Quenching Fluids & Salts Market Analysis

The oil segment will highlight 5.3% CAGR through 2027. Oil products utilized in the quenching fluids & salts market include low speed oils, medium speed oils, special type of quenching oils, fast speed oils, and others. Metals that require consistent metallurgical characteristics along with medium to high hardening ability use medium speed oils. Furthermore, the use of special type of quenching oils is generally for customized requirements and different types of heat treatment processes.

The cold quenching segment was valued at over USD 1 billion in 2020 and is anticipated to grow over USD 1.3 billion by the end of 2027. The cold quenching process is widely adopted in various automotive parts such as springs, fastening components tools, and different types of forged components. Various commercial heat treatment facilities require flexibility during operations, which are fulfilled by cold quenching oils.

Due to this factor, its application in heat treatment facilities is projected to grow over the projected period. The growing demand for aerospace parts in various emerging economies owing to rising per capita income and increasing air travel is projected to have a positive impact on the quenching fluids & salts market.

The aerospace & defense segment was valued at over USD 220 million in 2020 and is expected to reach over USD 320 million by 2027. The heat treatment process is utilized to produce critical components used in the aerospace industry such as jet engine components, aerostructures, landing gears, etc. The rising regional & international travel in various emerging economies, which include China, India, Brazil, and Vietnam, will propel the aerospace industry. Moreover, growing international tourism owing to cheaper air fares and rising middle-class population that prefers air travel will drive the aviation sector.

According to the International Air Transport Association, in 2019, the global air traffic, which translate to the revenue passenger kilometers, increased by over 4.2% compared to 2018. The increasing air travel will drive the demand for aircraft, which will have a positive impact on the quenching fluids & salts market.

Asia Pacific region was valued at over USD 720 million in 2020 and is expected to reach over USD 1 billion by 2027 driven by growing automotive and aerospace industries in the region. Automotive sales in the region are primarily driven by China and India. Moreover, the rising number of heat treatment facilities in the region will further drive the market for quenching fluids & salts in the region over the projected period.

The growing penetration of electric-driven vehicles in Asia Pacific on account of the rapidly improving infrastructure required for electric vehicles is boosting the sales of electric vehicles in the region. Governments in the region are implementing regulations, making it easy & affordable to drive electric vehicles. Rising electric vehicles in the region will have a positive impact on the global market.