Global Metal Forming Fluids Market: Overview
Metal forming fluids provide lubrication and cooling to metal bending, stretching and shaping operations. Lubrication is a very important requirement in the metal forming process as it is expected to reduce friction between formed metal piece and metal casting die. This is achieved through the action of metal forming fluids, which are used as a barrier to minimize contact between the die and the work piece.
This is why these fluids find important applications in metal forging industry. It will lead to notable growth in the global metal forming fluids market over the forecast period of 2020 to 2030. Given the steady growth seen in heavy industry and construction sectors of the market currently, Transparency Market Research notes that this market is set to grow in the coming years due to increased demand for raw materials.
Global Metal Forming Fluids Market: Competitive Landscape
The Metal Forming Fluids Market is fragmented because of a large number of players globally. The competition among the market players is high. Key market participants identified across the value chain of the metal forming fluids market are as follows:
Exxon Mobil Corporation
Quaker Chemical Corporation
The Lubrizol Corporation
Ashburn Chemical Technologies
Callington Haven Pty Ltd.
BlueStar Lubrication Technology
International Lubricants, Inc.
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Global Metal Forming Fluids Market: Key Trends and Drivers
Growth of heavy machinery industry in the developing economies of Asia Pacific and Central and South America is anticipated to drive the market for metalworking fluids. This industry includes construction equipment, cement, textile, metallurgical and mining machinery, oil field equipment, and material handling equipment. These machines have a high demand for synthetic and semi-synthetic-based fluids which offer better machining performance, corrosion resistance, and increased tool life.
Construction volumes are set to witness massive increase over the next few years – 85% by 2030. This will dive intense growth in the global metal forming fluids market over the forecast period. China and India in Asia Pacific will region will lay claim to a sizeable share of the total growth in construction market. Along with United States of America, these two countries are set o hold market worth of 57%.
However, the penetration of plastic components in various industries, notably the automobile industry has increased considerably over the past few years owing to their low weight, robust performance, high resistance to corrosion, and durability. Plastic components have largely replaced metal parts in various sectors. This has driven plastic use in military and defense aircraft and carriers, which is expected to have a restraining impact on the growth of global Metal Forming Fluids.
Global Metal Forming Fluids Market: Regional Analysis
Growing exploration and production activities of oil and gas, especially in Asia Pacific, followed by North America are anticipated to drive the demand for Metal Forming Fluids – since crude oil and base oil are the primary raw materials for the production of these fluids. APAC is expected to be the largest and fastest growing region due to an increase in manufacturing activities. China and India are attracting a lot of foreign investment in various industrial sectors. The growth of the manufacturing industry will catalyze the demand for these products in the region. Another important region to watch out for in terms of market growth is the Middle East, owing to its rich oil reserves and growth in industrial and residential sectors.
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Chemicals and Materials Sector
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