The Business Research Company’s Metalworking Fluids Global Market Report 2021 – COVID-19 Growth And Change
LONDON, GREATER LONDON, UK, August 31, 2021 /EINPresswire.com/ — 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. For instance, Hyundai Motor Company, a South Korea-based automotive manufacturer announced a 23.8% year-over-year rise in domestic deliveries to 52,005 units in January 2021. Moreover, according to the India Brand Equity Foundation (IBEF), in 2020, roughly 3.49 million units of commercial and passenger vehicle categories were sold in India. Therefore, the growing automotive sector drives the growth of the metalworking fluids market.
The global metalworking fluids market size is expected to grow from $9.95 billion in 2020 to $10.71 billion in 2021 at a compound annual growth rate (CAGR) of 7.6%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The metalworking fluids market is expected to reach $13.06 billion in 2025 at a CAGR of 5.1%.
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Major players in the metalworking fluids industry are Exxon Mobil Corporation, TotalEnergies, Houghton International Inc., Henkel, Fuchs Petrolub, Quaker Chemical Corporation, Hindustan Petroleum Corporation Limited, Castrol, Lubrizol, Croda International, Royal Dutch Shell, Lukoil Oil Company, Sinopec, Apar Industries Limited, Yushiro Chemical Industry Co. Ltd., Idemitsu Kosan, Cimcool Industrial Products Inc, Blaser Swisslube, Motul, Oelheld, MORESCO Corporation, QualiChem, Master Fluid Solutions, and Hardcastle Petrofer.
Asia Pacific accounted for the largest metalworking fluids market share in 2020. North America was the second-largest market in the metalworking fluids market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of metalworking fluids are mineral, synthetic and biobased. Mineral oils are refining methods that assist in minimizing the amount of polynuclear aromatic hydrocarbons in metalworking fluids (PAHs). It is used in neat cutting oils, water cutting oils, corrosion preventive oils, others and is implemented in various verticals such as construction, electrical and power, automobile, metal fabrication, transportation equipment, others.
Metalworking Fluids Global Market Report 2021 – By Type (Mineral, Synthetic, Bio-Based), By Application (Neat Cutting Oils, Water Cutting Oils, Corrosion Preventive Oils), By End-Use Industry (Construction, Electrical And Power, Automobile, Metal Fabrication, Transportation Equipment), COVID-19 Growth And Change is one of a series of new reports from The Business Research Company that provides metalworking fluids market overview, forecast metalworking fluids market size and growth for the whole market, metalworking fluids market segments, and geographies, metalworking fluids market trends, metalworking fluids market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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