San Francisco, June 15, 2016 (GLOBE NEWSWIRE) -- The metalworking fluids industry is projected to witness below average growth over the forecast period. The market size was estimated at USD 9.34 billion in 2014 and expected to reach over USD 11.99 billion by 2022. Rising utilization of metalworking fluids in heavy machinery and automotive on account of efficient performance is estimated to fuel growth. The market is characterized by competitive pricing strategies due to growing number of small-scale suppliers.
Synthetic fluids are likely to experience growth due to their superior properties such as excellent surface finishing and increased tool life. Asia Pacific emerged as the leader owing to the existence of a significant consumer base, primarily from China and India. Price sensitivity amongst original equipment manufacturers in Asia Pacific is anticipated to be the key driving factor.
Browse to access In-depth research report on Global Metalworking Fluids Market with detailed charts and figures: http://www.grandviewresearch.com/industry-analysis/metalworking-fluids-market
Mineral based oil is the traditional metalworking fluid and constituted to 52.1% share by volume in 2014. They can be produced in large quantities owing to abundant availability and accessibility coupled with cost effectiveness
Bio-based metal working fluid is estimated to witness steady growth in Europe attributing to stringent government legislations. In 2014, the market was valued at USD 2.77 billion. The high cost of bio-based products can pose a challenge for the industry over the next seven years.
In 2014, demand for corrosion preventive oils was estimated at 514.4 kilotons owing to its ability to improve sump life which eventually resulted in the reduction of overhead costs for the manufacturers. These oils are useful in machine operations with a high risk of damage. This has led to increase in demand from small manufacturers in light of low volumes and limited cost structures.
Growing production capacity in application segments such as defense, automobile, aerospace and marine industry is anticipated to drive demand from 2015 to 2022. Asia Pacific dominated the market and is projected to witness a growth of 4.4% over the next seven years.
Request for free sample of this research report: http://www.grandviewresearch.com/industry-analysis/metalworking-fluids-market/request
Developing economies including Brazil, India, Russia and China and other Southeast Asian countries have been experiencing substantial growth in the manufacturing sector. Various exploration and production activities of crude oil from Chinese petroleum companies are expected to play a significant role in driving demand.
Key market participants including Quaker Chemical Corporation, Royal Dutch Shell, Houghton, Chevron Corporation, British Petroleum, and ExxonMobil Corp have a strong distribution network and supplier customer base. Intensive R&D investments by organizations including Cimcool, Fuchs, Blaser Swisslube, Total S.A., ENI S.p.A, Ashland Inc and Croda International are expected to propel market demand.
Browse related reports by Grand View Research:
Grand View Research has segmented the global Metalworking Fluids market on the basis of material, application and region:
Global Metalworking Fluids Product Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
Global Metalworking Fluids Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
- Neat Cutting Oils
- Water Soluble Cutting Oils
- Corrosion Preventive Oils
Global Metalworking Fluids Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2012 - 2022)
- North America
- Asia Pacific
- Latin America
Access press release of this research report by Grand View Research: http://www.grandviewresearch.com/press-release/global-metalworking-fluids-market
About Grand View Research
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, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
Corporate Sales Specialist, USA
Grand View Research, Inc
Toll Free: 1-888-202-9519
Source:Grand View Research