25 June 2020
Visiongain has launched new report Cutting Fluid Lubricants Market Report 2020-2030: Revenue & Volume Forecasts by Material (CFRP, GFRP, Aluminum, Magnesium, Steel, Other Materials), by Application (Automotive, Aerospace, Construction, Electrical & Power, Marine, Sports Rackets, Other Applications), by Machining (Dry, Oil, Water-Soluble, Others), by Region (North America, Europe, Asia Pacific, and RoW), Plus COVID-19 Impact Analysis Along with Recovery Scenarios.
Global cutting fluid lubricants market size was valued at US$xxx million in 2019 and is anticipated to reach US$xxx million in 2025 while growing at a CAGR of xxx% during the first half of the forecast period i.e. 2020 to 2025. The market size is further projected to reach US$xxx million by 2030 at a CAGR of xxx% from 2025 to 2030. The overall CAGR for cutting fluid lubricants market is expected to be xxx% from 2020 to 2030.
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Growing industrial processes all over the word
With the rise in various industries such as automotive, medical parts, and aerospace machining world, there is a growth in the demand for strong and light-weight materials. Such industries use high-temperature chromes and alloys, which are constantly under high temperature, high speed, and increase the heat and raising the temperature during operations. To overcome the issue, synthetic fluids are used to remove heat during the operation and offer greater lubricity to harder materials so that cuts can be made easier. To obtain optimum results for various material machining processes, the selection of cutting fluids is carried out very carefully and depends on the material of cutting tools.
Cutting fluids lubricants are precisely manufactured to prevent tear and wear to such fluids and intensify the durability of the tools used. Cutting fluids mainly support temperature regulation by cooling and also lubricate the work tool interface by functioning as a lubricant. As various factors and variables affect the final quality of any component, by regular use of cutting fluids, higher efficiency and productivity levels can be increased during the machining process. Such properties of cutting fluids are expected to drive the demand for cutting fluids in various industrial applications such as the automotive industry, metal engineering, energy sector, and the metalworking processes in other industries during the forecast period.
Innovation and Growth of bio-based cutting fluids
Growing environmental concerns and the increasing need to reduce toxic emissions across the world is driving the use of non-VOC compounds in various industries. The market is experiencing a swing from petroleum-based products to bio-based products as they offer better performance and produce few emissions, which is expected to drive the use of bio-based cutting fluids in the coming few years.
Several advancements in formulation of cutting fluids to reduce VOC levels have eventually led to product evolution, which is further offering properties such as anti-microbial, anti-contaminant, improved surface adhesion, high viscosity levels, and good heat dissipation. The advancement has led to the growing use of semi-synthetic and bio-based cutting fluids over conventional synthetic cutting fluids.
Bio-based cutting fluids lubricants are essentially formulated from seed and vegetable oils, and fatty acids which provide good properties and enhance the performance of the lubricants. Bio-based lubricants with non-additive have proved to be better performing as compared to petroleum-based lubricants. Bio-based lubricants are renewable and do not emit VOC (volatile organic compounds) emissions which are expected to boost the use of bio-based alternatives in major industries.
Asia Pacific is the largest market and is anticipated to witness the highest CAGR over the forecast period owing to the rising manufacturing sector in India, China, Malaysia, and Vietnam in light of growing domestic consumption coupled with favorable regulations to attract investments is expected to augment market expansion. Moreover, the high consumption of cutting fluid lubricants in the automotive sector is anticipated to promote demand over the forecast period. Emerging economies including India, China, Brazil, Russia, and other Southeast Asian countries have been witnessing significant growth in the industrial manufacturing sector. Increasing production and exploration activities of crude oil in the Asia Pacific, especially from Chinese petroleum companies, has been a major factor in influencing demand for the product in the region over the past few years.
The comprehensive market report features companies such as CONDAT, ESTI CHEM A/S, Total, Carl Bechem Lubricants India, Callington Haven Pty Ltd., Exxon Mobil Corporation, Chevron Corporation, The Lubrizol Corporation, and Molyslip Ltd. among other prominent players. Also, the research study offers market estimation and forecast for the period ranging 2020-2030 for global markets such as North America, Europe, Asia Pacific and Rest of the World along with regional sub-markets as U.S., Canada, Brazil, Mexico, Germany, UK, France, Italy, Spain, India, Japan, China, GCC, and South Africa.
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