Metalworking Fluids Market to hit $14.7bn by 2024: Global Market Insights, Inc.
SELBYVILLE, Del., Dec. 7, 2017 /PRNewswire-iReach/ -- Metalworking Fluids Market has become a billion-value industry due to high demand for the cutting fluids in the automotive sector. The growth in the automobile industry will positively impact the metalworking fluids industry trends, as metals are broadly used in automobiles for providing the physical and molecular strength. According to Global Market Insights, Inc., "Metalworking Fluids Market size worth USD 9.85 billion in 2015, is estimated to grow at a CAGR of 4.6% over the period of 2015-2024." Metalworking fluids are used as coolants or lubricants in workshop machining process like turning, drilling, metal forming, metal treating & protecting, etc. performing crucial tasks of cooling down metalworking assemblies and enhancing the vehicles life by increasing lubrication and reducing thermal deformation.
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Metal fabrication industry is experiencing escalating growth and is likely to boost metalworking fluids market share by 2024, with 2015 volume being close 1.5 billion tons and projected to reach 2.3 billion tons by the end of 2024. Steel & metal are crucial components of aerospace, automobile, original equipment manufacturers (OEMs) and machinery. Various downstream process of steel & metal such as cutting, bending and assembling, which involves the usage of these fluids, ultimately resulting in industry growth.
Stringent environmental regulations towards rising toxic leftover disposal may hamper metalworking fluids market share. Worker health risk concerns through these fluids may obstruct growth. Strong demand indicators of alloys such as aluminum in the automotive and aerospace industry may restrict product demand over the forecast timeframe, as these compounds do not demand metalworking fluids during the machining process.
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The flourishing automotive industry in Asia Pacific region has generated a heavy demand for metalworking fluids. China, India, Japan and Indonesia have made significant contributions in the global metalworking fluids market in 2015, and have now emerged as major regions in the global market due to rapid expansion of industries and rising government support to enlarge the manufacturing business. The accelerated rise in regional automotive sector coupled with sustainable policies in these emerging economies will boom the metalworking fluids market regional trends.
North America metalworking fluids industry will attain a substantial growth over the coming timeframe, driven by expanding automotive industry and growth of OEMs across this region. Europe, with major automotive manufacturing base in Germany, is expected to grow at a rate of 4% over the period of 2015-2024.
Browse key industry insights spread across 108 pages with 86 market data tables & 12 figures & charts from the report, "Metalworking Fluids Market Share & Forecast, 2015 – 2024" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/metalworking-fluids-market
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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