The advancements in the automotive sector has significantly fueled the metalworking fluids market share, evident from the industry’s phenomenal revenue of over USD 9 billion in 2015. These metalworking fluids are popularly used as coolants or lubricants in metalworking processes such as machining and fabrication. As metal parts are the requisites in the automotive industry, these fluids are prominently used to enhance the life of the vehicle parts. As per the estimates, Global automotive industry which is set to cross USD 900 billion by 2024 having had a worth of USD 600 billion in 2015.Metalworking fluids market is anticipated to register a steady growth rate of 4.6% over the period of 2016-2024, as per a report by Global Market insights, Inc.
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In 2015, Asia Pacific was the largest region dominating the global metalworking fluids market, and is set to record significant gains over the coming seven years. The expansion of the automotive industry and rapid industrialization in the countries including China, Japan, Indonesia, and India are the factors likely to spur the regional metalworking fluids industry share. North America metalworking fluids market is flourishing post the economic downturn, owing to the development of the automotive, manufacturing, and OEM sectors.
Metalworking fluids find application in the process of forming, removal, treating and protecting of metals. In treating application, these fluids are used to maintain the temperature in quenching process. The global metalworking fluids market from treating application is anticipated to grow at a rate of 2.5% CAGR from 2016-2024. In the protecting application, metalworking fluids are used to protect the metal surface from air, dust, moisture, and water particles. Metalworking fluids market share in protective applications is surging substantially, owing to the heavy demand from the automotive and other metal fabrication sectors. This segment is foreseen to exhibit lucrative growth roadmap ahead, having had collected a revenue worth USD 1.2 billion in 2015.
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Metalworking fluids market is competitive and quite consolidated with major players sharing 40% of the overall business space. Phillips Chemical Company LP, The Lubrizol Corporation, Castrol Limited, Apar Industries, FUCHS, Chevron, and Lukoil Lubricants are some of the notable participants in this industry. R&D investments and strategic mergers will be the major growth strategies adopted by the market players over the years to come.
Browse key industry insights spread across 108 pages with 86 market data tables & 12 figures & charts from the report, “Metalworking Fluids Market Forecast, 2015 – 2024”in detail along with the table of contents:
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