Global Metal Working Oil Market - WishTree Insight

Global Metal Working Oil Market by Product (Mineral Based and Bio-Based), Application (Neat Cutting Oil and Water Cutting Fluid), End-User (Metal Fabrication and Machinery), and Regions, The Asia Pacific, Middle East Africa, Europe, North America, and Latin America) - Global Industry Analysis, Share, Growth, Trends, Size, and Forecast 2021 – 2031

The metal working oil market size was valued at USD 10.1 billion in 2021 and is expected to surpass USD XX billion by 2031, expanding at a CAGR of 5.1 % during the forecast period, 2021–2031. The market's growth is attributed to the growing exploration, and consolidation in the metal fabrication industry, growing demand in automation, metal fabrication steel, OEM industries, and production activities of oil & gas.

INTRODUCTION

Metalworking oil is extensively employed for industrial tasks such as grinding, stamping, milling, drilling, and cutting. It is used as lubrication to perform the task. There are two types of metalworking fluids one is water-based and another is oil-based. A rise in the number of chemical manufacturers and importers, compliance framework, and government policies has triggered market growth.

Market Trends, Drivers, Restraints, and Opportunities

• The rising demand from the automobile industry is considered a key factor to boost the global metal working oil market.
• Rise in R&D activities and presence of OEM are expected to create lucrative growth in the market.
• The increase in demand for augmenting the efficiency of machining is expected to spur its production volume and boost the market growth.
• Lack of awareness and dearth of technical competency is considered to hamper the market.

Scope of the Report

Market Segment Insights

The mineral-based segment is projected to register a considerable CAGR

Based on product, the metal working oil market is divided into mineral based and bio-based. The mineral-based segment is expected to expand rapidly during the forecast period. The growth of the market is attributed to the increasing demand for production in large volumes owing to cost-effectiveness. However, the bio-based segment is anticipated to hold a key share of the market in the coming years.

The neat-cutting oil segment is expected to expand at a rapid pace

Based on application, the metal-working oil market is divided into neat-cutting oil and water-cutting fluid. The neat-cutting oil segment is expected to expand rapidly during the forecast period. The growth of the market is attributed to the rise in demand from the automotive, construction sector, and marine sectors. However, the water-cutting fluids segment is anticipated to hold a considerable share of the market in the coming years owing to the rise in demand for high-grade products.

The machinery segment is projected to register a considerable CAGR

On the basis of end-user, the metal working oil market is segregated into metal fabrication and machinery. The machinery segment is projected to register a considerable CAGR during the forecast period. The growth of the segment is attributed to rising demand for automotive components, earth-moving equipment, and agricultural equipment. On the other hand, the metal fabrication segment is anticipated to account for a major market share during the forecast period owing to their ability to augment the strength of tools, result in high efficiency to provide high-quality fabrication and enable a high finish over surface.

The Asia Pacific region is anticipated to constitute a key market share

In terms of regions, the metal working oil market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of the Asia Pacific region is expected to constitute a key share of the market during the projected period. The growth in the region is attributed to positive market conditions in countries from the region named China, Indonesia, and India. Rising awareness in the manufacturing sector and various government policies are expected to propel market growth in the region. However, the market in Europe is anticipated to expand at a rapid pace during the forecast period. The growth in the region is driven by government regulations for use of biocidal substances in the market.

Competitive Landscape

Key players competing in the metal working oil market are Blaser Swisslube AG (Switzerland); Houghton International Inc. (U.K.); BP Plc (U.K.); Chevron Corporation (U.S.); Panolin International Inc. (Switzerland); Renewable Lubricants (U.S.); Smart Earth Lubricants (Canada).

FAQs

Mention the market size of the metal working oil in 2021.

The market size of the metal working oil in 2021 was USD 10.1 billion.

During the forecast period, what is the CAGR of the market?

During the forecast period, the CAGR of the market is expected to be 5.1%.

What are the key drivers of the market?

The market's growth is attributed to the growing exploration, and consolidation in the metal fabrication industry, growing demand in automation, metal fabrication steel, OEM industries, and production activities of oil & gas.

What segments are covered in the metal working oil report?

The segments covered in the report are product (mineral-based and bio-based), application (neat cutting oil and water cutting fluid), and end-user (metal fabrication and machinery).