Huge Demand for Metalworking Fluids Across the World
The report encompasses several factors that have contributed to the expansion of the overall market in recent years. Accounting to the huge demand for metalworking fluids across the world, there are several company mergers and acquisitions in recent times.
Thanks to healthy market competition, large scale companies are looking to accumulate start-ups as well as SMEs with the aim of establishing a stronghold in the market. In August 2020, Quaker Chemical Corporation announced that it’s completed the acquisition of Lubricor Inc.
The latter may be a manufacturer of and metalworking fluids that have been categorized for use in industrial machinery and equipment.
As per a printed report by Fortune Business Insights™ The global metalworking fluids market size is projected to reach USD 11.60 billion by the top of 2027.
The increasing investments within the research and development of low cost and efficient products will have a huge impact on the growth of the market. consistent with a report published by Fortune Business Insights, the market was worth USD 10.25 billion in 2019 and can exhibit a CAGR of 4.3% during the forecast period, 2020-2027.
Metalworking fluids are utilized in heavy machinery and equipment to reduce the friction between two surfaces. the power of these fluids to reduce the overall heat produced when in use, will contribute to the growing demand for the merchandise across the world.
The increasing investments within the research and development of efficient products will emerge in favor of the growth of the overall market in the coming years.
The increasing adoption of heavy machinery and equipment, driven by the rising industrial production and manufacturing units across the planet will aid the growth of the market.
The presence of several large scale manufacturers during this sector will also contribute to the growth of the overall metalworking fluids market in the foreseeable future.
Report Aim & Scope:
- An overview of the market supported geographical scope, segmentation and financial performance of key players is presented within the report.
- The report presents the estimated market size by the top of forecast period. Additionally, the historical and current market size is additionally examined in the report.
- Based on various indicators, the Year on Year growth (%) and compound annual rate of growth (CAGR) for the given forecast period is offered.
- The report presents current trends within the industry and future scope of the market in North America, Asia Pacific, Europe, Latin America and Europe.
Shutdown in Manufacturing Units will have a Negative Impact on Manufacturers during the Covid-19 Pandemic
The rapid spread of the coronavirus in several countries across the planet has had a negative impact on several manufacturing units across the world. thanks to the strict measures implemented by governments across the world, manufacturing units have come to a standstill. thanks to social distancing practices, there has been a shortage in man power and labor across the planet .
This has had an adverse effect on manufacturers within the metalworking fluids sector across the world. Accounting to the adverse effects of the pandemic on the market, companies might look to implement newer strategies once the pandemic is over, with the aim of recovering the economic losses.
This acquisition won’t just help the company grow but will also influence the growth of the overall market in the coming years. The report highlights some other company mergers of recent times and discusses their impact on the global market.
Asia Pacific to Emerge Dominant; Increasing Manufacturing Units to Emerge in Favor of Market Growth
The report analyses the continued market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and therefore the Middle East and Africa. Among all regions, the market in Asia Pacific is projected to emerge dominant within the coming years.
The increasing number of commercial manufacturing units in countries such as India and China will have a massive impact on the growth of the regional market.
The presence of several large scale metalworking fluids manufacturers in these countries is consequential to the increasing demand for several resources. this is often mainly attributable to the increasing population across the region.
As of 2019, the market in Asia Pacific was worth USD 4.11 billion and this value is projected to rise at a substantial pace in the coming years.
List of companies profiled within the report:
Houghton International Inc. (U.S.) Castrol (UK) Chevron Phillips Chemical (U.S.) Exxon Mobil Corporation (U.S.) Total S.A. (France) Lubrizol (U.S.) Quaker Chemical Corporation (U.S.) Henkel (Germany) Fuchs Petrolub SE (Germany) BP plc. (UK) Other
Key Players Assessment during this Research:
- The report offers detailed analysis of leading companies within the market across the globe.
- It provides details of the main vendors involved in this market
- A comprehensive overview of every company including the company profile, generated revenue, pricing of products and the manufactured products is incorporated in the report.
- The facts and figures about market competitors together with standpoints of leading market players are presented in the report.
July 2016: Houghton International Inc., a subsidiary of Hinduja Group, announced that it’s acquired Wallover Enterprises. the corporate is a manufacturer based in Ohio.