The Europe metalworking fluids market is set to showcase exponential growth by 2027 due to the region’s booming automotive industry.
Metalworking fluids are used in various manufacturing processes to assure workpiece quality, reduce tool wear, and increase process productivity. Widespread application of metalworking fluids across several industry verticals, including automotive, healthcare, aeronautics, marine, general mechanics, among others, has significantly augmented market adoption.
Moreover, industry participants have been implementing profitable strategies to strengthen their foothold in the evolving marketplace, which has favorably impacted the overall business dynamics. For instance, in September 2021, LUKOIL Group, a prominent manufacturer of greases, oils, and other technical fluids, expanded its partnership with Daimler AG, a leading automotive manufacturer.
As a part of the agreement, LUKOIL has agreed to supply its novel product range of enhanced engine oils, developed to improve fuel efficiency, to Daimler’s premium passenger cars in Eastern Asia and Europe.
The Europe metalworking fluids market has been categorized on the basis of end-user, product, application, and region.
With respect to product, the market has further been classified into soluble oils, synthetic fluids, neat oils, and semi-synthetic fluids. The neat oils sub-segment is expected to amass considerable gains by 2027, expanding at a CAGR of around 5.6% over the analysis period. Neat oils are referred to as straight oils as they are directly used in machining operations as they are in an undiluted form.
From the application point of view, the Europe metalworking fluids market has been divided into treating fluids, removal fluids, forming fluids, and protecting fluids. The protecting fluids sub-segment is anticipated to attain significant revenue by the end of 2027, progressing at more than 5.5% CAGR through the review timeline. Protecting fluids provide protection from damage during indoor and outdoor storage.
In terms of end-user, the market has been bifurcated into healthcare, automotive, marine, aerospace, agriculture, construction, electrical & power, and others. The Europe metalworking fluids market from the healthcare sub-segment is speculated to develop at a pace of about 4% CAGR over the assessment timeframe.
Manufacturing products for healthcare applications can be challenging due to the high standards required. Healthcare equipment must be made of the highest-quality metals, necessitating the use of high-precision metals and metal processing procedures, which is likely to boost segmental growth over the forecast period.
On the regional front, the France metalworking fluids market is poised to witness sturdy growth at a pace of around 5.8% CAGR through the study period on account of increasing investment in automotive production in the region.