Rising demand for automobiles in developed and developing economies is one of the primary factors for growth of metalworking fluids market. As per statistics released by International Organization of Motor Vehicle Manufacturers (OICA), global vehicle sales in 2017 were around 97 million units. Additionally, emerging economies such as China and India are expanding their manufacturing presence. Need for metalworking fluids which are environment-friendly has been pushing companies to innovate and bio-friendly products to their product line.
Global metalworking fluids market is segmented into four regions, North America, Europe, Asia Pacific and LAMEA (Latin America, Middle East and Africa).
Asia Pacific is expected to dominate the global metalworking fluids market. This is owed to factors such as availability of cheap labour and land for setting up a manufacturing facility in emerging economies such as China and India. There have been several government initiatives such as Make in India, by the Indian Government to promote manufacturing in India. Additionally, rising infrastructure projects and focus on increasing agricultural productivity could lead to rise in selling of construction and agricultural equipment which are manufactured and given shape by using metalworking fluids.
North America and Europe too are expected to witness significant growth in this market owing to presence of economically developed regions and availability of superior technology. These regions still lead to a considerable extent in producing heavy machineries and equipment and exporting them. LAMEA too is expected to witness healthy growth in this market.
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Global metalworking fluids are segmented on the basis of product, application, end-use and industrial end-use.
On the basis of product, it is segmented as mineral, synthetic, bio-based. Mineral-oil based fluid is expected to have the largest share in this market. Based on application, it is further segmented into neat cutting oils, water cutting oils, soluble cutting oils, semi-synthetic cutting oils, synthetic cutting oils, corrosion preventive oils and others. Neat cutting oils are expected to gain highest market share. On the basis of end-use, it is classified into machinery, transportation equipment, metal fabrication. Machinery is expected to be the largest segment.
Metalworking Fluids Market Segmentation
By End Use:
By Industrial End-Use