Metalworking Fluids Market Size, Share & Trends Analysis Report By Product (Mineral, Synthetic), By End-use (Machinery, Transportation Equipment), By Industrial End-use, By Application, By Region, And Segment Forecasts, 2024 - 2030

Research Methodology

A three-pronged approach was followed for deducing the metalworking fluids market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for metalworking fluids market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of metalworking fluids market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Metalworking Fluids Market Categorization:

The metalworking fluids market was categorized into five segments, namely product (Mineral, Synthetic, Bio-Based), application (Neat Cutting Oil, Water Cutting Oil, Corrosion Preventive Oil), end-use (Metal Fabrication, Transportation Equipment, Machinery), industrial end-use (Construction, Electric & Power, Agriculture, Automobile, Aerospace, Rail, Marine, Telecommunications, Health Care), and region (North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa).

Segment Market Methodology:

The metalworking fluids market was segmented into product, application, end-use, industrial end-use, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The metalworking fluids market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-eight countries, namely, the U.S.; Canada; Mexico; Germany; Russia; France; Spain; Italy; the UK; Switzerland; Denmark; Norway; Belgium; Poland; Czech Republic; Turkey; Sweden; Finland; China; India; Japan; South Korea; Singapore; Malaysia; Thailand; Australia; New Zealand; Brazil.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Metalworking fluids market companies & financials:

The metalworking fluids market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• Houghton International, Inc. - Houghton International, Inc. was established in 1865 and is headquartered in Pennsylvania, U.S. The company is engaged in the manufacturing of lubricants, oils, and specialty chemicals. Its product portfolio includes various lubricants used during heat treatment, metal cleaning, metal finishing, metal forging, specialty additives, specialty hydraulic fluids, steel mill products, and non-ferrous products. In 2011, the company acquired the metalworking and metal rolling oils business of Shell. It manufactures and offers metalworking fluids to cater the demand of various industries including aerospace, automotive, bearing, building materials, defense, food & beverage, forging & stamping, hardware, heat treatment, medical devices, mining, marine, steel, wind energy, offshore technology, and machinery & equipment. It has 15 manufacturing facilities located in 10 countries across North and South America, Asia Pacific, Europe, and the Middle East & Africa.

• Blaser Swisslube AG - Blaser Swisslube AG was founded in 1936 and is a family-owned Swiss multinational. It has its headquarters located in Rüegsau, Switzerland. The company is engaged in developing, manufacturing, and selling of metalworking fluids. In addition, it is engaged in the distribution of coolants, fluids, and oils. Its product portfolio includes lubricants, device cleaners, grinding oils, straight oils, vegetable-based fluids, and cutting oils for the industrial and metalworking applications. The company is involved in consulting and training. It operates through its various subsidiaries located in over 60 countries. Its products cater to various industries including automotive, building materials, aerospace, defense, food & beverage, forging & stamping, mining, marine, and heat treatment. As of 2017, the company had over 600 employees working across its 15 subsidiaries globally.

• BP Plc - BP Plc was established in 1908 and is headquartered in London, UK. It manufactures various types of oils, such as brake fluids, axle fluids, and manual & automatic transmission fluids. Castrol Ltd., a subsidiary of the company, engages in manufacturing, marketing, and distributing metalworking fluids, oils, and greases. The business segments of the company include upstream, downstream, and Rosneft. Its upstream business segment includes exploration & production of oil & gas, midstream transportation, processing, and storage of oil & gas. In addition, it deals in the trading of natural gas including liquefied natural gas (LNG), power, and natural gas liquids (NGL). Downstream segment of the company includes the manufacturing, transportation, trading, refining, supply, and marketing of crude oil. Its petroleum products are marketed in over 80 countries and cater to various industries including food packaging, plastics, and textiles. The company owns 17 petrochemical manufacturing facilities across the globe. As of December 2016, the company had operating units in approximately 80 countries and had around 74,500 employees.

• Exxon Mobil Corporation - Exxon Mobil Corporation was founded in 1990 and is headquartered in Texas, U.S. The company is engaged in the production of aqueous-based metalworking fluids and synthetic lubricants. The lubricants and metalworking fluids products of the company cater to various industries including adhesives, automotive, agriculture, industrial applications, packaging, medical & healthcare, and building & construction. The company mainly deals in three major segments including upstream, downstream, and chemicals. Upstream segment includes oil exploration, shipping, wholesale operations, and extraction. Downstream segment includes refining, marketing, and retail operations. Chemical segment of the company focuses on the manufacturing of various types of metalworking fluids, lubricants, and motor oils. The company is engaged in deep-water drilling, providing technology for liquefaction of natural gas, hydraulic fracturing, carbon capture and storage. It is also engaged in vehicle technologies including hydrogen fuel cells, advanced motor oils, and advanced plastics.

• Total S.A. - Total S.A. is a global oil & gas company, which was established in 1924 and is headquartered in Courbevoie, France. The company manufactures metalworking fluids for aluminum rolling and transmission manufacturing activities. It is also engaged in industrial and specialty chemicals manufacturing. Upstream business segment includes exploration & production activities as well as gas and solar power generation. It’s refining and chemicals segments offer petrochemicals, trading & shipping, elastomer processing, electroplating, resins, adhesives and have robust manufacturing base located in North America, Europe, and the Middle East. Marketing & services business segment of the company focuses on the production and sales of lubricants, metalworking fluids, and other special fluids. The company is engaged in developing renewable energies and focusing on sustainability.

• FUCHS - FUCHS was established in 1870 and is headquartered in Mannheim, Germany. It is engaged in the manufacturing and supplying of lubricants. The company develops and offers a range of chlorinated and chlorine-free metalworking fluids for metals and machining operations. The company’s product portfolio includes automotive lubricants, industrial lubricants, metal processing lubricants, marine lubricants, and grease. It offers metalworking fluids as part of its industrial lubricants portfolio. The company caters its products and services to various industries, such as pharmaceutical, automobile, oil & gas, aerospace, steel, agricultural, construction, cement, military, wind power, and mining. Its product portfolio includes compressor oils, corrosion preventives, food grade oils, glass lubricants, engine oils, greases, and hydraulic oils. The lubricant business generates about 70% of the company’s sales.

• CIMCOOL Fluid Technology, LLC - CIMCOOL Fluid Technology, LLC is a subsidiary of Milacron LLC. CIMCOOL is headquartered in Ohio, U.S. and was established in 1884. The company is engaged in designing, manufacturing, and servicing of metalworking fluids. It also provides expertise and solutions related to metalworking fluids to assist its customers. Its product portfolio includes various metalworking fluids, such as forming fluids, cleaning fluids, cutting fluids, economical fluids, and soluble oils. The company serves products to numerous industries, such as metals machining, aerospace, automobile, specialty alloys, medical, drawing & stamping, tubing, and piping. In addition, the company’s products are used in NASA space programs and commercial aircraft.

• Quaker Chemical Corporation - Quaker Chemical Corporation was established in 1918 and is headquartered in Pennsylvania, U.S. The company is engaged in the manufacturing and selling of various chemical products, such as hydraulic fluids, rolling lubricants, specialty greases, machining & grinding compounds, and corrosion preventives. It primarily manufactures metal removal and metal forming fluids. The company also produces fire-resistant fluids and hot rolling & cold rolling oils. Its segments are organized based on geography: North America, Europe, the Middle East and Africa, Asia Pacific, and South America. As of 2017, North America accounted for over 43% of the company’s net sales. It serves various industries, such as aluminum, aerospace, die casting, tube & pipe, can manufacturing, mining, steel, bearing, heavy equipment, and automotive. It operates in 21 countries with 35 locations spread across the regions including North America, South America, Asia Pacific, and Europe.

• Eni SpA - Eni SpA was established in 1953 and is headquartered in Rome, Italy. The company offers a series of non-water miscible cutting, forming, grinding, and honing metalworking oils. It produces metalworking fluids as a part of its industrial lubricants portfolio. It is also engaged in the manufacturing and production of nuclear power, mining, energy, chemicals, plastic, oil & gas, and extraction machinery. Its business segments include exploration & production, gas & power, refining & marketing, and chemicals. The company is engaged in exploration & production of oil and gas, refining & marketing of petroleum products, and power generation. It is engaged in supplying, shipping, and trading of liquefied natural gas (LNG), chemical products, fuels, and electricity. In addition, the company processes crude oil feedstock for the production of lubricants, chemical products, and fuels, which is then supplied to numerous retailers, distributors, and wholesalers. It is also engaged in oilfield services, onshore & offshore construction, and engineering services.

• Chevron Corporation - Chevron Corporation is a vertically integrated oil & gas company. It was established in 1879 and is headquartered in California, U.S. The company offers various lubricants including metalworking fluids, circulating oils, compressor oils, turbine oils, industrial greases, and gear oils. It operates its business through upstream and downstream segments. Upstream segment includes exploration & production of oil & natural gas, whereas downstream segment includes manufacturing and distribution of chemicals, lubricants, and additives. It offers metalworking fluids as a part of industrial lubricants portfolio of downstream business segment. Downstream segment also includes shipping, pipelines, and global trading activities. Its brands operating in the market include Chevron, Texaco, and Caltex. The company’s global refining system is engaged in manufacturing fuel, chemicals, and other products, which are sold by its lubricants, marketing, trading, and supply organizations.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Metalworking Fluids Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Metalworking Fluids Market Report Assumptions:

• The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.