Metalworking Fluids Market Size To Reach $11.99 Billion By 2022 : Radiant Insights,Inc
April 27, 2016 --
The global metalworking fluids market is expected to reach USD 11.99 billion by 2022, according to a new report by Grand View Research, Inc. Growing demand for metalworking fluids in automotives and heavy machinery owing to its properties of increasing efficiency is expected to drive market growth. Competitive pricing owing to large number of small suppliers in the market is expected to be a key feature of the industry over the next seven years.
Browse Full Research Report With TOC on http://www.radiantinsights.com/research/metalworking-fluids-market
Synthetic fluids are expected to witness significant growth on account of their increasing use on account of their superior capabilities such as increasing tool life and providing excellent surface finish. However, customers in Asia Pacific region are still consuming mineral oil based fluids on account of their price sensitive nature.
Asia Pacific has been leading the demand owing to presence of a large-scale consumer base, particularly from India and China. Price sensitivity among OEMs in Asia Pacific is a major factor influencing demand for metalworking fluids in the region.
Browse All Reports of This Category at: www.radiantinsights.com/catalog/petrochemicals
Further key findings from the report suggest:
- Mineral based oil accounted for 52.1% of global volume share in 2014. Mineral oil is the conventional metalworking fluids produced in large volumes owing to their easy availability and cost effectiveness.
- Europe bio-based metalworking fluids market was valued at USD 277.5 million in 2014. Europe is expected to witness a strong demand for the bio-based product owing to the prevalence of strong government regulations. However, the expensive nature of these products is expected to hamper their growth over the forecast period.
- Asia Pacific was the largest market and is expected to witness gains at a CAGR of 4.4% from 2015 to 2022. Increasing production volumes in various sectors including automobile, defense, marine and aerospace is expected to be a major factor driving market in the region.
- Corrosion preventive oils demand was 514.4 kilo tons in 2014. Corrosion preventive oils are used in machining operations where possibility of damaging the tool is very high. These oils are responsible for improving the sump life which eventually leads to reduction in the overhead costs for the manufacturers. This has resulted in increasing demand from small scale manufacturers on account of their tight cost structures and low volumes.
- Key industry players including Chevron Corporation, Quaker Chemical Corporation, British Petroleum, ExxonMobil Corp, Royal Dutch Shell, and Houghton have wide range of supplier and distribution network. Cimcool, Blaser Swisslube, Total S.A., Fuchs, Eni S.p.A., Croda International, and Ashland, Inc are investing heavily in research and development for the product. In February 2016, the Ashland, Inc acquired Oil Can Henry, a step that would help in expanding its business presence in the Pacific Northwest quick-lube sector.
Explore Related Reports By Radiant Insights,Inc at
- Fatty Acid Ethoxylate Market –
- Rheology Modification Coating Additives Market –
- Styrene Butadiene Latex Market –
About Radiant Insight
Radiant Insights is a market research and consulting company offering syndicated research studies, customized reports, and consulting services. Our market research studies are designed to facilitate strategic decision making, on the basis of extensive and in-depth quantitative information, supported by extensive analysis and industry insights. Using a patented and robust research methodology, we publish exhaustive research reports covering a host of industries such as Technology, Chemicals, Materials, and Energy. Radiant Insights has a strong base of analysts, consultants and domain experts, with global experience helping us deliver excellence in all research projects we undertake.
Media ContactCompany Name: Radiant Insights, Inc.
Email: [email protected]
Phone: (415) 349-0054, Toll Free: 1-888-202-9519
Address:28 2nd Street, Suite 3036
City: San Francisco
Country: United States