LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global metalworking fluid market provides an analysis on the most important trends expected to impact the market outlook from 2016-2020. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Chandrakumar Badala Jaganathan, a lead analyst from Technavio, specializing in research on metals and minerals sector, says, “The market for global metalworking fluids is projected to experience a stable growth during the forecast period owing to the augmented consumption of metalworking fluids from the automotive segment. Moreover, advances in technology in the industrial segment and the growth in consumption of synthetic fluids are playing a vital role in improving the demand for metalworking fluids.”
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The top three emerging trends driving the global metalworking fluid market according to Technavio chemicals and materials research analysts are:
- Budding acceptance of total quality management programs
- Emergence of India and China as global manufacturing hubs
- Emergence of near-dry machining and other manufacturing techniques
Budding acceptance of total quality management programs
Efficiency, safety, quality, and productivity are the principal goals of the industrial and manufacturing industries. Many industrial processes and accompanying equipment are subjected to consistent maintenance and evaluations programs to avoid machine failures and to ensure the quality of the tools and equipment. This has a positive effect on the global metalworking fluids market, as routine maintenance programs lead to the increased incidence of fluid change.
Information technology tools deliver improved data transparency about quality control of the equipment and maintenance and guarantee quality operational functions of metalworking fluids.
Emergence of India and China as global manufacturing hubs
China is the world's second largest economy, the largest manufacturing economy, and also the biggest exporter of goods. The country is also the world's fastest growing consumer market and the second biggest importer of goods.
The initiatives taken by the government, ranging from subsidies to tax reductions, have increased foreign investments in China, ensuring stable and rapid economic growth. This factor along with increased focus on product quality and sustainability is projected to influence the transportation, manufacturing, and metal fabrication segments in China, thereby accounting for the growing demand for metalworking fluids.
India too, has been experiencing significant economic growth due to the substantial change in the foreign direct investment policies in recent years. There has been a steady influx of capital in the growing manufacturing and metal fabrication segments in the country. Owing to these factors, the country is expected to outpace China's industrial growth by the end of 2020.
“The rise of these neighboring countries as global manufacturing hubs will significantly benefit the metalworking fluids market during the forecasted period. In addition, the increase in mining will generate a subsequent demand for metalworking fluids from the primary metal manufacturers,” says Chandrakumar.
Emergence of near-dry machining and other manufacturing techniques
In conventional wet machining techniques, the working metal and the equipment are flooded with metalworking fluids, thereby increasing the overall operational costs. Contrarily, near-dry machining technique requires minimal quantities of these fluids, thereby the environmental effect of this technique is also comparatively lesser. The technique has gained prominence in the recent years, especially in Europe and North America. This is attributable to the fact that the manufacturers in these regions are seeking cost efficient technologies. Moreover, they need to abide by the stringent government regulations regarding metalworking fluids and effluents generated from the end-user industries.
Recently, Ford has implemented near-dry machining in six of its facilities. This has enhanced sustainability and reduced the overall operational costs. Further, techniques such as near net shape casting, micro lubrication, 3D metal printing, hydroforming, and high-speed cutting have decreased the consumption of specialty products and high-performance metalworking fluids.
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