The Asia Pacific automotive industry has really come into its own in the last decade, after being comprehensively overshadowed by North America and Europe for decades. Adding to the strong performance of the Japan automotive industry, China, India, and South Korea have also made significant inroads in the global automotive market in the last decade and have now emerged as major players in the global market. The flourishing automotive industry in this region has given rise to a rising demand for, among other materials, metalworking fluids.
Fabricated metal parts are a requisite in the automotive industry. This requires metalworking fluids in liberal amounts. Metalworking fluids help enhance the lubrication in metalworking processes and also perform the crucial task of cooling down metalworking assemblies. This factor is expected to be crucial for the metalworking fluids market’s development in the coming years. Research into developing innovative new metalworking fluids is also expected to be a major factor in the metalworking fluids industry in the coming years.
Safety, Environmental Viability of Metalworking Fluids under the Scanner
While metalworking fluids are an irreplaceable component of metalworking processes, they have two major drawbacks. First of all, modern metalworking fluids can lead to several health conditions among those regularly exposed to them. This has led to a rising demand for metalworking fluids that don’t affect the human body.
Secondly, the environmental impact of dumping used metalworking fluids is not something that can be ignored. The synthetic nature of metalworking fluids means that they can cause severe problems in the ecology of the area in which they are dumped. This has led to environmental viability becoming a major factor in the ongoing research into new metalworking fluids.
Metalworking Fluids Market to be Valued at US$14.8 bn by 2024
According to Transparency Market Research, the global metalworking fluids market was worth US$9.9 bn in 2015 and is expected to rise to US$14.8 bn by 2024, exhibiting a 4.6% CAGR in the 2016-2024 forecast period.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.