Published By : 13 May 2016 | Published By : QYRESEARCH
Metalworking fluids are coolants and lubricant used in the metalworking processes such as machining and fabrications. Metalworking fluids reduce the heat and friction between the cutting tool and the workpiece, thus preventing smoking and burning. Moreover, applying metalworking fluids also helps in the improving the quality of the workpiece by removing chips, and swarfs from the tool being used and the surface of the workpiece.
According to a report, published by a market intelligent company, Transparency Market Research, the global metalworking fluids market was valued at US$9.91 bn in 2015 and is anticipated to reach US$14.79 bn by 2024, expanding at a CAGR of 4.6% between 2016 and 2024.
Growth in Automation Industry Boosts Metalworking Fluids Market
The global metalworking fluids market is expected to expand owing to the growth in the steel and metal industries. Increasing number of automation industries will have a positive impact on the metalworking fluids market, thus boosting the market.
The waste disposal of metalworking fluids is expected to restrict the market. Additionally, the health risks to operators is also expected to challenge the market. However, the rise in research and development activities in the metalworking fluids market is expected to overcome the health risks and environmental disposal issues and stabilize the market in the coming years.
Asia Pacific held Major Share of the Global Metalworking Fluids Market in 2014
The global metalworking fluids market is segmented on the basis of application and geography. On the basis of geography, the global metalworking fluids market is segmented into Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. In 2014, Asia Pacific accounted for a major share of the global market owing to a growth in the economies of countries such as India and China.