Metalworking Fluids Market to Surpass Revenues More Than US$ 13,899.0 Mn Through 2018 – 2028
Future Market Insights’ published market report titled, “Metalworking Fluids Market: Global Industry Analysis 2013 – 2017 and Opportunity Assessment, 2018 – 2028,” examines the metalworking fluids market and offers crucial market insights for the next 10 years. According to the global metalworking fluids market report, the removal fluids segment by product type is expected to dominate the overall market, accounting for over a 50% revenue share by 2028 end. The metalworking fluids market is expected to register a CAGR of 3.9% during the forecast period (2018 – 2028), accounting for US$ 13,899.0 Mn by the end of 2028.
Global Metalworking Fluids Market Dynamics
Metalworking fluids usually suffer from contamination and bacterial growth, which results in their shortened life. Nowadays, companies are developing products that reduce the use of metalworking additives and biocides in metalworking fluids, thereby saving cost without the use of harmful chemicals. For instance, Castrol has launched the new XBB cutting fluid technology, which maintains pH and serves for longer periods of time in comparison to the other cutting fluids. The company also launched Castrol Hysol SL 36 XBB and Castrol Alusol SL 61 XBB, which enabel the use of a lesser amount of additives and biocides, thereby leading to cost savings. Thus, owing to such developments, the demand for metalworking fluids is expected to gain momentum during the forecast period.
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According to the National Institute for Occupational Safety and Health (NIOSH), over 1 Million workers in the United States are exposed to metalworking fluids and in Washington, over 20,000 workers use metalworking fluids .These fluids can cause various adverse effects on health upon exposure through different routes such as skin through mists and sprays as well as inhalation from breathing mists or aerosols. Metalworking fluids can cause cancer, skin irritation, lung diseases, etc. Thus, attributing to the adverse health effects associated with the application of metalworking fluids, coupled with waste disposal problem, the demand for metalworking fluids is expected to decrease and act as an obstacle in the growth of the overall metalworking fluids market.
Major players identified in the metalworking fluids market are focusing on product portfolio expansion and acquisitions to enhance their operational efficiency. Also, strategic collaborations and joint ventures witnessed among leading market players are likely to improve sales and distribution. Attributing to these factors, the global market is expected to gain momentum during the forecast period.
Global Metalworking Fluids Market Forecast
On the basis of category, the semi-synthetic segment is anticipated to be a leading revenue contributor in the metalworking fluids market. The segment is estimated to lead the overall metalworking fluids market and accounted for an estimated share of over 46% in terms of value in 2017. Further, this segment is expected to register a CAGR of 3.8% over the forecast period.
On the basis of geography, China is anticipated to dominate the global metalworking fluids market throughout the forecast period in terms of growth. The China metalworking fluids market is expected to expand at a CAGR of 5.1% during the forecast period, while the North America metalworking fluids market is anticipated to register a CAGR of 3.4% during the forecast period. These regions are expected to register relatively fast growth in the global metalworking fluids market during the forecast period.
Global Metalworking Fluids Market Competitive Landscape
Some of the players identified in the global metalworking fluids market include Quaker Chemical Corporation, Houghton International, BP Plc. and Yushiro Chemical Industry Co. Ltd., among others. Over the recent past, industry players have been focusing on acquisitions and increasing their product portfolios to meet the growing demand from various end-user industries.