The Asia Pacific Grinding Fluids Market would witness market growth of 4.0% CAGR during the forecast period (2023-2030). In the year 2021, the Asia Pacific market's volume surged to 78.35 Kilo Tonnes, showcasing a growth of 4.5% (2019-2022).
The penetration of plastic components in the automotive industry has grown extensively over the past few years due to their lightweight, strong performance, high corrosion resistance, and durability and efficiency. Similarly, the aerospace industry has witnessed a surge in plastic demand due to its ability to reduce the aircraft power-to-weight ratio and enhance its engines' overall efficiency and performance. In aerospace applications, where stringent tolerances and material integrity are paramount, grinding fluids are employed for grinding critical components like turbine blades, landing gear components, and aircraft structural elements.
In addition, using plastics in aircraft also offers them durability, improves their navigation ability, enhances their fuel economy, and extends their flight range. As such, plastics are increasingly used in military and defense aircraft and carriers. Polyetheretherketone (PEEK), polyamide-imide (PAI), and polytetrafluoroethylene (PTFE) are some plastics used in the aerospace industry. It is expected to impact the demand for grinding fluids and their consumption to a certain extent over the forecast period.
Invest India reports that between April 2021 and March 2022, the automobile industry manufactured 22.93 million vehicles, comprising passenger vehicles, commercial vehicles, three-wheeled, two-wheelers, and bicycles. The Automobile Sector attracted 5% of the total FDI inflow, according to the DPIIT Report from June 2023. Exports of passenger vehicles increased by 42.9% between April 2021 and March 2022, from 404,397 to 577,875 units, while exports of commercial vehicles rose from 50,334 to 92,297 units. Due to the aforementioned factors the market growth will drive in this region.
The China market dominated the Asia Pacific Grinding Fluids Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $114.1 million by 2030. The Japan market is registering a CAGR of 3.3% during (2023 - 2030). Additionally, The India market would showcase a CAGR of 4.6% during (2023 - 2030).
Based on Application, the market is segmented into Disk Drivers, Lubricate Machine Tools, Metal Substrates, Silicon Wafer, and Others. Based on Type, the market is segmented into Synthetic, Semi-Synthetic, Water-Soluble, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Global Grinding Fluids Market is Predict to reach $889.1 Million by 2030, at a CAGR of 3.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Benz Oil, Inc. (AMSOIL INC.), Carborundum Universal Limited (Murugappa Group), Castrol Ltd. (BP P.L.C.), Cutting & Grinding Fluids, Inc., EnviroServe Chemicals, Inc., ETNA Products, Incorporated, Exxon Mobil Corporation, FUCHS Petrolub SE, Lincoln Chemical Corporation, and TotalEnergies SE.
By Application (Volume, Kilo Tonnes, USD Million, 2019-2030)
By Type (Volume, Kilo Tonnes, USD Million, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Million, 2019-2030)
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