The Europe Grinding Fluids Market would witness market growth of 3.4% CAGR during the forecast period (2023-2030). In the year 2020, the Europe market's volume surged to 28.77 Kilo Tonnes, showcasing a growth of 3.0% (2019-2022).
Original equipment manufacturers (OEMs) are conducting research and development activities to produce higher volumes of automobile components that lead to vehicle energy efficiency. Grinding fluids aid in increasing the efficiency of machining processes, thus increasing the production volumes of those machines. As a result, they are expected to witness steady demand over the forecast period. In addition, Europe, in particular, has seen a surge in growth for automobile components on account of growing consumer demand owing to economic stability in the region.
Grinding fluids are primarily used to cool and lubricate cutting tools and workpieces during grinding operations for producing different automobile parts. The high-speed processes generate heat, which leads to thermal damage and dimensional inaccuracies. By providing cooling and lubrication, grinding fluids help dissipate heat, reduce friction, and prevent tool wear to improve surface finish and dimensional accuracy.
According to the International Trade Administration, Germany has Europe's third-largest aerospace & defense industry, with 2020 revenues at USD 35.4 billion, following the UK at GBP 79 or USD 90.2 billion (including land defense systems) and France at EUR 50.9 billion or USD 58.1 billion. Some three-quarters or USD 26.2 billion of German production is exported. France received a fourth of these exports with USD 6.7 billion. The aerospace and defense industry is forefront of adopting advanced machining technologies. As a result, these aspects will boost the market growth in the coming years.
The Germany market dominated the Europe Grinding Fluids Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $41.1 million by 2030. The UK market is experiencing a CAGR of 2.6% during (2023 - 2030). Additionally, The France market would exhibit a CAGR of 4.2% 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 Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Grinding Fluids Market will Hit $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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