SAN FRANCISCO , June 8, 2022 /PRNewswire/ -- The global metalworking fluids market size is expected to reach USD 15.1 million by 2030, as per the new report by Grand View Research, Inc., registering a CAGR of 3.8% in the forecast period. The demand is attributed to arise in demand for automotive and industrial machinery. Individual end-use sectors, such as machinery, metal fabrication, and transportation equipment, are driving the expansion of the market.
Key Insights & Findings from the report:
Mineral-based MWFs accounted for a revenue share of 48.1% in 2021 due to the increased consumption owing to their low cost.
Water cutting oils application is anticipated to grow at the fastest CAGR over the forecast period due to product usage in operations, such as drilling, milling grinding, and mainly in heat dissipation for the proper machining process.
The machinery segment dominated the market in 2021 due to the high demand for construction equipment and increased infrastructural development activities.
The automobile industry is anticipated to witness a significant CAGR over the forecast period due to the high demand for automobile machinery.
The growth of the construction and electrical & power equipment sectors in emerging economies is also expected to drive the product demand.
Synthetic and mineral-based products aid in better tool performance, which has led to their high demand.
Read 108-page market research report, "Metalworking Fluids Market Size, Share & Trends Analysis Report By Product (Mineral, Synthetic), By End-use (Machinery, Transportation Equipment), By Industrial End-use, By Application, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Metalworking Fluids Market Growth & Trends
The market is expected to be driven by strong development in the machinery and transportation equipment end-use industries over the projected period. Manufacturing is one of the core industries in North America and Europe . Advances in the manufacturing methods for the production of sophisticated end-use products, coupled with the increase in the exports of construction machinery and power, agricultural, and automotive equipment, have fueled the market growth.
The sector is expected to benefit from increased production of construction machines and related parts for industrial, residential, and commercial construction. The rise in public-private partnerships is expected to boost the demand for a variety of construction components that use MWFs during their production. Because of the expanding building activities in these nations, emerging economies are likely to be critical for product growth.
The increasing demand for electricity and upgrading of the existing infrastructure for electricity generation, transmission, and distribution, is anticipated to fuel the market for electrical & power equipment and related components. These components are manufactured using ferrous and non-ferrous metal parts, which consume MWFs during manufacturing.
Grand View Research has segmented the metalworking fluids market report on the basis of product, application, end-use, industrial end-use, and region:
MWFs Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
MWFs Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
MWFs End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
MWFs Industrial End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
MWFs Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
List of Key Players in Metalworking Fluids Market
China Petroleum & Chemical Corp.
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Clear Brine Fluids Market - The global clear brine fluids market size is expected to reach USD 1.03 billion by 2025, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 3.3% during the forecast period. Increasing number of drilling operations is creating the need for completion and workover chemicals, thereby driving the demand for clear brine fluids.
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Browse through Grand View Research's Petrochemicals Industry Research Reports.
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco , the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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SOURCE Grand View Research, Inc.
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