Market scenario Tracing the global metalworking fluid market
The metalworking fluid segment across the globe is expected to cross 15 billion dollars by 2025. The growth areas of the industry can be found especially in the Asia Pacific region, while in North America and in Europe sustainable metalworking fluids are on the move.
The global market for metalworking fluids is expected to exceed 15 billion dollars by 2025, according to a report by research firm, Global Market Insights. The main drivers of this segment are the increasing demand of automobiles and the evolution of the general manufacturing industry. Metalworking fluids are used across diverse manufacturing processes to cool or lubricate workpieces while they are being machined. The fluids also enable to reduce tool wear and improve process productivity. Some of the major players of this sector include Fuchs, Blaser Swisslube, Cimcool Fluid Technology, Kuwait Petroleum Corporation, and Moresco Corporation.
Growth regions for the metalworking fluid industry
Asia Pacific is considered to be the most important market for this industry since segments such as automobile, defence, aerospace, and marine are on a growth track. The respective governments in the region have also laid down policies to attract high investments from foreign players and the automobile industry is one such example. Moreover, there are many global players that are establishing or expanding their bases in developing markets such as China, India, South Korea, Malaysia, and Thailand. All these factors are expected to further increase the demand for metalworking fluids in the region.
On the other side when we speak of North America and Europe, the scenario is a bit different. There are strict policies to use eco-friendly products for the safety of the environment. Hence, this poses as a challenge for majority of the players involved in manufacturing of the metalworking fluids. Only those players that are capable of developing sustainable fluids and enhance productivity are expected to carry out business and be competitive in this region.
Sustainable metalworking fluids
Metalworking fluids are available in a wide range comprising non-water-miscible oils, water-miscible/emulsifiable concentrates or fully synthetic, oil-free products. The awareness for incorporating greener and more efficient solutions in today’s manufacturing processes has led experts to predict that synthetic fluids from the entire metalworking fluids range will be the fastest growing segment by 2025. Synthetic metalworking fluids are sustainable in nature and enable to increase the life of the tool along with providing superior surface finish.
Bio based metalworking fluids are other enhanced sustainable options. However, lack of cost-competitive bio based metalworking fluids will pose a challenge for the market.
The global metalworking fluids market is expected to grow significantly in the near future but there is also a need to develop sustainable and more eco-friendly solutions at a reasonable cost for the benefit of the industry.