Future Market Insights, an ESOMAR-certified market intelligence firm, in its newly concluded study on the metalworking fluids market, opines that the market will surpass a value pool of US$ 14.25 Bn by 2030.
Encompassing a range of machinery such as cement machinery, mining machinery and oil field equipment, metalworking fluids is radically influencing performance in different manufacturing processes.
Semi-synthetic fluids set to account for 50% demand, will see a renewed uptake by mid-term on back of excellent machining capabilities. Low price and abundant availability is fostering growth of mineral based metalworking fluids. Elongated lifespans is also fueling sales of semi-synthetic fluids.
Manufacturers in the metalworking fluid market landscape are slowly transitioning to bio-based fluids to gain regulatory approval and expand market footprint
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Key Takeaways of the Metalworking Fluids Market Study
- Removal fluids will remain the preferred category of metalworking fluids on back of their extensive machine cleansing properties
- China is set to emerge as a regional behemoth in the metalworking fluids market capturing a formidable 1/5th of the overall market share through 2030
- Stringent regulations such as REACH are pushing companies to manufacture fluids sans toxic additives, amines, chlorine and boron to make them more cost-effective and environmentally safe
- Metalworking fluids will witness high uptake in heavy machinery which will remain a kingpin set to capture a whopping 52% of the market share through 2030
- Revenues in three countries account for 57% share of the market
- Carbide tools and high speed steel will remain foremost applications in industrial settings
Bio-based Lubricants to Drive a Sense of ‘Urgency’
Market stakeholders are not lost on the potential of bio-based fluids and lubricants in the market landscape of metalworking fluids. Research points to the importance of non-additive, bio-based lubricants that have shown to routinely outperform conventional petrol based lubricants.
Superlative lubricity, renewability and the lack of volatile organic compounds is pushing the uptake of bio-based fluids. These are naturally sourced from seed oils and vegetable oils thus reducing their overall carbon footprint and emissions.
The fatty acids from these oils are removed to manufacture fluids for metalworking. However, experts caution of the need to do a thorough scrutiny and analysis of the lifecycle of these lubricants in order to assess their bio-compatibility. This also includes efficacy in disposing them.
Esters from these oils are relatively unstable in water and can lead to the formation of sticky residue owing to which re-refiners are limiting ester content in these fluids to less than 2%
“Cost reductions tantamount to as much as 8% - 10% with recyclability of metalworking fluids is enhancing the need for these fluids with a simultaneous waste reduction and environmental benefit”, Says the FMI Analyst
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Limited Consumption in the Offing with Fuel Economy Demands
Future Market Insights analysis reveals that market for metalworking fluids will see diminished consumption growth with the advent of electric vehicles and minimal usage of ICE engine parts in automotive. The use of drawing and stamping fluids is set to remain the same, boding well for the overall market.
However, the shift to electric mobility will see flourishing sales for metalworking fluids such as electric wire drawing fluids and rust preventives. With the meteoric rise of companies such as Tesla and affordable electric cars, evolution of battery technology will soon be a game changer, giving a boost to the demand for metalworking fluids.
Want to Know More?
Future Market Insights has published a market research report on the metalworking fluids market that contains global industry analysis for 2015–2019 and opportunity assessment for 2020–2030. The report provides insightful analysis of the metalworking fluids market through four different segments- product type, category, end-use and region. The metalworking fluids market report also provides demand trends of different types across industry verticals, a comprehensive list of service providers in the market, various projects around the world, along with a detailed overview of the parent market
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