Published By : 05 Apr 2016 | Published By : QYRESEARCH
Metalworking fluids are coolants and lubricants used in metalworking processes, and are also known as cutting fluids. They are used to cool and/or lubricate metal workpieces as they are ground, milled or machined. Metalworking fluids reduce the heat and friction between the cutting tool and workpiece and help prevent smoking or burning and improves the quality of the workpiece by removing chips and fines continually. According to a report published by a market intelligent firm called Transparency Market Research, the global metalworking fluids market is expected to rise from US$9.91 bn to US$14.79 bn between the period 2016 and 2024. The market is expected to expand at a CAGR of 4.6% in the period from 2016 to 2024.
Asia Pacific Accounted for Major Share in Metalworking Fluids Market in 2014
The global metalworking fluids market is segmented on the basis of geography into Asia Pacific. Europe, Latin America. Middle East and Africa, and North America. Out of these regions, Asia Pacific accounted for a major share of the global metalworking fluids market in 2014 owing its growth to the expansion of the automotive, metal fabrication, steel and metal industries. The growth in the economy of China and India is also majorly responsible for the growth in the region.
Rising Health Concerns Regarding Metalworking Fluids Poses a Threat to the Market
Metalworking fluids have been associated with several health concerns such as dermatitis which involves burning, itching and blistering of the skin. The inhalation of the mists from metalworking fluids can cause asthma, bronchitis and lung irritation. Studies reveal that the chances of acquiring cancer of the rectum, the pancreas, the skin or the bladder increases due to the exposure to metalworking fluids.