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Kenneth Research recently added a report on the Global Metalworking Fluids Market which provides an in-depth analysis of the market scenario based on the market size and the compound annual growth rate (CAGR) of the market over the forecast period, i.e., 2022-2031. The European Chemical Industry Council, in one of its statistics, stated that Europe is the second-largest producer of chemicals globally and is further predicted to observe a significant growth in the coming years.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical/Energy industries, creating a huge demand for products.
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It is also anticipated to grow on account of the growing demand for chemicals from the end users, backed by the increasing consumption of chemicals across different industries and the rising need for advanced chemicals. In India, the production of major chemicals and petrochemicals during the period 2020-2021 was close to 12000 thousand MT. Additionally, between the period 2015-16 and 2019-20, the production of the chemicals and petrochemicals in the nation grew at a CAGR of close to 6%.
By Product (Treating Fluids, Forming Fluids, Removal Fluids), Application (Machinery, Primary Ferrous, Primary Non-Ferrous, Metal Fabrication) and Regional Market Size, Status and Forecast to 2025
The global Metalworking Fluids market was valued at USD 8.82 billion in 2016 and is projected to reach USD 11.61 billion by 2025, growing at a CAGR of 3.1% from 2017 to 2025.
In various manufacturing facilities metalworking fluids are used to ensure the quality of the final work piece is maintained. The also reduce tool wear and improve process productivity. However, the decrease in manufacturing activity in North America and Europe is expected to have a negative impact on market demand.
1. Market Drivers
1.1 Rise in manufacturing activity in Asia Pacific
1.2 Growing automotive industry in Latin America
2. Market Restraints
2.1 Adoption of Near dry machining and minimum quantity lubrication techniques
2.2 Reduction in metal parts by automakers
The global Metalworking Fluids market is segmented on the product, application, and region.
1. By Product:
1.1 Protection Fluids
1.2 Forming Fluids
1.3 Treating Fluids
1.4 Removal Fluids
2. By Application:
2.1 Metal Fabrication
2.2 Transport Equipment
2.3 Primary ferrous products
2.4 Primary non-ferrous products
3. By Region:
3.1 North America (U.S., Canada, Mexico)
3.2 Europe (Germany, UK, France, Rest of Europe)
3.3 Asia Pacific (China, India, Japan, Rest of Asia Pacific)
3.4 Latin America (Brazil, Argentina, Rest of Latin America)
3.5 Middle East & Africa
The major players in the market are as follows:
1. Exxonmobil Corp
2. Total SA
3. Fuchs Petolub AG
4. Chevron Corporation
5. BP PLC
6. Lubrizol Corp
8. Idemitsu Kosan Co. Ltd
10. Houghton International
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
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RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
Research study on the Metalworking Fluids market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
About Kenneth Research
Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defence, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research, are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.
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