The environmental impact of metalworking fluids has been an overshadowing factor in the growth trajectory of the global metalworking fluids market of late. Though metalworking fluids are crucial in various metalworking processes, their synthetic composition means that they damage the ecology in their dumping zone. This has led to several major companies in the global market focusing R&D efforts on coming up with innovative new formulations that can be dumped without any environmental damage.
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Clariant Announces Approval for New Corrosion Inhibitor
Clariant, a chemical industry giant, has recently come up with a new corrosion inhibitor with applicability in processes involving multiple metals. Hostacor AL, a water-dispersible formulation made from renewable feedstock, can be used in steel and aluminum working to maximize their resistance to corrosion. The phosphorus-free corrosion inhibitor can also be used for lubrication of both metals. An added benefit of Hostacor AL is that it can be added to steel metalworking fluids, which qualifies the metalworking fluids to be used on aluminum.
Sustainability Emerges as Key Aspect in Metalworking Fluid Research
The reason why metalworking fluid market players have been focusing on environmental viability in their new products is the increasing demand for metalworking fluids from the automotive and aviation industries. These are among the fastest growing industries at present, and signify an opportunity for sustained demand for the metalworking fluids market. However, the environmental impact of not just disposing but even operating an automobile or an aircraft is now becoming more than apparent, leading to a rising demand for ecologically sound components and chemicals. Metalworking fluids are a significant part of these industries and represent an opportunity to cut down on the ecological impact of the metalworking sector.
Apart from their environmental sustainability, the health effects of metalworking fluids have also come under the microscope in recent years. Innovating metalworking fluids that are safe to work with has, as a result, emerged as another promising research avenue in the global metalworking fluids market.
Removal Fluids Dominate Global Metalworking Fluids Market
According to a market report featured recently on Market Research Reports Search Engine (MRRSE), the global metalworking fluids can be segmented into removal fluids, treating fluids, protection fluids, and forming fluids on the basis of product type. Removal fluids accounted for a majority share in the global metalworking fluids market in 2015, owing to their ubiquitous use. Removal fluids are used for lubrication as well as for removing stray bits of metal remaining on a finished piece. Since these two processes are imperative for any metalworking application, removal fluids have gained steady demand.
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Asia Pacific Set to Dominate Global Metalworking Fluids Market
The Asia Pacific market for metalworking fluids has benefitted in recent years from the rising demand in the region’s automotive and aviation industries. China, South Korea, and Japan have been among the leading regional automotive markets in the world since the turn of the decade, which has ensured steady demand for metalworking fluids. The rise in the demand for automobiles in this region is expected to drive the APAC metalworking fluids market in the coming years.
According to the aforementioned report, the global metalworking fluids market was worth US$9.9 bn in 2015 and is expected to rise to a valuation of US$14.8 bn by 2024. The market is expected to exhibit a steady 4.6% CAGR from 2016 to 2024.