Metalworking Fluids Market: Insights into Regional Demand and Emerging Technologies

 

Metalworking Fluids Industry Overview

 

The global metalworking fluids market size was estimated at USD 12.17 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 4.9% from 2024 to 2030. The product demand is anticipated to be driven by increased demand for automotive and heavy industry machinery. Individual end-use sectors, such as machinery, metal fabrication, and transportation equipment, are driving the expansion of the Metalworking Fluids (MWFs) market.

 

The most basic raw source utilized to make the product is crude oil. The crude oil is refined, treated, and blended to create the neat cutting oils, soluble oils, and corrosion-preventive oils that are sought. Base oil, derived from crude oil, is a primary raw material that accounts for approximately 40% of the total MWF cost.

 

Gather more insights about the market drivers, restrains and growth of the Metalworking Fluids Market

 

Base oil is manufactured from the refining and heating process of crude oil. It is used to manufacture motor oils, lubricants, and MWFs. The growth of the automobile industry is expected to be one of the key drivers of product demand. The product is used in the automobile industry because it can reduce friction between the workpiece and the tool, eliminate metal chips, offer good surface quality, and extend tool life. Metalworking fluids help improve the efficiency of machining processes, resulting in higher machine production volumes. As a result, the demand for metalworking fluids is likely to be stable over the forecast period.

 

Manufacturing is one of the core industries in North America and Europe. Advances in the manufacturing methods for producing sophisticated end-use products, coupled with increased exports of construction machinery and power, agricultural, and automotive equipment, have fueled the metalworking fluid market growth. The market growth in North America and Europe is also attributed to the robust growth of end-use industries in Asia Pacific. In Asia Pacific, more consumers prefer advanced machinery and equipment in the agriculture, automotive, and construction industries.

 

This has led to increased market penetration of MWFs in machinery and transportation equipment end-use industries. The growth of the heavy machinery industry in developing economies of the Asia Pacific and Central & South America is anticipated to drive the market. Increasing exploration & production activities of oil & gas in these regions, especially from Chinese petroleum companies, have been a significant factor in influencing the demand for MWFs in the oilfield equipment industry.

 

Browse through Grand View Research’s Category Petrochemicals Industry Research Reports.

 

• The global wax emulsion market size was estimated at USD 2.23 billion in 2023 and is projected grow at a CAGR of 4.7% from 2024 to 2030, owing to its rising consumption in the paints and coatings industry. The product is used as an additive in paints & coatings to improve scratch resistance, impart gloss and sheen, enhance water repellency, and provide a smooth finish.

 

• The global aliphatic hydrocarbon market size was estimated at USD 3,960 million in 2023 and is expected to grow at a CAGR of 4.8% from 2024 to 2030. The growth can be attributed to the increasing product demand in different applications including paints & coatings, aerosol, oil & gas, adhesive & sealants, mining and water treatment.

 

Metalworking Fluids Market Segmentation

 

Grand View Research has segmented the global metalworking fluid market report based on product, application, end-use, industrial end-use, and region:

 

Metalworking Fluids Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 – 2030)

• Mineral
• Synthetic
• Bio-Based

 

Metalworking Fluids Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 – 2030)

• Neat Cutting Oil
• Water Cutting Oil
• Corrosion Preventive Oil
• Others

 

Metalworking Fluids End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2018 – 2030)

• Metal Fabrication
• Transportation Equipment
• Machinery
• Others

 

Metalworking Fluids Industrial End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2018 – 2030)

• Construction
• Electric & Power
• Agriculture
• Automobile
• Aerospace
• Rail
• Marine
• Telecommunications
• Health Care

 

Metalworking Fluids Regional Outlook (Volume, Kilotons; Revenue, USD Billion, 2018 – 2030)

• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o France
o U.K.
o Russia
o Italy
o Spain
o Turkey
o Switzerland
o Denmark
o Norway
o Belgium
o Poland
o Czech Republic
o Sweden
o Finland
• Asia Pacific
o China
o Japan
o South Korea
o India
o Singapore
o Malayasia
o Thailand
o Australia
o New Zealand
• Central & South America
o Brazil
• Middle East & Africa

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Key Companies profiled:

 

• Houghton International, Inc.
• Blaser Swisslube AG
• BP plc
• Exxon Mobil Corp.
• Total S.A.
• FUCHS
• Chevron Corp.
• China Petroleum & Chemical Corp.
• Kuwait Petroleum Corp.

 

Key Metalworking Fluids Company Insights

 

Key companies are adopting several organic and inorganic growth strategies, such as capacity expansion, mergers & acquisitions, and joint ventures, to maintain and expand their market share.

• On January 2023, Univar Solutions B.V. entered a distribution agreement with Graphics Services Ltd. for their products such as inks, rust preventive oils, coatings, lubricants, and metalworking fluids in Europe.

• On September 2022, Clariant announced the extension of support for metalworking fluid manufacturers globally by offering their additives to develop high lubricity and fully-synthetic metalworking fluids.