LONDON, Dec. 19, 2014 /PRNewswire/ -- Booming
end-user markets, especially in Asia, are driving the global metalworking
fluids market. As industrial production increases in China, India,
Russia, Turkey, Brazil and Southeast Asian countries,
regulations on waste water treatment and disposal are compelling
end users to optimize the use of mineral-oil based metalworking
fluids. This is expected to increase the adoption of semi-synthetic
and synthetic metalworking fluids that offer good balance between
cost and performance. In turn, the metalworking additives
segment will grow rapidly as synthetic-based metalworking
fluids require a stronger additive package.
New analysis from Frost & Sullivan, Analysis of the
Global Metalworking Fluids Market, finds that the market earned
revenues of $8.83 billion in 2013 and
estimates this to reach $12.09
billion in 2020. Regulations on wastewater treatment will
also be a major driver in Europe
and North America. In addition,
the burgeoning Asian automotive industry, niche applications such
as medical machining will boost sale volumes.
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"The replacement of metals with plastics and composites in
several applications will, however, quench the demand for
metalworking fluids to an extent," said Frost & Sullivan
Chemicals, Materials and Food Research Associate Srinivas
Venkatesan. "For instance, the automotive and aerospace industries
use plastics and composites for light-weighting. Similarly, the
preference for cartons over beverage cans is likely to impact the
demand for metalworking fluids from the packaging industry."
In addition, the development of technologies such as minimum
quantity lubrication, high pressure machining, and near-net-shape
casting could replace conventional metalworking processes thereby
reducing the demand for metalworking fluid. Advancements in 3-D
printing could further hamper uptake as materials processed through
laser sintering technology have good mechanical properties and an
excellent surface finish.
In the face of these challenges, product differentiation is
essential to succeed in the market. Metalworking fluid
manufacturers must undertake research activities in collaboration
with customers to develop cost-effective solutions that can satisfy
constantly changing end-user requirements.
"Offering differentiated products and innovative customer
support mechanisms will help manufacturers stay afloat in the
highly competitive market," opined Venkatesan. "Extending support
services such as troubleshooting and periodic reports on health of
metalworking fluids will enhance consumer loyalty."
As established manufacturers look to broaden their portfolios,
mergers with and acquisitions of regional vendors possessing
specialised capabilities and a strong customer base will gain pace
in the global metalworking fluids market.
Analysis of the Global Metalworking Fluids Market is part
of the Chemicals & Materials Growth Partnership Service
program. Frost & Sullivan's related studies include: Global
Lubricant Additives Market, Global Housewraps Market, Global
Engineering Plastics Market, and Global Lubricant Additives Market.
All studies included in subscriptions provide detailed market
opportunities and industry trends evaluated following extensive
interviews with market participants.
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SOURCE Frost & Sullivan