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Metalworking Fluids market Size, Trends, And Forecast 2024-2033
Metalworking Fluids Market Size, Trends, And Forecast 2024-2033
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LONDON , GREATER LONDON , UK , September 13, 2024 /EINPresswire / -- The metalworking fluids market has experienced robust growth in recent years, expanding from $12.21 billion in 2023 to $13 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to manufacturing growth, cutting and forming operations, corrosion prevention, regulatory compliance, automotive industry.
Strong Future Growth Anticipated
The metalworking fluids market is projected to continue its strong growth, reaching $16.86 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to metal recycling, aerospace applications, metal alloys and composites, circular economy practices, resilience and safety.
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Growth Driver Of The Metalworking Fluids Market
The growing automotive sector is expected to fuel the growth of the metalworking fluids market in the forecast period. The automotive industry is made up of a diverse group of businesses and organizations that are involved in the design development, production, marketing, and sale of automobiles. Metalworking fluids, which minimize heat and friction in industrial cutting and grinding operations, are frequently utilized by automobile manufacturers in the manufacturing of car parts and other equipment.
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Major Players And Market Trends
Key players in the metalworking fluids market include ExxonMobil Corporation, TotalEnergies SE, Houghton International Inc., Henkel AG & Co. KGaA, Fuchs Petrolub SE, Quaker Chemical Corporation.
Major companies operating in the metalworking fluids market are launching polymeric ester additives such as the DOVERLUBE 31700 to enhance lubricity in the metalworking fluid industry. DOVERLUBE 31700 is an oil-soluble, non-staining polymeric ester additive for metalworking fluid and lubricant applications.
Segments:
1) By Type: Mineral, Synthetic, Bio-Based
2) By Application: Neat Cutting Oils, Water Cutting Oils, Corrosion Preventive Oils, Other Applications
3) By End-Use Industry: Construction, Electrical And Power, Automobile, Metal Fabrication, Transportation Equipment, Other End-Use Industries
Geographical Insights: Asia-Pacific Leading The Market
Asia-Pacific was the largest region in the metalworking fluids market in 2023. North America was the second-largest market in the metalworking fluids market share. The regions covered in the metalworking fluids market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Metalworking Fluids Market Definition
The metalworking fluids are used to improve the workpiece's performance by constantly eliminating dust, chips, and swarfs from the tool and the workpiece's surface. Metalworking fluid (MWF) refers to a group of oils and other fluids used to cool and lubricate metal workpieces while they are being machined, crushed, or milled. Metalworking fluids (MWFs) help to avoid burning and smoking by reducing heat and friction between the cutting tool and the workpiece.
Metalworking Fluids Global Market Report 2024 from The Business Research Company covers the following information:
.Market size data for the forecast period: Historical and Future
.Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
.Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Metalworking Fluids Global Market Report 2024by The Business Research Company is the most comprehensive report that provides insights on metalworking fluids market size, metalworking fluids market driversand trends, metalworking fluids market major players, metalworking fluids competitors' revenues, metalworking fluids market positioning, and metalworking fluids market growth across geographies. The metalworking fluids market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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