Metalworking Fluids Market to Reach 16.01 Billion by 2032

According to analysts at Vantage Market Research, the Global Metalworking Fluids Market size is worth 11.69 billion in 2023 and is projected to achieve 16.01 billion by 2032, growing at a CAGR (Compound Annual Growth Rate) of 3.55% from 2024 to 2032. The Metalworking Fluids Market is experiencing rapid growth driven by innovations in metalworking fluid formulations that enhance performance and extend tool life.

Industry Overview

The market for metalworking fluids is being propelled by the ongoing growth of manufacturing processes in various sectors, including construction, machinery, aerospace, and automotive. As these sectors experience growth and technological advancements, the demand for metalworking fluids rises proportionally, as these fluids are indispensable for machining operations such as cutting, drilling, milling, and grinding. The market is expected to grow as a result of the growing demand for automotive and heavy industry machinery. Consequently, it appears as the market is primarily driven by the expansion of the automotive industry. Because metalworking fluids can lower friction between the workpiece and the tool, improve surface quality, make it easier to remove metal chips from surfaces, and extend tool life, they are widely used in the automotive industry.

Asia Pacific Dominated Sales with a 41.2% share in 2023.  Asia Pacific’s dominance can be attributed to several factors such as robust industrialization, fueled by powerhouse economies like China, India, Japan, and South Korea. The need for metalworking fluids, which are necessary for various machining processes crucial in component manufacturing and assembly, has increased due to the exponential expansion witnessed by the automotive, aerospace, industrial, and construction sectors in Asia Pacific. The Asia-Pacific region asserted its dominance in the market primarily driven by escalating demand from the agriculture and construction sectors. The heavy equipment sector is expanding in the region due to growing economic development and industrialization, especially in nations like China, India, and Japan. Metalworking fluids are essential to the production of large machinery and equipment. Consequently, with the rising demand for such machinery, the need for metalworking fluids is poised to escalate in the foreseeable future.

Key Takeaway from the Report

• The Removable Fluid segment contributed a significant share to the market's growth of 47.5% in 2023 because of its superior performance in cooling, lubrication, and ease of removal, making it highly preferred across various metalworking processes
• In 2023, Machinery dominated the market with market share of 40.5% owing to the high demand for metalworking fluids in machinery manufacturing and maintenance, driven by the sector's expansion and technological advancements
• In 2023, Asia Pacific led the market, capturing 41.2% market share due to region's growing adoption of automation and advanced manufacturing technologies, which has increased demand for specialty metalworking fluids 
• The North America region is set for substantial growth, with a noteworthy projected CAGR throughout the forecast period 

Top Companies

• Exxon Mobil Corporation
• BP p.l.c.
• Chevron Corporation
• Chem Arrow Corporation
• LUKOIL
• China Petroleum & Chemical Corporation (SINOPEC)
• Valvoline Inc.
• TotalEnergies SE
• FUCHS
• Quaker Houghton
• Idemitsu Kosan Co. Ltd.

Latest News

LANXESS Expands North American Partnership with Palmer Holland to Include Industrial Preservatives for Metalworking Fluids

• In 2024, LANXESS Corporation’s Material Protection Products (MPP) business unit broadened its distribution partnership with Palmer Holland. This expansion enhances Palmer Holland’s portfolio to include metalworking fluids and lubricants, following LANXESS’ acquisition of IFF’s microbial control business.

Univar Solutions B.V. Enters Distribution Agreement with Graphics Services Ltd. for Metalworking Fluids and More in Europe

• In January 2023, Univar Solutions B.V. signed a distribution agreement with Graphics Services Ltd. to supply products such as inks, rust preventive oils, coatings, lubricants, and metalworking fluids across Europe.

Clariant Expands Support for Global Metalworking Fluid Manufacturers with High Lubricity Additives

• In September 2022, Clariant announced it would enhance support for metalworking fluid manufacturers worldwide by providing additives for the development of high lubricity and fully-synthetic metalworking fluids.

SKF and Castrol Collaborate to Offer Industrial Lubricant Recycling with 'Oil as a Service'

• In December 2022, SKF and Castrol partnered to offer industrial lubricant recycling through a combined service, integrating SKF's RecondOil solution with Castrol's metalworking lubricants.