Metalworking Fluids Global Market Report 2024

Metalworking fluids play a crucial role in enhancing the performance of workpieces by consistently removing dust, chips, and swarfs from both the tool and the workpiece's surface. These fluids, collectively known as metalworking fluids (MWF), encompass a range of oils and other substances designed to cool and lubricate metal workpieces during machining, crushing, or milling processes. The application of metalworking fluids is essential in preventing burning and smoking by reducing heat and friction between the cutting tool and the workpiece.

The primary types of metalworking fluids include mineral, synthetic, and bio-based variants. Mineral oils undergo refining processes that aid in minimizing the presence of polynuclear aromatic hydrocarbons (PAHs) in metalworking fluids. These oils find application in various forms such as neat cutting oils, water cutting oils, corrosion preventive oils, among others, and are utilized across diverse industries including construction, electrical and power, automobile manufacturing, metal fabrication, transportation equipment, and more.

The metalworking fluids market research report is one of a series of new reports that provides metalworking fluids market statistics, including metalworking fluids industry global market size, regional shares, competitors with a metalworking fluids market share, detailed metalworking fluids market segments, market trends and opportunities, and any further data you may need to thrive in the metalworking fluids industry. This metalworking fluids market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The metalworking fluids market size has grown strongly in recent years. It will grow from $12.21 billion in 2023 to $13 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth observed in the historical period can be attributed to several factors, including expansion in manufacturing activities, increased utilization of cutting and forming operations, emphasis on corrosion prevention measures, adherence to regulatory compliance, and the growth of the automotive industry.

The metalworking fluids market size is expected to see strong growth in the next few years. It will grow to $16.86 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The anticipated growth in the forecast period can be attributed to various factors, including the increasing emphasis on metal recycling, expanding applications in the aerospace industry, the rising prominence of metal alloys and composites, the adoption of circular economy practices, and a focus on resilience and safety in metalworking processes. Key trends expected in the forecast period encompass the development of sustainable formulations, the utilization of advanced materials, the integration of smart manufacturing technologies, the electrification of transportation impacting metalworking processes, and the use of biocompatible materials in the industry.

The anticipated growth in the automotive sector is poised to drive the expansion of the metalworking fluids market in the forecast period. The automotive industry encompasses a diverse range of businesses engaged in designing, developing, producing, marketing, and selling automobiles. Metalworking fluids, crucial for minimizing heat and friction in industrial cutting and grinding operations, are extensively employed by automobile manufacturers in the fabrication of car parts and other components. Hyundai Motor Company, for example, reported a 23.8% year-over-year increase in domestic deliveries to 52,005 units in January 2021. Additionally, according to the India Brand Equity Foundation (IBEF), approximately 3.49 million units of commercial and passenger vehicles were sold in India in 2020. Hence, the burgeoning automotive sector is a significant driver for the growth of the metalworking fluids market.

The escalating demand for construction is expected to propel the metalworking fluids market's growth in the coming years. Construction, involving the activity of erecting large structures, relies on metalworking fluids for machining and fabricating metal components and structures. For instance, the Canadian construction industry is projected to witness an 8.5% compound annual growth rate (CAGR) by 2024, reaching a value of $354.9 billion (USD), as per Rethinking The Future. Moreover, the UK's construction output experienced a 5.6% year-on-year increase in 2022, following an unprecedented growth of 12.8% in 2021, according to the Office for National Statistics. Thus, the surging demand for construction activities is a driving force behind the growth of the metalworking fluids market.

Major companies in the metalworking fluids market are introducing extreme pressure additives like SULFAD 1717E designed for metalworking applications. SULFAD 1717E, a sulfurized ester, serves as an extreme pressure additive and was introduced by SEQENS in July 2022. Part of SEQENS' range for oils, greases, and industrial lubricants, SULFAD 1717E addresses compatibility issues with formulas containing esters and provides optimal copper corrosion performance. It demonstrates good solubility in various base stocks, making it ideal for metalworking applications such as deep hole drilling, grinding, and honing oils. This additive aligns with SEQENS' commitment to offering solutions for diverse metalworking needs.

Major companies in the metalworking fluids market are also launching polymeric ester additives such as DOVERLUBE 31700 to enhance lubricity in the metalworking fluid industry. DOVERLUBE 31700, introduced by Dover Chemical Corporation in February 2021, is an oil-soluble, non-staining polymeric ester additive designed for metalworking fluid and lubricant applications. This versatile additive, suitable for both naphthenic and paraffinic base oils, enhances or replaces traditional EP additives. It works well with sulfur and phosphorus and can reduce or replace chloro-paraffins, offering excellent thermal and hydrolytic stability.

In May 2023, AMSOIL Inc., a US-based fuel industry commercial company, acquired Benz Oil for an undisclosed amount. This strategic acquisition is expected to enhance AMSOIL INC's capabilities and expertise in the industrial fluids sector. Integrating Benz Oil's specialization in developing, manufacturing, and supplying industrial and metalworking fluids will strengthen AMSOIL's market position and broaden its product portfolio. Benz Oil, a US-based manufacturer of metalworking fluids, specializes in the development, manufacture, and supply of industrial and metalworking fluid products.

Major companies operating in the metalworking fluids market include ExxonMobil Corporation, TotalEnergies SE, Houghton International Inc., Henkel AG & Co. KGaA, Fuchs Petrolub SE, Quaker Chemical Corporation, Hindustan Petroleum Corporation Limited, Castrol Ltd., Lubri-Graph Corporation, Croda International PLC, Shell PLC, Lukoil Oil Company, China Petroleum & Chemical Corporation, Apar Industries Limited, Yushiro Chemical Industry Co. Ltd., Idemitsu Kosan Co. Ltd., Cimcool Industrial Products Inc., Blaser Swisslube Co. AG, Motul India Private Limited, Oelheld Inc., Moresco Corporation, QualiChem Ltd., Master Chemical Corp., Hardcastle Petrofer Private Limited, Chevron Phillips Chemical Company, Total Lubricants USA Inc., Petro-Canada Lubricants Inc., Royal Purple LLC, Valvoline Inc., Warren Oil Company Inc.

Asia-Pacific was the largest region in the metalworking fluids market in 2023. North America was the second-largest market in the metalworking fluids market share. The regions covered in the metalworking fluids market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The countries covered in the metalworking fluids market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The metalworking fluids market consists of sales of water-soluble oils and semi-synthetic fluids. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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