The growing green field projects and escalating demands in important sectors such as manufacturing, energy, and processing sectors act as an opportunity leading to the market growth. Synthetic-based products are considered to grow at a rapid pace owing to the excellent wear resistance and surface finish, and ability to increase tool life. Therefore, resulted in the increase in demand from various end-user industries such as aerospace, marine, and automobile. Semi-synthetic based products are estimated to penetrate the market over the decade owing to their tremendous machining capabilities. Mineral based products account for low price and abundant availability.
On the basis of metalworking fluid type, the market is categorized into forming fluids, removal fluids, treating fluids and protection fluids. The demand for removal fluid is expected to grow at a significant pace owing to the accelerating consumption in grinding fluids, cutting oils and coolants. Metalworking fluids are widely used in various application segments such as automotive, aerospace, electronic tools, oilfield equipment, firearms and defense equipment and marine segment. Among these segments, automotive segment holds the largest market share followed by aerospace owing to the high demand for automobiles.
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Geographically, the key regions identified in this industry are North America, Europe, Asia Pacific, Latin America and the Middle East and Africa. Asia Pacific is expected to dominate the market owing to the positive outlook towards manufacturing sectors in India, Malaysia and China. The increasing consumption coupled with favorable regulations so as to attract investments is considered to enhance the expansion in this region. Moreover, high GDP growth rates in developing countries are presumed to boost the industrial production capacities.
North America is expected to witness the fastest growth over the decade owing to the high research and development activities in this region. Europe is estimated to grow at a rapid pace owing to the growing biobased metalworking fluid due to stringent government regulations in this region.
The key players in this industry are BP, Houghton International, Quacker Chemical Corporation, ExxonMobil Corp., Blaser Swisslube, Cimcool, Fuchs and Total S. A. Other prominent players are Ashland Inc., Eni S. p. A, PETRONAS, Kuwait Petroleum International, Motul, Chevron Corporation, The Lubrizol Corporation, Evonik Industries and Indian Oil Corporation Ltd.
Most of the players are engaged in expanding their product portfolio by the development of new products, mergers, and acquisition in order to increase their market share. In February 2016, Houghton International received an approval for the use of Hocut 4940 metalworking fluid, from Pratt & Whitney which is a United