The global Metalworking Fluids Market size is expected to reach USD 15.1 million by 2030, as per the new report by Grand View Research, Inc., registering a CAGR of 3.8% in the forecast period. The demand is attributed to arise in demand for automotive and industrial machinery. Individual end-use sectors, such as machinery, metal fabrication, and transportation equipment, are driving the expansion of the market.
The market is also expected to be driven by strong
development in the machinery and transportation equipment end-use industries
over the projected period. Manufacturing is one of the core industries in North
America and Europe. Advances in the manufacturing methods for the production of
sophisticated end-use products, coupled with the increase in the exports of
construction machinery and power, agricultural, and automotive equipment, have
fueled the market growth.
The sector is expected to benefit from increased
production of construction machines and related parts for industrial,
residential, and commercial construction. The rise in public-private
partnerships is expected to boost the demand for a variety of construction
components that use MWFs during their production. Because of the expanding
building activities in these nations, emerging economies are likely to be
critical for product growth.
The increasing demand for electricity and upgrading of
the existing infrastructure for electricity generation, transmission, and
distribution, is anticipated to fuel the market for electrical & power
equipment and related components. These components are manufactured using
ferrous and non-ferrous metal parts, which consume MWFs during manufacturing.
Related Press Release@ Metalworking Fluids Market Report
Metalworking Fluids Market Report
Highlights
- Mineral-based MWFs accounted for a revenue share of 48.1% in 2021
due to the increased consumption owing to their low cost
- Water cutting oils application is anticipated to grow at the
fastest CAGR over the forecast period due to product usage in operations,
such as drilling, milling grinding, and mainly in heat dissipation for the
proper machining process
- The machinery segment dominated the market in 2021 due to the high
demand for construction equipment and increased infrastructural
development activities
- The automobile industry is anticipated to witness a significant
CAGR over the forecast period due to the high demand for automobile
machinery
- The growth of the construction and electrical & power equipment
sectors in emerging economies is also expected to drive the product demand
- Synthetic and mineral-based products aid in better tool
performance, which has led to their high demand
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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