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Demand for metalworking fluids to grow moderately through 2026
- March 30, 2017
- News Release
- Shop Management
The role of metalworking fluids in large-scale manufacturing is instrumental, as their use helps ensure longer life and operational efficiency of metal surfaces and components.
Over the years, however, manufacturing processes have been remodeled to prevent the mechanical abrasion that can overheat and scar metal surfaces. Adoption of these nonabrasive processes is lowering the demand for metalworking fluids. Stringent regulations regarding disposal of waste metalworking fluids also curb their production.
As this demand diminishes, the industrial applicability of metalworking fluids is decreasing. "Metalworking Fluids Market: Global Industry Analysis and Opportunity Assessment, 2016-2026," a report published by Future Market Insights, Valley Cottage, N.Y., projects that the global market for metalworking fluids will expand moderately at 3.4 percent CAGR toward the end of 2026.
In 2016, about 2.4 million metric tons of metalworking fluids were sold worldwide. This number is likely to increase to more than 3.4 million metric tons during the decade-long forecast period with a 3.2 percent CAGR.
The global market for metalworking fluids, currently valued at $9 billion, is likely to reach $12.6 billion by the end of 2026. North America and the Asia-Pacific region, excluding Japan, will be at the forefront of market expansion. The demand for metalworking fluids will be higher in these two regions, together accounting for more than 60 percent of global revenues.
The report identifies transportation equipment industry as the largest end-use industry for metalworking fluids. In 2017 more than $4 billion worth of metalworking fluids is anticipated to be consumed for lubricating transportation equipment. Metal fabrication also will remain a key end use of metalworking fluids but will incur a marginal dip in its global market value share towards the latter half of the forecast period.
The report estimates that in 2017 and beyond, revenues from sales of straight oil metalworking fluids and synthetic metalworking fluids will have surpassed $6 billion. Similarly, the demand for removal and forming metalworking fluids will be considerably high through 2026. Collectively, revenues from global sales of removal fluids and forming fluids will account for nearly an 80 percent share of global market value by the end of 2026.
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The Fabricator is North America's leading magazine for the metal forming and fabricating industry. The magazine delivers the news, technical articles, and case histories that enable fabricators to do their jobs more efficiently. The Fabricator has served the industry since 1970.
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