Metalworking Fluids Market
PUBLISHED: 2024 ID: SMRC27787
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Metalworking Fluids Market

Metalworking Fluids Market Forecasts to 2030 - Global Analysis By Product (Cutting Fluids, Forming Fluids, Quenching Fluids, Rolling Oils, Rust Preventive Oils, Grinding Fluids and Other Products), Functionality, End User and By Geography

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Published: 2024 ID: SMRC27787

This report covers the impact of COVID-19 on this global market
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According to Stratistics MRC, the Global Metalworking Fluids Market is accounted for $12.2 billion in 2024 and is expected to reach $17.01 billion by 2030 growing at a CAGR of 5.7% during the forecast period. Metalworking fluids (MWFs) are specialized lubricants used in metalworking processes to reduce friction, dissipate heat, and improve the efficiency and quality of machining operations. They include oils, water-based emulsions, and synthetic fluids that aid in cooling, lubrication, rust prevention, and chip removal during tasks like cutting, grinding, and forming. MWFs enhance tool life, reduce wear, and prevent corrosion, making them essential in industries such as automotive, aerospace, and general manufacturing. 

According to National Center for Biotechnological Information (NCBI) the 50-70% of the workers gets prone to diseases who work in direct contact with the metal working fluids.

Market Dynamics: 

Driver: 

Rising demand for high-performance machining

The rising demand for high-performance machining, especially automotive and aerospace, push for more complex and precise machining processes, the need for fluids that can provide superior cooling, lubrication, and chip removal becomes essential. High-performance machining often involves high-speed cutting, which generates more heat and requires effective temperature control to maintain tool life and part quality. Metalworking fluids tailored for these conditions ensure optimal machining efficiency, higher productivity, and better surface finishes. Consequently, manufacturers are increasingly adopting specialized MWFs that offer improved performance and meet the demands of precision engineering. This drives market growth as companies seek cutting-edge solutions for their machining needs.

Restraint:

Fluctuating raw material prices

The cost of essential inputs like base oils, additives, and specialty chemicals is influenced by volatility in crude oil prices, supply chain disruptions, and geopolitical factors. Such price instability impacts the manufacturing budgets, often raising production costs and reducing profitability for metalworking fluid manufacturers. Companies may struggle to maintain consistent pricing, risking reduced competitiveness and client satisfaction. Frequent adjustments to prices or formulations to mitigate costs can also disrupt production processes and quality consistency, hindering growth and stability within the metalworking fluids market.

Opportunity:

Growing adoption of bio-based fluids

The growing adoption of bio-based metalworking fluids are derived from renewable resources, offering lower toxicity and improved biodegradability compared to traditional petroleum-based fluids, which appeals to industries facing stringent environmental regulations. As companies focus more on sustainability, the shift to bio-based options helps reduce the carbon footprint and improve workplace safety. Additionally, bio-based fluids can enhance operational efficiency by offering superior performance in cooling, lubrication, and rust prevention. This trend is expected to foster market growth, especially in sectors like automotive and aerospace, where sustainable practices are gaining traction.

Threat:

Competition from substitute materials

Techniques like dry machining, which uses minimal or no lubrication, are gaining popularity due to their cost-effectiveness and environmental benefits. Solid lubricants and advanced coatings also provide effective alternatives for reducing friction and wear in machining processes. As these substitutes often eliminate the need for fluids altogether, they can limit the growth potential of the metalworking fluids market. Additionally, industries looking to cut costs and reduce chemical waste may opt for these alternatives, further challenging the demand for conventional metalworking fluids.

Covid-19 Impact

The COVID-19 pandemic significantly impacted the metalworking fluids market, causing a decline in demand due to reduced manufacturing activities across automotive, aerospace, and industrial sectors. Lockdowns, labor shortages, and supply chain disruptions slowed production, while reduced industrial operations led to decreased consumption of metalworking fluids. Additionally, the market faced logistical challenges and increased costs, further affecting profitability. However, as industries gradually resumed operations post-pandemic, the demand for metalworking fluids began recovering, driven by renewed industrial and automotive manufacturing activities.

The aerospace segment is expected to be the largest during the forecast period

Over the forecasted timeframe, the aerospace segment is anticipated to dominate the market share, due to high-performance fluids for precision and durability in metal machining, grinding, and shaping processes. Aircraft components require complex machining with exact tolerances, often using hard metals like titanium and alloys that are challenging to work with. Metalworking fluids enhance tool life, provide cooling, and improve surface finish, essential in aerospace manufacturing to ensure safety and efficiency. Additionally, growth in commercial aviation and military sectors boosts demand for aerospace components, further expanding the metalworking fluids market. 

The electronics & electrical segment is expected to have the highest CAGR during the forecast period

The electronics & electrical segment is expected to register lucrative growth during the estimation period, due to precision machining and component fabrication. Metalworking fluids are essential in the manufacturing processes for electronic components, cooling systems, and delicate parts where exacting tolerances are required. They enhance tool life, improve surface finish, and prevent overheating during processes like grinding, drilling, and milling. As the electronics industry advances, with trends in miniaturization and higher-performance devices, the need for reliable metalworking fluids grows. This demand contributes significantly to the metalworking fluids market's expansion, driven by the constant innovation in electronics and electrical manufacturing technology.

Region with largest share:

Over the forecasted timeframe, the Asia Pacific region is anticipated to dominate the market share fuelled by robust industrialization, expanding automotive production, and a thriving electronics manufacturing sector. Countries like China, Japan, and India are major contributors, with increasing investments in manufacturing and infrastructure. The demand for metalworking fluids is rising as precision machining and heavy-duty applications become more prevalent across industries. Additionally, the growth of renewable energy sectors and aerospace advancements is creating further opportunities, making Asia Pacific a key market for metalworking fluids with promising long-term prospects.

Region with highest CAGR:

The North America region is expected to register the highest growth rate over the forecast period, driven by advancements in the automotive, aerospace, and electronics industries, all of which require precision machining. Demand is fuelled by increased manufacturing activities in the United States and Canada, where high-tech machinery and automation drive the need for effective metalworking fluids to enhance tool longevity and productivity. Additionally, the rise of additive manufacturing and specialized applications for complex components in sectors like defense and electronics further supports market expansion. 

Key players in the market

Some of the key players profiled in the Metalworking Fluids Market include Castrol (BP), Shell Lubricants, ExxonMobil Chemical, Chevron, TotalEnergies, Fuchs Petrolub AG, Quaker Houghton, Blaser Swisslube AG, Master Fluid Solutions, Houghton International, Idemitsu Kosan Co., Ltd., Sinopec Limited, Milacron, JX Nippon Oil & Energy Corporation and Eni S.p.A.

Key Developments:

In October 2024, ExxonMobil partnered with Mitsubishi Corporation on a large-scale low-carbon hydrogen project in Baytown, Texas. Planned as one of the world’s largest hydrogen facilities, this collaboration aims to produce up to 1 billion cubic feet of low-carbon hydrogen daily by 2029, enhancing sustainable energy options between the U.S. and Japan through ammonia exports.

In July 2024, Castrol partnered with Audi's Formula 1 team, becoming official fuel and lubricant suppliers. This collaboration aligns with Formula 1's 2026 shift toward sustainable fuel regulations, and Castrol will work closely with Audi to innovate high-performance lubricants for their racing engines.

Products Covered:
• Cutting Fluids
• Forming Fluids
• Quenching Fluids
• Rolling Oils
• Rust Preventive Oils
• Grinding Fluids
• Other Products          

Functionalities Covered:
• Cooling
• Corrosion Protection
• Chip Removal
• Cleaning
• Other Functionalities          

End Users Covered:
• Automotive
• Aerospace
• General Manufacturing
• Metal Fabrication
• Marine
• Heavy Machinery
• Electronics & Electrical
• Medical Devices
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan        
o China        
o India        
o Australia  
o New Zealand
o South Korea
o Rest of Asia Pacific    
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa 
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings: 
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary        
          
2 Preface  
      
 2.1 Abstract        
 2.2 Stake Holders       
 2.3 Research Scope       
 2.4 Research Methodology      
  2.4.1 Data Mining      
  2.4.2 Data Analysis      
  2.4.3 Data Validation      
  2.4.4 Research Approach      
 2.5 Research Sources       
  2.5.1 Primary Research Sources     
  2.5.2 Secondary Research Sources     
  2.5.3 Assumptions      
          
3 Market Trend Analysis       
 3.1 Introduction       
 3.2 Drivers        
 3.3 Restraints       
 3.4 Opportunities       
 3.5 Threats        
 3.6 Product Analysis       
 3.7 End User Analysis       
 3.8 Emerging Markets       
 3.9 Impact of Covid-19       
          
4 Porters Five Force Analysis       
 4.1 Bargaining power of suppliers      
 4.2 Bargaining power of buyers      
 4.3 Threat of substitutes      
 4.4 Threat of new entrants      
 4.5 Competitive rivalry       
          
5 Global Metalworking Fluids Market, By Product     
 5.1 Introduction       
 5.2 Cutting Fluids       
  5.2.1 Soluble Oils      
  5.2.2 Semi-Synthetic Fluids     
  5.2.3 Synthetic Fluids      
 5.3 Forming Fluids       
  5.3.1 Drawing Fluids      
  5.3.2 Stamping Fluids      
 5.4 Quenching Fluids       
 5.5 Rolling Oils       
 5.6 Rust Preventive Oils      
 5.7 Grinding Fluids       
 5.8 Other Products       
          
6 Global Metalworking Fluids Market, By Functionality    
 6.1 Introduction       
 6.2 Cooling        
 6.3 Corrosion Protection      
 6.4 Chip Removal       
 6.5 Cleaning        
 6.6 Other Functionalities      
          
7 Global Metalworking Fluids Market, By End User     
 7.1 Introduction       
 7.2 Automotive       
 7.3 Aerospace       
 7.4 General Manufacturing      
 7.5 Metal Fabrication       
 7.6 Marine        
 7.7 Heavy Machinery       
 7.7 Electronics & Electrical      
 7.9 Medical Devices       
 7.10 Other End Users       
          
8 Global Metalworking Fluids Market, By Geography     
 8.1 Introduction       
 8.2 North America       
  8.2.1 US       
  8.2.2 Canada       
  8.2.3 Mexico       
 8.3 Europe        
  8.3.1 Germany       
  8.3.2 UK       
  8.3.3 Italy       
  8.3.4 France       
  8.3.5 Spain       
  8.3.6 Rest of Europe      
 8.4 Asia Pacific       
  8.4.1 Japan       
  8.4.2 China       
  8.4.3 India       
  8.4.4 Australia       
  8.4.5 New Zealand      
  8.4.6 South Korea      
  8.4.7 Rest of Asia Pacific      
 8.5 South America       
  8.5.1 Argentina      
  8.5.2 Brazil       
  8.5.3 Chile       
  8.5.4 Rest of South America     
 8.6 Middle East & Africa      
  8.6.1 Saudi Arabia      
  8.6.2 UAE       
  8.6.3 Qatar       
  8.6.4 South Africa      
  8.6.5 Rest of Middle East & Africa     
          
9 Key Developments        
 9.1 Agreements, Partnerships, Collaborations and Joint Ventures   
 9.2 Acquisitions & Mergers      
 9.3 New Product Launch      
 9.4 Expansions       
 9.5 Other Key Strategies      
          
10 Company Profiling        
 10.1 Castrol (BP)       
 10.2 Shell Lubricants       
 10.3 ExxonMobil Chemical      
 10.4 Chevron        
 10.5 TotalEnergies       
 10.6 Fuchs Petrolub AG       
 10.7 Quaker Houghton       
 10.8 Blaser Swisslube AG      
 10.9 Master Fluid Solutions      
 10.10 Houghton International      
 10.11 Idemitsu Kosan Co., Ltd.      
 10.12 Sinopec Limited       
 10.13 Milacron        
 10.14 JX Nippon Oil & Energy Corporation     
 10.15 Eni S.p.A.        
          
List of Tables         
1 Global Metalworking Fluids Market Outlook, By Region (2022-2030) ($MN)  
2 Global Metalworking Fluids Market Outlook, By Product (2022-2030) ($MN)  
3 Global Metalworking Fluids Market Outlook, By Cutting Fluids (2022-2030) ($MN)  
4 Global Metalworking Fluids Market Outlook, By Soluble Oils (2022-2030) ($MN)  
5 Global Metalworking Fluids Market Outlook, By Semi-Synthetic Fluids (2022-2030) ($MN) 
6 Global Metalworking Fluids Market Outlook, By Synthetic Fluids (2022-2030) ($MN) 
7 Global Metalworking Fluids Market Outlook, By Forming Fluids (2022-2030) ($MN)  
8 Global Metalworking Fluids Market Outlook, By Drawing Fluids (2022-2030) ($MN)  
9 Global Metalworking Fluids Market Outlook, By Stamping Fluids (2022-2030) ($MN) 
10 Global Metalworking Fluids Market Outlook, By Quenching Fluids (2022-2030) ($MN) 
11 Global Metalworking Fluids Market Outlook, By Rolling Oils (2022-2030) ($MN)  
12 Global Metalworking Fluids Market Outlook, By Rust Preventive Oils (2022-2030) ($MN) 
13 Global Metalworking Fluids Market Outlook, By Grinding Fluids (2022-2030) ($MN)  
14 Global Metalworking Fluids Market Outlook, By Other Products (2022-2030) ($MN)  
15 Global Metalworking Fluids Market Outlook, By Functionality (2022-2030) ($MN)  
16 Global Metalworking Fluids Market Outlook, By Cooling (2022-2030) ($MN)  
17 Global Metalworking Fluids Market Outlook, By Corrosion Protection (2022-2030) ($MN) 
18 Global Metalworking Fluids Market Outlook, By Chip Removal (2022-2030) ($MN)  
19 Global Metalworking Fluids Market Outlook, By Cleaning (2022-2030) ($MN)  
20 Global Metalworking Fluids Market Outlook, By Other Functionalities (2022-2030) ($MN) 
21 Global Metalworking Fluids Market Outlook, By End User (2022-2030) ($MN)  
22 Global Metalworking Fluids Market Outlook, By Automotive (2022-2030) ($MN)  
23 Global Metalworking Fluids Market Outlook, By Aerospace (2022-2030) ($MN)  
24 Global Metalworking Fluids Market Outlook, By General Manufacturing (2022-2030) ($MN) 
25 Global Metalworking Fluids Market Outlook, By Metal Fabrication (2022-2030) ($MN) 
26 Global Metalworking Fluids Market Outlook, By Marine (2022-2030) ($MN)  
27 Global Metalworking Fluids Market Outlook, By Heavy Machinery (2022-2030) ($MN) 
28 Global Metalworking Fluids Market Outlook, By Electronics & Electrical (2022-2030) ($MN) 
29 Global Metalworking Fluids Market Outlook, By Medical Devices (2022-2030) ($MN) 
30 Global Metalworking Fluids Market Outlook, By Other End Users (2022-2030) ($MN) 
          
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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