Articles

Global Forming Fluids Market to Reach US$ 3.37 Billion by 2024

by IVO Smith Business Analyst
A forming fluid refers to a type of lubricant which is specially designed for metal forming processes like folding, stamping, drawing and wire-drawing. These fluids are usually derived from petroleum distillates, animal fats, plant oils, water, air and related raw materials. They are widely utilized for the manufacturing of sheet metal and for changing the shape and contour of metal components. Their primary function is cooling and lubrication in bending, stretching and shaping operations. They also possess anti-corrosion properties and help prevent any damage to the final product, even during storage.

According to the latest report by IMARC Group, the global forming fluids market reached a value of US$ 3.02 Billion in 2018.

Market Trends:

Apart from cooling and providing protection from corrosion, enhanced lubrication is another key benefit that is provided by forming fluids, which has significantly escalated their demand in the automotive industry. They are also crucial in processes like the removal, shaping and treating of metals which are extensively used for maintaining the durability and structural strength of vehicles. 

As a result, the robust growth in the automotive industry has further boosted the sales of forming fluids. Furthermore, on account of the heavy maintenance expenditure across the manufacturing and processing industries, there has been a significant rise in the demand for innovative protection solutions. Owing to the aforementioned factors, the global forming fluids market size is anticipated to reach US$ 3.37 Billion by 2024, exhibiting a CAGR of around 2.2% during 2019-2024.

Browse full report with detailed TOC and list of figures and tables: https://www.imarcgroup.com/forming-fluids-market

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About IVO Smith Innovator   Business Analyst

14 connections, 1 recommendations, 60 honor points.
Joined APSense since, April 18th, 2019, From Brooklyn, United States.

Created on May 22nd 2019 01:12. Viewed 115 times.

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