Published By : 05 Apr 2016 | Published By : QYRESEARCH
The global market for metalworking fluid is witnessing a remarkable increase in its valuation over the last few years. The rise in the automation, metal, steel, and other manufacturing industries is likely to fuel the demand for metalworking fluid across the world. However, the market is anticipated to face significant issues in the near future on account of the huge amount of waste, metalworking fluids produce, and the increasing concerns over the health risks, operators have to face.
Asia Pacific to Maintain Dominance in Global Metalworking Fluid Market
Asia Pacific led the worldwide metalworking fluid market in 2015 due to soaring demand from the manufacturing industry. Analysts predict this trend to continue in the near future with the escalating demand for metalworking fluids in China, India, and other Asian countries. The extensive rise in the automotive as well as the steel industry in this region is also expected to fuel the demand for metalworking fluids in Asia Pacific in the coming years.
North America is also projected to exhibit significant growth in the global metalworking fluid market. The revamp in the steel, metal fabrication, and automotive industries in this region is likely to drive the North America metalworking fluid market over the next few years.
Removal Fluid Segment to Retain Leadership in Metalworking Fluid Product Market
Removal fluids, treating fluids, protecting fluids, and forming fluids are the main types of metalworking fluids available in the global market. Among these, the removal fluid segment enjoyed the highest demand in 2015, accounting for a share of more than 50%. The segment is anticipated retain its leadership in the forthcoming years. The forming fluid segment acquired the second position in 2015 and was closely followed by the protecting fluid segment and the treating fluid segment.
The global metalworking fluid market is extremely fragmented. Almost 50% of the overall market has been captured by the top 10 players and the rest of the market is driven by small metalworking fluid producers across the world. Chevron Phillips Chemical Co. LP, FUCHS, Lukoil Lubricants, Chem Arrow Corp., Castrol Ltd., Apar Industries Ltd., Houghton, The Lubrizol Corp., and Exxon Mobil Corp. are some of the major producers of metalworking fluids in the global arena.