11242017Headline:

Metalworking Fluids Market to Be Worth US$ 12.6 Bn by 2026 – Future Market Insights

Nov 5, 2017 - (Newswire)

​​​​Metalworking fluids refer to a wide array of lubricants and coolants introduced in metalworking activity during processes such as machining, milling, and grinding to reduce the friction and heat between the metalwork tool and the workpiece, thus preventing any smoking and burning. Moreover, the application of metalworking fluids also helps in improving the workpiece and the final product in terms of quality by continuously removing swarf and chips from both the surface of the workpiece as well as the tool in use. Also referred to as cutting fluids, a number of processes and raw materials are used for the manufacture of metalworking fluids. Key raw materials used for the production of metalworking fluids include petroleum distillates, plant oil, animal fats, and water.

The market for metalworking fluids has expanded at a promising pace in the past few years, owing to high demand across industries such as automotive, transportation, construction, and manufacturing. However, in a recent market research report, Future Market Insights states that the market will exhibit a moderate 3.4% CAGR from 2016 to 2026 in terms of volume. In terms of revenue, the market is expected to witness a moderate rise of nearly US$3.6 bn over the report’s forecast period, rising from a revenue opportunity of US$9 bn in 2016 to US$12.6 bn by the end of 2026.

Increased Demand for Non-abrasive Machineries to Hinder Growth Prospects

The key factors slowing down the pace of expansion of the market include the vast transformations observed in manufacturing processes to avoid the occurrence of mechanical abrasion that ends up scarring the surface of metals and the resultant rise in demand for non-abrasive machineries. The rising demand for non-abrasive machineries has significantly lowered the scope of usage of metalworking fluids in recent years, thus lowering the set of growth opportunities for the metalworking fluids market on a whole.

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The market is also expected to suffer from the massive contractions witnessed in the automotive and metal production industries in the recent past. The automotive industry, especially, is one of the key consumers of metalworking fluids and a significant share of the metalworking fluids produced on a global scale are used for lubricating transportation equipment. Although the automotive industry has witnessed a recent rebound, resulting in a notable upsurge in the overall demand for metalworking fluids, the market will continue to be marred by the increased preference to non-abrasive machineries for metalworking applications.

Asia Pacific Set to Dominate Global Metalworking Fluids Market

From a geographical standpoint, the market for metalworking fluids will gather the maximum share of revenue from sales across the North America and Asia Pacific markets. These regional markets are projected to procure over 60 percent of the overall revenue of the global metalworking fluids market over the next few years. The Asia Pacific market, especially, has benefited in recent years from the rising demand in the region’s automotive and aviation industries. China, South Korea and Japan have been among the leading regional automotive markets in the world since the turn of the decade, which has ensured steady demand for metalworking fluids. The rise in the demand for automobiles in this region is expected to drive the APAC metalworking fluids market in the coming years.

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Original Source: https://www.newswire.com/news/metalworking-fluids-market-to-be-worth-us-12-6-bn-by-2026-future-20038807

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