Metalworking Fluids Market size was USD 12.2 billion in 2024 and is projected to reach USD 14.7 billion by 2029, at a CAGR of 3.7%, between 2024 and 2029. The report provides metalworking fluids market demand, analysis, industry insights, competitive intelligence, and customer database. Metalworking fluids market have grown as the demand from automotive industry, and high-performance machinery is mounted immensely worldwide in the last two decades. These factors drive the metalworking fluids market.
The market is projected to grow because of rising demand for high-performance machinery, increasing demand of automotive production, and technological advancements. However, adoption of dry machining technologies, increasing EV production, and health and safety issues are restraining the growth of the market.
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Soluble oils are projected to register the highest CAGR, in terms of value, of the global metalworking fluids market during the forecast period.
The metalworking fluids market is set to grow significantly during the forecast period. This growth is driven by increased manufacturing activities worldwide, advancements in technology, and a higher demand for precision in metalworking. Sectors like automotive and aerospace, which heavily depend on these fluids, are expanding, further boosting demand. Soluble oils can effectively handle the shifting needs, such as the growing use of sophisticated materials and machining techniques due to their versatility and adaptability, fueling the market growth.
Forming fluids is estimated to be the second-largest product type of metalworking fluids market, in terms of value, during the forecast period.
Forming fluids are the second-largest product type in the metalworking fluids market as they are essential in several forming operations, including extrusion, drawing, bending, and stamping. Forming fluids have a variety of functions that aid in the forming of metal, including lubricating, cooling, and safeguarding the workpiece and equipment used in the process. Although they cost more upfront, their ability to extend service intervals and reduce wear on expensive equipment makes them a cost-effective choice for businesses in the automotive, aerospace, and industrial sectors. This blend of high performance and long-term savings drives their popularity and widespread use.
Transport equipment manufacturing segment to lead metalworking fluids market in end-use industry segment, during the forecast period, in terms of value.
The transport equipment manufacturing segment accounted for the largest share of the metalworking fluids market in 2023, in terms of value. The dominance of the transport equipment manufacturing segment in the metalworking fluids market is driven by a combination of increased consumer demand, technological innovation, and globalization of supply chains. The lubrication, cooling, chip removal, and corrosion protection that metalworking fluids offer are crucial for the machining operations and ensure the accurate and productive manufacturing of transportation equipment, propelling the growth of the metalworking fluids market.
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Asia Pacific is estimated to be the largest market for the metalworking fluids market, in terms of value, during the forecast period.
Asia Pacific holds the position as the largest consumer region for metalworking fluids, largely due to its robust industrial and automotive sectors. The region boasts a significant manufacturing base, including automotive, aerospace, and machinery industries, all of which require high-quality metalworking fluids to ensure smooth operation and longevity of equipment. Additionally, the region’s rising need of high-performance machinery have led to an increased demand for metalworking fluids.
Metalworking Fluids Companies
The key players profiled in the report include Quaker Houghton (US), Exxon Mobil Corporation (US), BP p.l.c. (UK), TotalEnergies SE (France), FUCHS (Germany), Idemitsu Kosan Co., Ltd. (Japan), Chevron Corporation (US), Chem Arrow Corporation (US), LUKOIL (Russia), China Petroleum & Chemical Corporation (SINOPEC) (China), and Valvoline Inc. (US). These players have adopted various growth strategies to strengthen their position in the market. These include introducing new technologies, acquisitions, and product launches to acquire larger market shares.
Quaker Houghton, a global leader in industrial process fluids, specializes in manufacturing process fluids for various industries such as steel, aluminium, automotive, aerospace, mining, and more. The company’s expertise in metalworking fluids is evident through its innovative solutions tailored to meet the diverse needs of the metalworking industry. It has a robust global presence with operations in over 25 countries, including manufacturing facilities strategically located around the world. With over four thousand employees and a customer base spanning 115 countries, it continues to uphold its mission of delivering innovative and sustainable fluid solutions to a diverse range of industries. It has strategically positioned itself in the metalworking fluid market by merging with Houghton International, expanded its product offerings and market reach, fostering growth opportunities. With a diverse portfolio encompassing various industrial fluids, Quaker Houghton caters to a wide range of sectors, including aerospace, automotive, and steel industries.
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Exxon Mobil Corporation is a global specialty oil & gas company and one of the largest companies in standings of revenue generation. The company is a global leader for synthetic oil technology and markets its metalworking fluids products globally with brands under the chemical product segment. It has strong presence globally in more than 160 countries. It operated with three business segments, product solutions, upstream, and corporate & financing. The company owns 6 base stock refineries and 21 blending plants in 25 countries which are present in almost all regions. In November 2023, the company completed the acquisition of Denbury Inc., an experienced developer of carbon capture, utilization, and storage (CCS) solutions and enhanced oil recovery. Utilizing Denbury’s expertise in CCS and enhanced oil recovery, ExxonMobil aims to bolster sustainability in metalworking fluids.
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