Metalworking Fluids Market – Overview
Metalworking Fluids exhibit excellent properties in various end use application such as automotive, metal fabrication, construction, transportation equipment, industrial machinery, and others. The market is projected to witness significant growth on account of their usage in various end use industries specifically in automotive, building & construction, industrial machinery, and others. On the basis of the end use application segment, transportation equipment is estimated to register strong growth followed by industrial machinery owing to growing consumer’s per capita disposable income combined with expanding transportation equipment in emerging economies across the globe. In addition, rising automotive and metal fabrication manufacturing base in developing countries along with rising need for high quality metalworking fluids is expected to fuel the growth of the market over the estimated period.
Geographically, Asia Pacific accounted for the largest market share for Metalworking Fluids in 2016, followed by North America which is further trailed by Europe. The North American Metalworking Fluids Market is anticipated to witness above average growth over the forecast period due to substantial growth of industrial machinery and improving maintenance & repairing construction sector in this region. In North America, the market is further classified into Canada and the U.S., among these the U.S. is projected to hold major regional market share of Metalworking Fluids owing to strong presence of major operating players in this region. Asia Pacific is anticipated to witness significant growth over the assessment period in Metalworking Fluids Market during 2017 to 2023. The demand for metalworking fluids is anticipated to raise in several countries of Asia Pacific such as South Korea, the Philippines, Japan, Malaysia, Taiwan, India, China, and Indonesia owing to growing population combined with shifting of manufacturing base for most of the matured market players in this region. In Europe, metalworking fluids market is predicted to register above average growth on account of shifting consumer preference towards the Metalworking Fluids based products combined with high adoption rate in various end use industries specifically in Spain, UK, Germany, Poland, Italy, and Russia. Furthermore, numerous countries of the Middle East & Africa and Latin America are projected to witness average growth in Metalworking Fluids due to increasing disposable income coupled with sales of metalworking fluids based product specifically in Mexico, Argentina, Brazil, and Venezuela combined with rising residential, commercial, and institutional construction activities specifically in Qatar, UAE, Oman, Israel, Saudi Arabia, Kuwait, and Turkey.
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Industry/ Innovation/ Related News:
February 2018- Univar Inc., announced to sign an agreement with Dow Chemical Company to distribute their product for fluids and lubricants (UCON) in North America. This agreement will help company to enhance their footprint in North America region.
November 2016- Quaker Chemical Corporation acquired a leading manufacturer of metalworking fluids in Ontario named as Lubricor Inc. This expansion will help company to expand their metalworking business in the global market.
July 2016- Houghton International Inc. a part of Hinduja Group acquired wallover enterprises, a leading supplier of metalworking fluids. This strategic move will help company to expand their capability in North America region.
May 2016- Ingevity announced to launch its new product AltaLUB™ 5300. This product will help company to expand its product portfolio and strengthen its position in the Metalworking Fluids manufacturer across the globe.
The Metalworking Fluids Report has analysed the level of competition among the major manufacturers in Metalworking Fluids Market as well as sector growth and market scenario. The Global Metalworking Fluids Market comprises of broad range of suppliers operating in the market which includes large scale and medium scale manufacturers. The noticeable manufacturers of Metalworking Fluids and medium level producers which has strong hold in the market have shifted their focus towards growth association specifically by Asia Pacific as small level and medium level suppliers belongs to this region specifically from South Korea, Indonesia, India, Bangladesh, China, the Philippines, Taiwan, Singapore, Malaysia, Australia, Japan, and Thailand. In addition, the key operating players of metalworking fluids are observed to follow various strategic plans to improve their product portfolio such as distribution agreements, joint ventures, product launches, strategic acquisition and mergers, and exclusive agreements. Various major manufacturers in this market are estimated to expand their production capacity of metalworking fluids to meet the growing demand for Metalworking Fluids across the globe.
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