U.S. metalworking fluids market volume, by product, 2012 - 2022 (Kilo Tons)
- Mineral based oil accounted for 52.1% of global volume share in 2014. Mineral oil is the conventional metalworking fluids produced in large volumes owing to their easy availability and cost effectiveness.
- Europe bio-based metalworking fluids market was valued at USD 277.5 million in 2014. Europe is expected to witness a strong demand for the bio-based product owing to the prevalence of strong government regulations. However, the expensive nature of these products is expected to hamper their growth over the forecast period.
- Asia Pacific was the largest market and is expected to witness gains at a CAGR of 4.4% from 2015 to 2022. Increasing production volumes in various sectors including automobile, defense, marine and aerospace is expected to be a major factor driving market in the region.
- Corrosion preventive oils demand was 514.4 kilo tons in 2014. Corrosion preventive oils are used in machining operations where possibility of damaging the tool is very high. These oils are responsible for improving the sump life which eventually leads to reduction in the overhead costs for the manufacturers. This has resulted in increasing demand from small scale manufacturers on account of their tight cost structures and low volumes.
- Key industry players including Chevron Corporation, Quaker Chemical Corporation, British Petroleum, ExxonMobil Corp, Royal Dutch Shell, and Houghton have wide range of supplier and distribution network. Cimcool, Blaser Swisslube, Total S.A., Fuchs, Eni S.p.A., Croda International, and Ashland, Inc are investing heavily in research and development for the product. In February 2016, the Ashland, Inc acquired Oil Can Henry, a step that would help in expanding its business presence in the Pacific Northwest quick-lube sector.