The metal working fluids market in 2016 was estimated to be USD 9058 million and is projected to grow at a CAGR 3.24%during the forecast period of 2017-2025. Metal working fluids have high stability for both high and low extreme temperatures as well as chemical resistance which is an essential requirement in the growing automotive industry thus rapidly driving the market.
Metal working fluids market is segmented on the basis of geography, product type, and application. The segmentation by product type is on the basis of removal fluids, forming fluids, protecting fluids and treating fluids. The classification of the application segment is on the basis of transportation equipment, machinery, fabricated metal products, primary metals and metal cans and others.
The metalworking fluids aids reduction of the heat and friction by lubricating the metals for smooth functioning as well as reducing burning and smoking. They also improvise the surface finish and add to the life of the tools. These two factors are considered favorable for the growth of the metal working fluids market. The global economic crisis was a huge setback for the metal working fluid industry and automotive industry. High vulnerability to microbial attack and regulatory use of anti-microbial chemicals for protection are major market restraints for metal working fluid.
Regions that are covered in the report are Asia Pacific, North America, Europe and Rest of the world. North America metal working fluids market is poised to witness significant upraise with high consumption in the automobile industry. Asia Pacific metal working fluids market is expected to grow with the establishment of automotive industries in developing economies. The growing demand for the robust automobile manufacturing base with growing demand is expected to inflate the metalworking fluids market in the Europe region.
Metal working fluids is a highly competitive and disintegrated market. The major market players for Metal working fluids market are BP plc, Idemitsu Kosan, Quaker Chemicals, Yushiro, Exxon Mobile, Fuchs Petrolub, Houghton International, Chevron, Lukoil, and Lubrizol.