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Over 50% Metalworking Fluids Sales Remain Concentrated in Transportation Equipment Sector
Fact.MR latest report on metalworking fluids market gives an in-depth analysis of industry size, market dynamics, regional gamut, and revenue estimations for the forecast duration (2021-2031). It provides information about emerging opportunities across various segments including category, function, product, application, and region. Besides this, it analyzes various strategies adopted by leading metalworking fluids manufacturers.
NEW YORK , Sept. 22, 2022 /PRNewswire/ -- The global metalworking fluids market size reached a valuation of US$ 9 Billion in 2020 and is projected to exhibit a CAGR of 4% during the forecast period (2021-2031), surpassing US$ 12 Billion by 2031.
The market has grown due to improvements in manufacturing processes for the creation of complex end products, as well as an increase in exports of agricultural, automotive, and power equipment.
Metalworking fluids are oils and other liquids used to cool or lubricate metal work pieces when machined, milled, stamped, ground, etc. They have become essential substances used across several industries to improve productivity and reduce malfunctioning equipment.
Metalworking fluids industry is anticipated to gain from an expansion in the manufacturing of construction equipment and associated parts for residential, commercial, and industrial buildings. The growth of public-private partnerships is anticipated to increase demand for various construction parts produced using metalworking fluids (MWFs).
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Emerging economies will be crucial for product growth because of the rising building activity in these countries and the rapid expansion of the industrial sector.
The most popular metalworking fluids are metal removal fluids, sometimes referred to as metal cutting fluids. Metal removal or cutting is the most prevalent in the metal fabrication sector. Any metal manufacturing involves cutting to produce certain geometric forms. For accuracy, this process needs efficient metalworking fluids.
Based on application, the transportation equipment segment accounted for around 50% share in the global metalworking fluids market and is likely to retain its dominance during the forecast period.
Manufacturers are increasingly using metal-treating fluids in transportation equipment manufacturing. They play a key role in the production of automotive components and aerospace machinery, where the equipment requires regular lubrication with cooling.
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The global metalworking fluids market is highly competitive in nature due to presence of numerous regional and domestic market players. In order to gain a competitive edge in the market, leading players are adopting strategies such as new product launches, facility expansions, partnerships, acquisitions, mergers, and collaborations. For instance,
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More Valuable Insights on Metalworking Fluids Market
In the latest study, Fact.MR offers a detailed study on global metalworking fluids market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of metalworking fluids through detailed segmentation as follows:
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