Metal working fluids are oils that are chiefly used to lubricate and cool the metal work sections when they are subjected to processes such as milling, grinding, machining and others. Metal working fluids basically reduces the friction and heat between the work piece and the cutting tool, and help prevent any burning or smoking. The gaining popularity of the metal working fluids for improvising the surface finish and tool life is expected to be a favorable factor for the metal working fluids market growth over the forecast period. Moreover, the metal working fluids market is foreseen to be highly fragmented with more than 50% of market being served by the smaller players who are more focused on particular end-user applications and the geographic areas with a loyal customer base.Currently, the metal working fluid accounts for approximately 6% of global lubricant market.
Metal Working Fluids: Drivers & Restraints
Significant contractions in the metal production and the automotive industry as a result of global economic crisis led to depressed metal working fluids demand in the past. Though, the recent rebound of the automotive industry has brought a significant upsurge in the demand of metal working fluids products globally. The burgeoning in the niche applications as medical machining is expected to further boost the sales volume of metal working fluids across the globe. However, factors such as vulnerability to microbial attack and regulations on the use of anti-microbial chemicals are acting as restraints for the metal working fluids market globally. In addition, the technological development such as high compression machining, near net form casting and minimum quantity lubrication is expected to replace the traditional metalworking procedures thereby plummeting the demand for metal working fluids. Increasing awareness regarding hazardous effects and high risk of using synthetic and semi synthetic metalworking fluids has enforced manufactures to increase research & development expenses on the development of bio based metal working fluids. These are some opportunities that can be explored in the metal working fluids market.
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Metal Working Fluids: Segmentation
On the basis of product type,the global metal working fluid market is segmented into:
- Removal fluids
- Protection fluids
- Forming fluids
- Treating fluids
The demand for removal fluids in metal working fluids market is anticipated to grow at an accelerated pace mainly due to its increasing consumption in coolants, cutting oils and grinding fluids.
On the basis of application, the global metal working fluids market is segmented into:
- Friction modifiers
- Corrosion inhibitors
- Solid lubrication
- Base oils
- Mineral oils
- Synthetic oils
- Natural oils
The additives segment is anticipated to grow at a comparatively high CAGR as a result of increasing focus on the performance and greater penetration of synthetic based metal working fluids that requires stronger additive package.
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Metal Working Fluids: Region-wise Outlook
On the basis of region, Japan, Brazil, Asia Pacific (primarily India, China and Thailand) are expected to be the growth engines of metal working fluids market in the near future. Market participants are establishing new production facilities in the Asia Pacific region as a result of increasing demand and less stringent regulations, thereby making Asia Pacific the dominant region. The metal working fluids marketis anticipated to expand at a steady rate in other regions of the world as a result of a slowing global economy in these regions.
Metal Working Fluids: Key Players
Some of the players in the global metal working fluids market areBP p.l.c., Houghton International, Fuchs Petrolub Se, Exxon Mobil Corporation, China Petroleum & Chemical Corporation, Chevron Corporation, Total Specialties USA, Inc., Idemitsu Kosan Co. Ltd., Lukoil oil company and The Lubrizol Corporation.
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