The metalworking fluids industry is projected to witness below average growth over the forecast period. The market size was estimated at USD 9.34 billion in 2014 and expected to reach over USD 11.99 billion by 2022. Rising utilization of metalworking fluids in heavy machinery and automotive on account of efficient performance is estimated to fuel growth. The market is characterized by competitive pricing strategies due to growing number of small-scale suppliers.
Synthetic fluids are likely to experience growth due to their superior properties such as excellent surface finishing and increased tool life. Asia Pacific emerged as the leader owing to the existence of a significant consumer base, primarily from China and India. Price sensitivity amongst original equipment manufacturers in Asia Pacific is anticipated to be the key driving factor.
Mineral based oil is the traditional metalworking fluid and constituted to 52.1% share by volume in 2014. They can be produced in large quantities owing to abundant availability and accessibility coupled with cost effectiveness
Bio-based metal working fluid is estimated to witness steady growth in Europe attributing to stringent government legislations. In 2014, the market was valued at USD 2.77 billion. The high cost of bio-based products can pose a challenge for the industry over the next seven years.
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Further key findings from the study suggest:
- In 2014, demand for corrosion preventive oils was estimated at 514.4 kilotons owing to its ability to improve sump life which eventually resulted in the reduction of overhead costs for the manufacturers. These oils are useful in machine operations with a high risk of damage. This has led to increase in demand from small manufacturers in light of low volumes and limited cost structures.
- Growing production capacity in application segments such as defense, automobile, aerospace and marine industry is anticipated to drive demand from 2015 to 2022. Asia Pacific dominated the market and is projected to witness a growth of 4.4% over the next seven years.
- Developing economies including Brazil, India, Russia and China and other Southeast Asian countries have been experiencing substantial growth in the manufacturing sector. Various exploration and production activities of crude oil from Chinese petroleum companies are expected to play a significant role in driving demand.
- Key market participants including Quaker Chemical Corporation, Royal Dutch Shell, Houghton, Chevron Corporation, British Petroleum, and ExxonMobil Corp have a strong distribution network and supplier customer base. Intensive R&D investments by organizations including Cimcool, Fuchs, Blaser Swisslube, Total S.A., ENI S.p.A, Ashland Inc and Croda International are expected to propel market demand.
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