The global metalworking fluids market size was estimated at USD 12.17 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 4.9% from 2024 to 2030.
The product demand is anticipated to be driven by increased demand for automotive and heavy industry machinery. Individual end-use sectors, such as machinery, metal fabrication, and transportation equipment, are driving the expansion of the Metalworking Fluids (MWFs) market. The most basic raw source utilized to make the product is crude oil. The crude oil is refined, treated, and blended to create the neat cutting oils, soluble oils, and corrosion-preventive oils that are sought. Base oil, derived from crude oil, is a primary raw material that accounts for approximately 40% of the total MWF cost.
Base oil is manufactured from the refining and heating process of crude oil. It is used to manufacture motor oils, lubricants, and MWFs. The growth of the automobile industry is expected to be one of the key drivers of product demand. The product is used in the automobile industry because it can reduce friction between the workpiece and the tool, eliminate metal chips, offer good surface quality, and extend tool life. Metalworking fluids help improve the efficiency of machining processes, resulting in higher machine production volumes. As a result, the demand for metalworking fluids is likely to be stable over the forecast period.
Gather more insights about the market drivers, restrains and growth of the Metalworking Fluids Market
Metalworking Fluids Market Report Highlights
• Mineral-based MWFs accounted for a revenue share of 48.06% in 2023 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 2023 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
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• The global ethylene oxide market size was valued at USD 36.10 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 4.6% from 2024 to 2030.
• The global vacuum grease market size was valued at USD 139.1 million in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 6.0% over the forecast period from 2024 to 2030.
Metalworking Fluids Market Segmentation
Grand View Research has segmented the global metalworking fluid market report based on product, application, end-use, industrial end-use, and region:
Metalworking Fluids Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
• Mineral
• Synthetic
• Bio-Based
Metalworking Fluids Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
• Neat Cutting Oil
• Water Cutting Oil
• Corrosion Preventive Oil
• Others
Metalworking Fluids End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
• Metal Fabrication
• Transportation Equipment
• Machinery
• Others
Metalworking Fluids Industrial End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2018 – 2030)
• Construction
• Electric & Power
• Agriculture
• Automobile
• Aerospace
• Rail
• Marine
• Telecommunications
• Health Care
Metalworking Fluids Regional Outlook (Volume, Kilotons; Revenue, USD Billion, 2018 - 2030)
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o France
o U.K.
o Russia
o Italy
o Spain
o Turkey
o Switzerland
o Denmark
o Norway
o Belgium
o Poland
o Czech Republic
o Sweden
o Finland
• Asia Pacific
o China
o Japan
o South Korea
o India
o Singapore
o Malayasia
o Thailand
o Australia
o New Zealand
• Central & South America
o Brazil
• Middle East & Africa
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