PUBLISHER: KBV Research | PRODUCT CODE: 1403609
PUBLISHER: KBV Research | PRODUCT CODE: 1403609
The Global Grinding Fluids Market size is expected to reach $889.1 million by 2030, rising at a market growth of 3.7% CAGR during the forecast period. In the year 2022, the market attained a volume of 235.19 Kilo Tonnes experiencing a growth of 3.6% (2019-2022).
The strong manufacturing base in Germany and Russia's automobile industry and the increasing demand for automotive components are expected to boost the demand for the product in Europe in the coming years. Therefore, Europe segment generated $140.45 million revenue in the market in 2022. Thus, the advancing end-use industries in the region are expected to propel product needs over the forecast period. Thus, increasing steel production owing to its increasing demand from different end-use industries like automobile, defense, electronics, construction equipment, mining machinery, and metallurgical machinery is expected to drive the demand for products in the region. Some of the factors impacting the market are advancements in grinding fluid technology, growing aerospace and automotive industries and growing health and safety concerns.
Integrating smart technologies in grinding fluids is revolutionizing monitoring and control capabilities. Sensors and monitoring systems embedded in grinding fluids enable real-time assessment of parameters such as concentration, temperature, and fluid condition. This facilitates predictive maintenance, allowing manufacturers to optimize fluid performance and minimize downtime. Bio-stability is essential in preventing bacterial growth and degradation of grinding fluids. Technological advancements have resulted in improved bio-stable formulations, extending the longevity of fluids. This not only enhances cost-effectiveness by reducing the frequency of fluid replacement but also ensures consistent performance over extended periods. Additionally, the aerospace and automotive industries are increasingly emphasizing sustainability and environmental responsibility. Grinding fluid manufacturers are responding by developing environmentally friendly formulations that have low health risks and adhere to stringent environmental regulations. This aligns with the industries' broader sustainability goals. Research and development investments in both industries focus on exploring new materials and manufacturing processes to enhance performance and efficiency. Thus, these advancements collectively contribute to expanding the market and the growing aerospace and automotive industries are integral to expanding the market.
However, Health and safety concerns may lead to more stringent personal protective equipment (PPE) requirements when working with certain grinding fluids. The additional cost and inconvenience associated with enhanced PPE requirements can deter companies, potentially leading to a shift away from certain grinding fluids. As awareness of health and safety risks increases, companies may face potential litigation and liability issues related to worker exposure to harmful substances in grinding fluids. This can lead to increased costs for legal defense, compensation claims, and damage to a company's reputation. Due to the above factors, market growth will be hampered in the coming years.
Application Outlook
Based on application, the market is fragmented into disk drivers, lubricate machine tools, metal substrates, silicon wafer, and others. The metal substrates segment garnered a significant revenue share in the market in 2022. Metals, especially with high thermal conductivity, can quickly absorb and retain heat during grinding. Without proper cooling, this heat buildup can result in thermal deformation, surface cracks, or even metallurgical changes in metal substrates. This leads to the requirement for grinding fluids, which help in heat dissipation and maintaining stable temperatures during the process. Thermal damage to metal substrates is reduced significantly by controlling the temperature, ensuring their dimensional accuracy, and preserving the integrity of materials used in their development.
Type Outlook
On the basis of type, the market is segmented into semi-synthetic, synthetic, water-soluble, and others. In 2022, the synthetic segment dominated the market with the maximum revenue share. This is attributed to its exceptional cooling and lubricating capabilities, surpassing other grinding fluids. Advancements in additive technology have further solidified their position as the preferred choice in the product industry. These fluids are further enhanced with additional additives to inhibit corrosion. This extends their lifespan, reduces maintenance requirements, and minimizes downtime for fluid replacement. They can be used for grinding metals, including ferrous and non-ferrous materials, without compromising performance or causing damage to the workpiece. Thus, the growing industrialization is anticipated to drive the demand for synthetic grinding fluids over the forecast period.
Regional Outlook
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific region registered the largest revenue share in the market. This is attributable to the increasing production volumes in various regional sectors, such as automobile, defense, marine, and aerospace. Globally, the production of metals such as titanium and aluminum were dominated by China as of 2022. Therefore, the increase in aluminum production due to the addition of production capacity by several manufacturers in China is expected to augment the demand for grinding fluids over the forecast period. Furthermore, the easy availability of resources, like a workforce with cheap labor and iron ore reserves, has made India one of the leading steel producers.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Benz Oil, Inc. (AMSOIL INC.), Carborundum Universal Limited (Murugappa Group), Castrol Ltd. (BP P.L.C.), Cutting & Grinding Fluids, Inc., EnviroServe Chemicals, Inc., ETNA Products, Incorporated, Exxon Mobil Corporation, FUCHS Petrolub SE, Lincoln Chemical Corporation, and TotalEnergies SE.
Market Segments covered in the Report:
By Application (Volume, Kilo Tonnes, USD Million, 2019-2030)
By Type (Volume, Kilo Tonnes, USD Million, 2019-2030)
By Geography (Volume, Kilo Tonnes, USD Million, 2019-2030)
Companies Profiled
Unique Offerings from KBV Research