Metalworking Fluids Market Size, Share, Opportunities, And Trends By Product (Mineral, Synthetic, Bio-based), By Application (Neat Cutting Oils, Water Cutting Oils, Corrosion Preventive Oils, Others), By End-Use Industry (Construction, Electric & Power, Agriculture, Automotive, Telecommunication, Healthcare, Others), And By Geography - Forecasts From 2024 To 2029

The metalworking fluids market was valued at US$7.466 billion in 2022.

Rising demand for automotive and heavy sector machines is expected to drive product demand. The growth of the metalworking fluids market is being driven by specific end-use industries like machinery, metal manufacturing, and transportation equipment.  One of the main forces behind product demand is anticipated to be the expansion of the automobile sector. Because it can reduce friction between the workpiece and the tool, get rid of metal chips, provide superior surface quality, and prolong tool life, the product is employed in the automotive industry. Higher machine production volumes are a result of the improved effectiveness of machining processes made possible by metalworking fluids.

High demand for mineral-based fluids

Due to their low price, mineral-based oils are anticipated to have a substantial share of the market. Small and medium-sized enterprises often use metalworking fluids based on mineral oil since consumers nowadays are price-conscious. This is anticipated to affect market expansion throughout the predicted period.  The properties of metalworking fluids, such as improved tool life and better surface polish, are expected to contribute to the expansion. The use of semi-synthetic MWFs by large-scale manufacturers in numerous nations has led to an increase in synthetic MW, which is anticipated to increase the metalworking fluids market share over the projected period.

Increasing use of metalworking fluids in the automotive industry

Growing demand for heavy machinery for the automotive and industrial sectors is anticipated to fuel the market for metalworking fluids. As they reduce friction in the workpiece and the tool, offer a good surface quality, eliminate metal chips, and lengthen tool life, metalworking fluids are utilized in the automotive industry. Metalworking fluids improve the efficiency of machining operations, increasing machine output which is also increasing the demand for the automotive industry. For instance, according to information from the Ministry of Industry and Information Technology, approximately 26 million vehicles, including 21.48 million passenger cars, were sold in 2021 in China, an increase of 7.1% from 2020.

Rapid use in the construction segment

Due to the rising demand for construction equipment and related parts needed for commercial, residential, and industrial buildings, the construction segment held a large revenue share of the market. Further, the sector uses a variety of ferrous and non-ferrous components for both exterior and interior applications, including those for driveway gates, sealing angles, shutters, rooftops, window frames, stair railing grills, and parking spot blinds, among others. Over the projection period, the segment's expansion is likely to be driven by rapid urbanization and an increase in investments in building and construction activities which are increasing the metalworking fluids market share.

Based on function, neat-cutting oil is expected to hold a high market share

The Neat Cutting Oil segment led the Metalworking Fluids market and held the greatest share. The expansion is due to of higher demand from the construction, automotive, aerospace, and marine industries. They are used in a variety of machining and cutting activities. They are in high demand from the high-volume manufacturing industry in the developing countries of Asia Pacific because of their capacity to offer affordable solutions. Demand for neat-cutting oils is anticipated to increase throughout the forecast period as a result of the heavy equipment manufacturing industry's use of high-alloy steel.

Asia Pacific is projected to dominate the metalworking fluids market

Due to the growing demand from the automotive and transportation industries, Asia Pacific is expected to continue to play a significant role in the market over the forecast period. The Asia Pacific metalworking fluids market has the largest share since China and India have strong manufacturing bases. The governments of China and India have taken significant steps and provided strong support for the manufacturing industry, which is assisting the region's supremacy in terms of market share. Manufacturing sectors in emerging economies like China and other Southeast Asian nations have experienced tremendous expansion which is increasing the metalworking fluids market size.

Market key launches

• In August 2023, Chaoshui Technology Co. officially opened a metalworking fluid manufacturing facility with a capacity of 30,000 metric tons per year to provide substitutes for imported goods. The assembly line looks to be at the company's headquarters in Foshan, a major industrial hub in southern Guangdong province. Tsinghua University in Beijing and the quasi-government Jihua Laboratory in Foshan provided funding for the construction of the facility.
• In May 2023, Univar Solutions China Company Limited announced a new exclusive agreement with Solvay to supply lubricant and metalworking fluid additives to various markets in Eastern China, including Shanghai, Jiangsu Zhejiang, Anhui, Hunan, and Jiangxi. The agreement involves high-performance particular additives and parts for enhanced cleaning, finishing, and treatment of metal surfaces. These include surfactants, degreasers, emulsifier boosters, and other additives that formulators are increasingly looking for because of their versatility in a variety of processes and applications while reducing friction and wear.
• In December 2022, SKF and Castrol started partnership to make industrial lubricant recycling more accessible. Through the combination of the SKF RecondOil product with Castrol's metalworking lubricants, the alliance aims to provide "Oil as a service" through allowing circular use of the lubricating fluid, lowering consumption while enhancing machine performance. The collaboration will make integrated RecondOil Double Separation Technology (DST) systems available to Castrol industrial customers. The RecondOil Double Separation Technology (DST) from SKF can be utilized in the production of plain oil. Used fluids are cleaned up and recycled back to the metalworking process, which reduces oil consumption and handling while enhancing machine performance.
• In October 2020, Biosynthetic® Technologies announced the introduction of BioceaTM, a new product line of cutting-edge additives for the metalworking fluids market. These products will be immediately accessible throughout the world. For use in metalworking fluids, Biosynthetic Technologies has created a breakthrough new class of powerful bio-based additives known as Biocea. These innovative sustainable additives are renewable, biodegradable, non-bioaccumulative, and non-toxic and employ unique solid technology. To meet the most rigorous requirements for water-soluble, artificial, and conventional oil additive applications, Biocea additives make use of Biosynthetic Technologies' estolide technology.

Metalworking Fluids Market Scope:

 

Report Metric	Details
Market Size Value in 2022	US$7.466 billion
Growth Rate	CAGR during the forecast period
Base Year	2022
Forecast Period	2024 – 2029
Forecast Unit (Value)	USD Billion
Segments Covered	Product Application End-Use Industry Geography
Companies Covered	Quaker Houghton Blaser Swisslube AG BP plc Exxon Mobil Corp. Total S.A. And more
Regions Covered	North America, South America, Europe, Middle East and Africa, Asia Pacific
Customization Scope	Free report customization with purchase

 

Segmentation:

• By Product
  • Mineral
  • Synthetic
  • Bio-based
• By Application
  • Neat Cutting Oils
  • Water Cutting Oils
  • Corrosion Preventive Oils
  • Others
• By End-Use Industry
  • Construction
  • Electric & Power
  • Agriculture
  • Automotive
  • Telecommunication
  • Healthcare
  • Others
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Indonesia
    • Thailand
    • Others

1.  INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base, and Forecast Years Timeline

2. RESEARCH METHODOLOGY  

2.1. Research Design

2.2. Research Data

2.3. Validation

3. EXECUTIVE SUMMARY

3.1. Key Findings

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Force Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

5. METALWORKING FLUIDS MARKET, BY PRODUCT

5.1. Introduction

5.2. Mineral

5.3. Synthetic

5.4. Bio-based

6. METALWORKING FLUIDS MARKET, BY APPLICATION

6.1. Introduction

6.2. Neat Cutting Oils

6.3. Water Cutting Oils

6.4. Corrosion Preventive Oils

6.5. Others

7. METALWORKING FLUIDS MARKET, BY END-USE INDUSTRY

7.1. Introduction

7.2. Construction

7.3. Electric & Power

7.4. Agriculture

7.5. Transportation

7.6. Telecommunication

7.7. Healthcare

7.8. Others 

8. METALWORKING FLUIDS MARKET, BY GEOGRAPHY

8.1. Introduction 

8.2. North America

8.2.1. USA

8.2.2. Canada

8.2.3. Mexico

8.3. South America

8.3.1. Brazil

8.3.2. Argentina

8.3.3. Others

8.4. Europe

8.4.1. Germany

8.4.2. France

8.4.3. United Kingdom

8.4.4. Spain

8.4.5. Others

8.5. Middle East And Africa

8.5.1. Saudi Arabia

8.5.2. UAE

8.5.3. Israel

8.5.4. Others

8.6. Asia Pacific

8.6.1. China

8.6.2. Japan

8.6.3. India

8.6.4. South Korea

8.6.5. Indonesia

8.6.6. Taiwan

8.6.7. Others

9. COMPETITIVE ENVIRONMENT AND ANALYSIS

9.1. Major Players and Strategy Analysis

9.2. Market Share Analysis

9.3. Mergers, Acquisition, Agreements, and Collaborations

9.4. Vendor Competitiveness Matrix

10. COMPANY PROFILES

10.1. Quaker Houghton

10.2. Blaser Swisslube AG

10.3. BP plc

10.4. Exxon Mobil Corp.

10.5. Total S.A.

10.6. FUCHS

10.7. Chevron Corp.

10.8. China Petroleum & Chemical Corp.

10.9. Kuwait Petroleum Corp

Quaker Houghton

Blaser Swisslube AG

BP plc

Exxon Mobil Corp.

Total S.A.

FUCHS

Chevron Corp.

China Petroleum & Chemical Corp.

Kuwait Petroleum Corp.