Metalworking Fluids Market Size, Share & Trends Analysis Report By Product, By Application, By End Use, By Industrial End Use And Segment Forecasts, 2020 - 2027

NEW YORK, Feb. 27, 2020 /PRNewswire/ --

Metalworking Fluids Market Size, Share & Trends Analysis Report By Product (Synthetic, Bio-based), By Application (Near Cutting, Water Cutting), By End Use, By Industrial End Use, And Segment Forecasts, 2020 - 2027

Read the full report: https://www.reportlinker.com/p05867069/?utm_source=PRN

The global metalworking fluids market size is projected to reach USD 15.85 billion by 2027, exhibiting a revenue-based CAGR of 4.4% over the forecast period. Automobile industry is expected to be one of the key factors driving the demand for Metalworking Fluids (MWF).

Automobile industry is largely dependent on MWF owing to their abilities to reduce friction between two metal components, provide excellent surface finish, prolong tool life, and remove metal chips. According to the data published by OICA, the global automotive production grew from 90.9 million units in 2015 to 95.3 million units in 2018. Original Equipment Manufacturers (OEMs) are investing in R&D activities to produce energy efficient vehicle components.

Metalworking fluids aid in increasing the efficiency of machining processes, used across various end-use industries including construction, automobile, healthcare, aerospace and others, thus, increasing the production volumes of those machines. This factor is expected to significantly drive the demand for metalworking fluids over the forecast period.

Neat cutting oils dominated the application of MWF, due to their utilization in various complex machining operations.They are used in a wide variety of machining processes such as drilling, broaching, turning, and honing as they help to enhance the surface finish along with increasing the tool life.

In 2019, transportation equipment was the second-largest end-use segment of these fluids.Maintenance, Repair, and Overhauling (MRO) is the major area where metalworking fluids are used for improving the the engine performance.

They are used in all kinds of transportation equipment, including high-performance engines of trains, ships, and aircraft.

However, growing concern regarding the use of petroleum products has led to strict environmental regulations and government initiatives in order to promote products that do not damage the environment. This has led to increasing production of bio-based metalworking fluids over the synthetic and mineral based ones.The increasing interest in bio-based metalworking fluids because of various regulations pertaining to workplace safety is further projected to boost the demand, especially in the markets from Europe and North America.

U.S. held the dominant share of the North America metalworking fluids market with 83.49% in 2019. MWF manufacturers in North America produce a wide variety of mineral, synthetic, and water-soluble oils suitable for machining and grinding operations of both ferrous and non-ferrous metals. MWFs are suitable for ferrous metals such as cast iron, steel, and stainless steel as well as for non-ferrous metals and alloys such as aluminum, nickel, copper, and magnesium.

Further key findings from the report suggest:
? Synthetic metalworking fluids was the second-largest product segment in 2019 and accounted for 40.91% of revenue share. Product utility in reducing friction between the workpieces, elimination of any kind of waste, and improving the sump life is anticipated to fuel the segment growth
? Corrosion preventive oils is anticipated to witness a strong CAGR of 3.8% from 2020 to 2027, attributed to exclusive property of the product to prevent metals from rusting or other damages, which eventually leads to the reduction in overhead costs for the manufacturers
? Installation of new railway tracks in the emerging economies in Asia Pacific, coupled with the rise in urbanization is a major factor expected to boost the growth. This development has resulted in a strong CAGR of 4.9% of MWF in rail industry from 2020 to 2027
? Manufacturing sector in Central and South America has experienced a slowdown over the last few years owing to weak government policies, overproduction, and poor performance of the Brazilian economy, resulting in a poor market share in 2019
? British Petroleum plc, Exxon Mobil Corporation, Chevron Corporation, and Total SA among others are the large scale companies involved in the production of metalworking fluids. Some other small and medium-sized companies include PratapTex-Chem Pvt. Ltd., Texxol Global. and Swisslube AG

Read the full report: https://www.reportlinker.com/p05867069/?utm_source=PRN

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