According to Fact.MR – a market research and competitive intelligence provider, the global metalworking fluids market is expected to expand at a CAGR of over 4% to be valued at over US$12 billion. by the end of the 2021-2031 assessment period.
The primary focus of metalworking applications revolves around maximizing the efficiency of machinery and operations. Thus, it is preferable to use metalworking fluids that are multifunctional in nature. The significant growth in metalworking processes around the world has propelled the demand for metalworking fluids.
Regulations regarding the safe disposal of fluids have been constantly revised to accommodate several different formulations and mixtures introduced by industrial manufacturers. Additionally, new metalworking processes such as flow spinning, hydroforming, and low-carbon manufacturing are gaining momentum, which is driving the demand for metalworking fluids.
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Key Insights from Market Research
The global metalworking fluids market will reach US$12 billion by 2031.
Disposal fluids is expected to reach approximately US$4 billion by 2031
. training are expected to register a CAGR of over 2% over the next 10 years.
The market in Europe will hold a share of more than 30%.
The Australian market is expected to reach a valuation of US$1.5 billion by 2031.
The market in Germany is expected to register a CAGR of 1% over the forecast period of 2021-2031.
“Users of metalworking fluids in machining and manufacturing must invest in expensive treatment facilities and effluent to meet environmental and waste treatment regulations. As a result, metalworking fluid producers are making a seismic shift towards bio-based metalworking fluids to gain regulatory clearance,” according to a Fact.MR analyst.
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Key Market Segments in Metalworking Fluids Industry Research
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Category
- Semi-Synthetic Metalworking Fluids
- Synthetic Metalworking Fluids
- Mineral-Based Metalworking Fluids
- Bio-Based Metalworking Fluids
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Function
- Neat Cutting Oils
- Water Cutting Oils
- Straight Oils
- Emulsified Oils
- Corrosion Preventive Oils
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Product
- Removal Fluids
- Protection Fluids
- Forming Fluids
- Treating Fluids
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Application
- Metalworking Fluids For Metal Fabrication
- Metalworking Fluids For Heavy Machinery
- Metalworking Fluids For Transportation Equipment
- Metalworking Fluids For General Manufacturing
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