Global Metalworking Fluids Market was valued at USD 10.15 billion in 2019 which is expected to USD 15.32 billion by 2027 at a CAGR 4.5%.
Metalworking fluids are used to lubricate or cool metal work pieces during milling and machining processes. Metalworking fluids reduces friction generated between the work piece and cutting tool thereby improving the work piece quality.
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Increase in exploration and product activities in various regions including Asia Pacific which is expected to boost the global metalworking fluids market growth. Furthermore, growing automotive industry is key driving factor which is expected to propel the global metalworking fluids market growth. Moreover, increase in demand of metalworking fluids in general manufacturing and automobile industries is expected to fuel the growth of global metalworking fluids market during this forecast period. In addition, rise in demand in several industries including fabrication, automation, steel and original equipment manufacturers will have the positive impact on global metalworking fluids market growth.
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However, stringent environmental regulations and policies are the restraining factors which are expected to hinder the global metalworking fluids market growth. Also, reduction in metal parts automakers will affect the global metalworking fluids market growth.
Impact of COVID 19 on Market
Increase in COVID 19 Pandemic is led to reduce utilization rates of refineries across the world, resulting shortage of supply chain for various sectors which is expected to hamper the growth of global metalworking fluids market growth.
Global Metalworking Fluids Market is segmented into product such as Semi-Synthetic Fluids, Synthetic Fluid, Soluble Oil, and Neat Oil, by application such as Treating Fluids, Protecting Fluids, Forming Fluids, and Removal Fluids. Further, Global Metalworking Fluids Market is segmented into end user such as Healthcare, Aerospace, Automotive, Construction, Electrical & Power, Agriculture, and Others.
Also, Global Metalworking Fluids Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
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Market Key Players
Various key players are discussed in this report such as
- Lubrizol Corp.,
- Lukoil Oil Co.,
- Sinopec Ltd.,
- Idemitsu Kosan Co. Ltd,
- Houghton International Inc.,
- Chevron Corp.,
- BP PLC,
- Total S.A.,
- Fuchs Petolub AG,
- and Exxonmobil Corp.
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