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The global metalworking fluids market size was USD 9.5 billion in 2022 and is expected to reach a value of USD 13.52 billion in 2032

NEW YORK CITY, NEW YORK, UNITED STATES, July 13, 2023/EINPresswire.com/ -- Metalworking Fluids Market Overview

In 2022, the global market size of metalworking fluids was USD 9.5 billion. It is projected to grow and reach USD 13.52 billion by 2032, with a compound annual growth rate (CAGR) of 4% during the forecast period.
Metalworking fluids play a crucial role in the machining and manufacturing of various metals, including copper, aluminum, and steel. Their primary functions include lubricating, cooling, and cleaning the surfaces involved in metalworking processes, aiming to reduce friction and wear on the equipment. The demand for metalworking fluids is driven by factors such as extended equipment lifespan and reduced maintenance and repair costs.

Metalworking Fluids Market Segments

The global market size of metalworking fluids reached USD 9.5 billion in 2022. With a projected compound annual growth rate (CAGR) of 4% from 2022 to 2032, it is anticipated to reach a revenue value of USD 13.52 billion by 2032. These estimations are based on historical data from 2020 to 2021 and consider the forecast period of 2022 to 2032.
The quantitative units used for measurement in this market analysis are in USD billion. The CAGR from 2022 to 2032 indicates the expected annual growth rate over the specified period.
The report coverage includes a comprehensive analysis of the metalworking fluids market, encompassing revenue forecasts, company rankings, competitive landscape, growth factors, and emerging trends. The analysis also explores various segments such as product type outlook, end-use outlook, and regional outlook, providing insights into the different aspects of the market.

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Metalworking Fluids Market: Strategic Developments

• In 2021, BASF SE and Eramet SA announced a collaboration to create cutting-edge and environmentally friendly metal sector solutions. To improve the effectiveness and sustainability of metalworking operations, the cooperation intends to develop high-performance, environmentally friendly metalworking fluids.
• Noble Energy, a US oil and gas exploration and production company, will be acquired by Chevron Corporation in 2020, according to the company's announcement. The acquisition was made with the intention of boosting Chevron's global marketability and upstream portfolio.
• Houghton International Inc. revealed that its new HOCUT 8900 metalworking fluid product range would debut in 2020. For a variety of metalworking applications, the product line is developed to offer high-performance machining and grinding capabilities.
• Quaker Chemical Corporation and Houghton International Inc. declared their intention to merge in 2020, creating Quaker Houghton. The combination aims to become a world leader in innovative chemical specialties for numerous sectors as well as metalworking fluids.

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Metalworking Fluids Market: Competitive landscape

The global metalworking fluids market features a highly competitive landscape, with numerous major companies actively competing for market share. These companies employ strategic initiatives, product innovation, and engage in mergers and acquisitions to maintain a strong foothold in the industry. Among the prominent players in the global metalworking fluids market are BASF SE, Chevron Corporation, ExxonMobil Corporation, Fuchs Petrolub SE, Quaker Chemical Corporation, Houghton International Inc., Total S.A., Indian Oil Corporation Ltd., Halliburton, and China Petrochemical Corporation.
These companies have established themselves as key players in the market, leveraging their expertise, resources, and extensive product portfolios to cater to the diverse needs of customers. They continually invest in research and development to enhance their product offerings, ensuring they meet the evolving demands of the metalworking industry.
In addition to product innovation, these companies also focus on strategic collaborations and partnerships to expand their market presence and geographical reach. By forming alliances with regional distributors and suppliers, they strengthen their distribution networks and effectively cater to a global customer base.

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