The global metalworking fluids market is expected to reach $12bn by 2020, according to research.
Metalworking fluid in action Image: Commons |
The Frost & Sullivan report revealed that end-users are driving the world market, with a particular strength in Asia.
Metalworking fluid end-users are seeking to optimise mineral-oil based fluids. This is likely to lead to more semi-synthetic and synthetic products that offer good balance between cost and performance according to the research.
The move away from pure mineral fluids comes with worldwide industrial production (including the automotive industry) being more heavily regulated on waste water treatment and disposal.
However, despite a rise towards a $12bn market by the end of the decade, overall demand is set to slow as industry is seeing metals being replaced with plastics and composites, especially to reduce weight in the automotive and aerospace industries. Packaging sector demand is also shrinking because of the preference for cartons over drinks cans.
A further reduction in growth is likely as a result of new technologies such as minimum quantity lubrication, high pressure machining, and near-net-shape casting. Laser sintering technology in 3-D printing has also affected the metalworking fluids market.
“Offering differentiated products and innovative customer support mechanisms will help manufacturers stay afloat in the highly competitive market,” said Frost & Sullivan's Chemicals, Materials and Food Research Associate Srinivas Venkatesan. “Extending support services such as troubleshooting and periodic reports on health of metalworking fluids will enhance consumer loyalty.”