[FURL=https://www.industryarc.com/Report/6355/Metalworking-Fluid-Additives-Market-Research-Report.html?utm_source=BriefingWire&utm_medium=PressRelease&utm_campaign=PaidPressRelease]Metalworking Fluid Additives Market [/FURL] size is forecast to reach $14.7 billion by 2026, after growing at a CAGR of 4.6% during 2021-2026. Metalworking Fluids are used in multiple functions in the machinery processes because of their chemical formulations. The main usage of metalworking fluids is due to their high level of performance and precision in machine processing. Metalworking fluids are used for varied purpose which include dry machining, flood coolant, for reducing friction between the tools and the work piece, etc., protecting machine from burning. The growth in the market is due to the increase in the usage of metalworking fluid additives for various industries like aerospace and defense, energy and power, oil and gas, automobiles, manufacturing, and others.COVID-19 Impact
The emergence of COVID-19, which is declared a pandemic by the World Health Organization, is having a noticeable impact on global economic growth. Currently the metalworking fluids market has been affected due to COVID-19 pandemic where most of the industrial activity has been temporarily shut down. According to World Trade Organization (WTO), global trade volumes are projected to decline between 13-32% in 2020. The pandemic has impacted the industrial segment and hence the degradation of the market. This in turn has restricted the growth in year 2020 and a few months in 2021.
Key Takeaways
Asia Pacific is largely dominated by the suppliers and distributors leading towards the growth of Metalworking Fluid Additives Market.
The market drivers and restraints have been assessed to understand their impact over the forecast period.
The report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.
The other key areas of focus include the various applications and end use industry in Metalworking Fluid Additives Market and their specific segmented revenue.
Due to the COVID-19 pandemic, most of the countries have gone under temporary shutdown, due to which operations of Composite testing related industries has been negatively affected, thus hampering the growth of the market.
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Metalworking Fluid Additives Market Drivers
Industrialization is driving the Metalworking Fluid Additives market
Industrialization has led to the increase in demand for metalworking fluids in various industries like automotive, marine, aerospace and other for different purposes.
Rise in demand in building & construction Industry
The rise in demand is due to the increase in the need for the construction equipment parts, compressors and generators.
Metalworking Fluid Additives Market are BASF, Dow Chemicals, Evonik Industries, Chevron USA Inc., Exxon Mobil Corporation and Others.
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