Europe Metalworking Fluids Market Size

Europe Metalworking Fluids Market Size

Europe Metalworking Fluids Market size was USD 2,678 million in 2020 and will witness 5.4% CAGR from 2021 to 2027 owing to the Increasing product demand for automation, metal fabrication, and steel from original equipment manufacturers. On the basis on volume, the market is estimated to grow at a CAGR of 4.1% while recording a valuation of 835.8 Kilo Tons.

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The Europe steel and metal fabrication industry is likely to observe inclining gains over the next few years, in turn, will boost the Europe metalworking fluids market share over the estimated timeframe. However, adverse environmental effects associated with the product may hamper the overall industry as major raw materials in the industry are petrochemical derivatives.

Adverse health effects associated with occupational exposure to metalworking fluids may hamper industry growth over the projected timeframe. Moreover, international and regional health organizations are promoting regulations & standards for the efficient use and exposure toward metalworking fluids. For instance, in March 2018, The United Kingdom Lubricants Association (UKLA) and Health & Safety Executive (HSE) partnered to promote the safe handling and disposal of metalworking fluids.

As metalworking fluids are complex chemical formulations tasked to achieve multiple functions, the industry is segmented into different product groups. Neat oils or sometimes called straight oils are amongst the fastest-growing segments owing to their several favorable properties such as minimal maintenance and excellent corrosion resistance. Neat oils are made of mineral-based oils and have a high amount of lubricity, making them an ideal choice for forming the material. However, poor heat dissipation and increased fire risks are likely to limit Europe metalworking fluids market growth over the forecast timeframe.