Metal Working Oil Market By Product, By Application, By End-User, By Geography — Global Industry Analysis, Growth, Share, Size, Trends, And Forecast 2019–2026

The Global Metal Working Oil Market is valued to reach USD 9.68 Billion by 2020, growing at CAGR of 4.2% over forecast period 2020–2026. Factors like consolidation in the metal fabrication industry, growing exploration and production activities of oil and gas, growing demand in automation, metal fabrication steel and OEM industries are propelling the market growth.

Get Sample Report: https://dataintelo.com/request-sample/?reportId=42297

Metal working fluids are extensively employed for industrial tasks such as cutting, stamping, grinding, milling and drilling. In addition, metal working fluids are also used for lubrication purposes. There can be two types of metal working fluids i.e. water based and neat oils. Water based fluids are termed as emulsions and neat oil are non-water products that are miscible oily preparations. Their complexity is based on mineral oils or synthetic hydrocarbon compounds. Various admixtures such as stabilizers, solubility enhancers and pressure additives are also commonly used.

From the commercial perspective, the market for metal working oil and fluids comprise of rise in number of chemical manufacturers and importers, mandate government policies and compliance framework is triggering the market growth. For instance, Evonik’s products are used worldwide that offer innovation and multi-functional expertise. Recently, the company has engaged in offering metalworking fluid formulator to enable a high technical know-how in end-users. In terms of environment, several additives with nitrites and short-chain chlorinated paraffin have faced bans and there is a growing pressure to further lessen the use of additives that proves harmful to the environment. However, the forecast analysis for metal working oil tends to be optimistic as manufacturers are now emphasizing on environment-friendly additives. Therefore, the market is set to witness shift in manufacturer preference for oils in the years to come.

Metal Working Oil Market Trends, Drivers and Opportunities:

Metal working oil market is significantly driven by rise in demand from the automobile industry. Presence of OEM and rise in R&D activities for automobile components is triggering the market developments. In addition, surge in demand for augmenting the efficiency of machining is anticipated to boost their production volumes. Use of water based metal working fluids are highly preferred for industrial use mainly for cutting applications. However, the dearth of technical competency and lack of awareness is creating challenges for market development in the forecast period.