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Metalworking fluids market in Asia Pacific to see robust growth from automobile and manufacturing sector

Author : Ravi Chawat | Published Date : 2020-11-27 

Asia Pacific dominated the global metalworking fluids market size in 2019 on account of robust growth of the automobile and manufacturing sector. The region is expected to lead the industry up to 2025 followed by Europe. Rapid industrialization and urbanization in Middle East and Africa region along with rising disposable incomes of consumers will bolster the regional outlook. In addition, the presence of a comparatively lenient regulatory framework in the region will stimulate the demand for metalworking fluids. Global Market Insights, Inc., predicts that global MWF market size will be worth $16 billion by 2026.

The global metalworking fluids market size from synthetic fluids would be witnessing an accelerated growth rate over the coming years, that can be essentially attributed to the expansion of the aerospace industry worldwide. Incidentally, the aerospace sector has been adopting more and more synthetic fluids for a plethora of manufacturing processes in recent times. The synthetic fluids possess properties such as non-flammability & resistance to higher temperatures, superior resistance to corrosion and rust which makes them the prime substitute to petroleum-based oils.

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The global metalworking fluids market from aerospace & defense sector application segment is projected to see healthy growth up to 2026. This can be attributed to the recovery of global economies and stable commodity prices which has consequently increased the demand for air travel and fuel military budgets. Lucrative growth in commercial aircraft sector will undeniably complement MWF industry outlook over the coming years.

On the basis of applications, removal fluids accounted for one of the largest revenue shares in 2019 followed by forming fluids. Forming fluids are expected to experience strong demand from automobile and steel sectors and will register a prominent CAGR during the analysis period. Presence of several multinational giants as well as large number of medium-size enterprises will complement metalworking fluids market size.

Lubrizol Corporation, Exxon Mobil Corporation, Henkel, Sinopec, Royal Dutch Shell PLC, PPG Industries, Castrol Limited, Apar Industries Limited, DowDuPont, and Total are some of the major industry participants in global MWF market. These companies use merger & acquisition and collaboration strategies from time to time to expand their business share across the value chain.

For instance, Italmatch Chemicals had struck a deal in April 2018 to acquire Afton Chemicals Corporation’s MWF business. Moreover, market players are continuously making R&D efforts and investments to come up with new product formulations to address the growing product demand. These companies are required to adhere to regulatory and government norms which will boost product innovations over the coming years, driving future metalworking fluids market trends.

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About Author

Ravi Chawat

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. [email protected] | https://twitter.com/RaviChawat

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