Metalworking fluid is used as a coolant and lubricant for metal workpieces as it reduces heat and friction between cutting tool and workpiece, and help in preventing metal workpieces from fire and smoke.
Growing demand for metalworking fluid from the automotive industry is a major factor expected to drive growth of the metalworking fluids market over the forecast period. However, the high cost and toxicity of the product may hamper demand to a certain extent and restrain growth of the target market.
The global metalworking fluids market has been segmented on the basis of product type, end-use industry, and region. On the basis of type, the target market is segmented into removal fluids, forming fluids, protecting fluids, and treating fluids. The removal fluid segment is expected to register highest growth rate in terms of revenue in the target market during the forecast period.
On the basis of end-use industry, the target market is segmented into transport equipment, metal fabrication, machinery, primary ferrous, and primary non-ferrous. The metal fabrication segment is expected to witness highest growth in the target market during the forecast period.
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On the basis of region, the global metalworking fluids market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific accounted for a significant share in terms of revenue and is expected to dominate the target market during the forecast period, due to rising demand for metalworking fluids from the automotive sector in the region. The Asia Pacific market is projected to register a highest CAGR over the forecast period. The North America is estimated to witness a significant share in terms of revenue in coming years, followed by Europe. Latin America is expected to witness significant CAGR over the forecast period, followed by the Middle East and Africa.
Key players operating in the global metalworking fluids market include Exxon Mobil Corporation, FUCHS Group, Houghton International Inc., Total S.A., BP p.l.c., Chevron Corporation, Idemitsu Kosan Co., Ltd., China Petroleum & Chemical Corporation, LUKOIL Group, and The Lubrizol Corporation.