27-Jun-2022 | Zion Market Research
The global cold rolling oil market was worth around USD 13.29 billion in 2021 and is estimated to grow to about USD 17.98 billion by 2028, with a compound annual growth rate (CAGR) of approximately 5.9 percent over the forecast period.
Cold rolling is the process of passing the metal through rollers operating at a temperature below the recrystallization temperature of the metal. The compressing and squeezing of the metal increases its strength and yield. Cold rolling oil is a soluble oil that is used especially for steel and other ferrous alloys, in emulsion form to reduce steel of different sizes to the desired shape and gauge. Cold rolling oil is highly recommended for use in steel sheet manufacturing for white goods or automotive components.
The global cold rolling oil market has tremendous demand in the transport and automotive sector.
The global market failed to generate high revenue during Covid-19 due to the impact of multiple travel and transportation regulations laid down by different countries. Closure of manufacturing units and extreme difficulty in maintaining the supply chain was a major factor for the dip in the global market growth during the initial phase of the virus spread.
The world is moving towards modernization and urbanization of cities. With this changing trend, comes the need for infrastructure development which has propelled the construction sector which is a heavy consumer of cold rolling oil. Along with this, with the growing standard of living and rise in disposable income of the general population, the automotive sector has witnessed steady growth too. This is also aided by the continuous initiatives and innovations by automotive industry giants to develop automotive vehicles for every segment of the world population thus increasing the customer database. There is a significant shift in the manufacturing process across the globe. Electronic systems are not preferred over traditional methods of manufacturing owing to the high efficiency of electronic systems which has propelled the demand for steel and aluminum in the automotive sector. There is also an increase in the domestic as well as foreign investments in the transport sector which subsequently aids the rise in demand for cold rolling oils. All of these reasons are anticipated to push the global cold rolling oil market growth forward during the projection period.
The volatile prices of cold rolling oil are expected to limit the global market growth whereas an increase in R&D activities may foster the global market growth opportunities while limited crude oil source is projected to pose a challenge for global market growth during the forecast period.
The global cold rolling oil market is divided based on product type, material type, and region. Based on the product type, the global market is categorized into mineral-based, semi-synthetic, and synthetic. The material type segment comprises aluminum, copper, steel, and others.
Asia-Pacific is anticipated to lead the global cold rolling market growth during the forecast period owing to the rising initiatives by governments to attract foreign investors to the region. This rise in investment will aid the development of the construction & automobile sector and will assist in the regional market growth. This is also coupled with the increase in the number of domestic players manufacturing cold rolling oil due to the presence of skilled labor and a cost-effective working environment.
North America is projected to register a significant CAGR in the coming years due to the rising demand for cold rolling oil because of heavy investments in the aeronautical industry and the subsequent rise in demand for steel & aluminum.
Europe may register higher growth during the projection period because of the growing automotive industry in the region.
Major players operating in the global cold rolling oil market include Indian Oil Corporation Ltd., BP plc., Total S.A., Exxon Mobil Corporation, Croda International PLC, ETNA Products Inc., Jiangsu Gaoke Petrochemical Co. Ltd., Houghton International Inc., Hindustan Petroleum Corporation Limited, and Eastern Petroleum Pvt. Ltd., among others.
Browse the full “Cold Rolling Oil Market By Product Type (Synthetic, Semi-Synthetic, And Mineral Based), By Material Type (Steel, Copper, Aluminum, And Others), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/cold-rolling-oils-lubricants-market
Global cold rolling oil market is segmented as follows:
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