Global Metalworking Fluids Market Report and Forecast 2024-2032

Global Metalworking Fluids Market Outlook

The global metalworking fluids market size attained a value of more than USD 11.54 billion in 2023. The market is expected to grow at a CAGR of 4.10% between 2024 and 2032 to reach a value of USD 16.57 billion by 2032.

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Global Metalworking Fluids Market Trends

Metalworking fluids is a term given to various oils and fluids utilised for heat and friction reduction and removal of metal pieces during industrial machining and grinding operations. These fluids are utilised worldwide on daily basis in mechanical workshops and in the automobile industry to extend a vehicle component’s life by reducing wear and tear and thermal deformation.

Rising Demand for Industrial Applications

The rapid industrialisation and infrastructural developments in developing countries have surged the demand for metalworking fluids, especially in the Asia Pacific region. This surge in demand can propel the metalworking fluids market growth.

Proliferating Automotive Industry

The transportation sector is the largest end-user of metalworking fluids and with the rising demand for commercial and passenger vehicles, the market is expected to develop further.

Developing Manufacturing Sector around the World

The manufacturing sector is one of the primary users of metalworking fluids. The development of new manufacturing methods for sophisticated products, coupled with automated equipment, has enhanced the market size.

Global Metalworking Fluids Market Opportunities

Growing Demand for Lightweight Components

The demand for lightweight equipment and shifting preference from traditional alloys to stainless steel, aluminium, and titanium, is expected to provide new growth opportunities.

Launch of Multi-Functional Fluids and Eco-Friendly Products

The introduction of multi-functional fluids for high-performance machines and the development of eco-friendly products can provide new growth opportunities to the market.

Global Metalworking Fluids Market Challenges

Volatile Crude Oil Prices

Due to financial crises around the world and geopolitical conflicts, the price of crude oils can be prone to fluctuations, which can hamper the market growth.

Stringent Government Policies

With the rising environmental concerns, governments’ efforts to minimise environmental damage have started to implement strict regulations on the usage of metalworking fluids. This can be a major setback for the market.

Global Metalworking Fluids Market Analysis

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Based on type, the market can be segmented into mineral, synthetic, and biobased. Based on the function, it can be bifurcated into neat cutting oils, water cutting oils, and corrosion preventive oils, among others. Based on end-uses, the market segments include metal fabrication, transportation equipment, and machinery, among others.

The regional markets for the market can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global metalworking fluids market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.

• Quaker Chemical Corporation

• Blaser Swisslube AG

• TotalEnergies

• Eni S.p.A.

• Exxon Mobil Corporation

• Castrol Ltd.

• Lubrizol Corporation

• Chevron Corporation

• Others

Global Metalworking Fluids Market Segments by Function

Based on function, the market segments include neat cutting oils, water cutting oils, and corrosion preventive oils, among others.

Neat cutting oils are usually based on mineral oils which are used while cutting operations and are commonly used in heavy-duty operations as they provide high levels of lubrication. This segment holds the largest market share due to its application in various industrial operations.

Water-cutting oils are used by mixing concentrates of mineral oils or synthetic oils with water. It is widely used in processing as a coolant and lubricant. This segment is expected to experience significant growth due to its easy availability and excellent heat-carrying capability. However, it does not possess lubricating properties which can lead to corrosion.

Corrosion preventive oils are utilised on metals during the semi-finished or finished stage. They are applied to the metals to form a protective layer the metal, which provides rust protection.

Global Metalworking Fluids Market Segments by End-Use

Based on end-use, the market segments include metal fabrication, transportation equipment, and machinery, among others. The machinery segment has been the leading segment in the market as the demand for metalworking fluids has been rising exponentially in industries for application in different types of machines available in the market. Metalworking fluids are expected to show significant growth due to their adoption of these fluids by small-scale enterprises.

The transportation equipment segment is expected to show significant growth during the forecast period due to the rising demand for transportation equipment. The growth of this segment can also be attributed to increasing construction activities, especially in the Asia Pacific region.

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Competitive Landscape

Quaker Chemical Corporation is a chemical company and a leader in industrial process fluids, based in the United States and founded in 1918. The company provides their services to multiple industries such as aerospace, mining, steel, tube and pipe, metal finishing, among many other industries.

Blaser Swisslube AG is a chemical company, headquartered in Bern, Switzerland, and it was founded in 1936. The company is engaged in developing, producing, and selling an extensive list of metalworking fluids of high quality and performance for a variety of industries. They provide multiple services including monitoring and maintenance planning, water quality test, and machine preparation training, among many other services for optimal performance of the fluids.

TotalEnergies is a French multinational company for energy and petroleum, headquartered in France and founded in 1924. The company specialises in dealing with oil and gas exploration and production, refining, trading, shipping, crude oil, liquified natural gas, renewable energy, solar energy, wind energy, and geology, among many other fields.

Other market players include Eni S.p.A, Exxon Mobil Corporation, Castrol Ltd, Lubrizol Corporation, and Chevron Corporation, among others.

Key Highlights of the Report