The metalworking fluid market worldwide is characterized by intense competition. This is because of numerous players – a sizeable proportion of whom are small in size – that operate in the market. This also makes the market fragmented. As a result of the aforementioned trends, the metalworking fluid market is seeing pricing pressure, which is egging the more prominent companies with means to enter into partnerships and collaborations with their smaller regional counterparts.
The prominent companies in the market are also pouring money into development of improved products. Besides, they have solid stock supplies to fall back upon. Stringent regulations pertaining to environment along with unstable prices of base stock have led players to focus on biosynthetic fluids in the market.
The global market for metalworking fluids is predicted to rise at a CAGR of 4.6% in the forecast period starting from 2016 and ending in 2024, states a market research study by Transparency Market Research. At this rate, the market which was valued at US$9.91 bn in 2015, will likely become worth US$14.78 bn by 2024-end.