, Idemitsu Kosan Co. Ltd., Quaker Chemical Corporation, FUCHS Petrolub SE, TotalEnergies SE, Apar Industries Limited, Yushiro Chemical Industry Co. Ltd., Cimcool Industrial Products LLC, and Metalworking Lubricants Company.
As per FMI’s analysis, top 5 players including Quaker Chemical Corporation, ExxonMobil Corporation, TotalEnergies SE, Idemitsu Kosan Co. Ltd. and BP plc. are projected to account for 45-55% of the total metalworking fluid market share.
In efforts to gain a competitive edge, leading players are focusing on research and development to launch new and innovative products that are more efficient and comply with various stringent regulations. In addition to this, collaborations, mergers, and acquisitions will remain effective growth strategies among players over the assessment period. For instance:
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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The article discusses the projected growth of the Metalworking Fluids Market at a 3.7% CAGR from 2021 to 2031.
Demand in transportation equipment and the automotive industry, along with innovations in eco-friendly fluids, are key drivers.
The U.S., China, Germany, Japan, and South Korea are significant contributors to market growth.
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