Vegetable-Oil-Based Cutting Fluids Market Size, Share, Analysis, Trends, Growth, 2032

Vegetable-Oil-Based Cutting Fluids Market

Vegetable-Oil-Based Cutting Fluids Market By Type (Neem Oil, Canola Oil, Sesame Oil, Palm Oil, and Coconut Oil), By Application (Mechanical, Automobile, 3C Electronic, and Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2024 – 2032

Category: Chemical & Materials Report Format : PDF Pages: 212 Report Code: ZMR-8477 Published Date: Jul-2024 Status : Published
Market Size in 2023 Market Forecast in 2032 CAGR (in %) Base Year
USD 10.09 Billion USD 12.14 Billion 2.20% 2023

Vegetable-Oil-Based Cutting Fluids Market

Vegetable-Oil-Based Cutting Fluids Industry Prospective:

The global vegetable-oil-based cutting fluids market size was worth around USD 10.09 billion in 2023 and is predicted to grow to around USD 12.14 billion by 2032 with a compound annual growth rate (CAGR) of roughly 2.20% between 2024 and 2032.

Global Vegetable-Oil-Based Cutting Fluids Market SizeRequest Free Sample

Vegetable-Oil-Based Cutting Fluids Market: Overview

Metallurgical processes such as drilling, milling, and turning require lubricants with a vegetable oil base, or cutting fluid. Such natural vegetable oils as soybean, rapeseed, or palm oil are used to make these fluids instead of traditional petroleum-based ones. Serving as both coolants and lubricants, they reduce heat and friction during machining processes. Cutting fluids made with vegetable oil have been developed mainly to lessen their impact on the environment, while simultaneously extending tool life and improving machining efficiency. Since they are more biodegradable, less poisonous, and have a smaller environmental impact than their petroleum-derived counterparts, they are highly preferred. They also usually improve worker health and safety since they frequently have lower levels of allergens and volatile organic compounds (VOCs).

Key Insights

  • As per the analysis shared by our research analyst, the global vegetable-oil-based cutting fluids market is estimated to grow annually at a CAGR of around 2.20% over the forecast period (2024-2032).
  • In terms of revenue, the global vegetable-oil-based cutting fluids market size was valued at around USD 10.09 billion in 2023 and is projected to reach USD 12.14 billion, by 2032.
  • Rising demand from end-use industry is expected to drive the global vegetable-oil-based cutting fluids market growth over the forecast period.
  • Based on the type, the sesame oil segment is expected to dominate the market over the forecast period.
  • Based on the application, the automobile segment is expected to capture a significant market share over the projected period.
  • Based on region, the Asia Pacific is expected to dominate the market during the forecast period.

Vegetable-Oil-Based Cutting Fluids Market: Growth Drivers

Stringent regulations and sustainability initiatives drive market growth

The use of cutting fluids based on vegetable oil is being driven by stricter laws that is meant to reduce the negative effects of industrial operations on the environment. When opposed to petroleum-based alternatives, these fluids are frequently preferred because of their lower toxicity, biodegradability, and fewer emissions. Furthermore, as concerns about sustainability become more widely known, manufacturers are being compelled to look for environmentally responsible options for all aspects of their business. Cutting fluids based on vegetable oil supports sustainability objectives by providing biodegradable and renewable solutions, lowering the overall environmental impact of metalworking operations. Therefore, the stringent regulations and sustainability initiatives drive the vegetable-oil-based cutting fluids market growth.

Vegetable-Oil-Based Cutting Fluids Market: Restraints

High cost and performance variability hinder market growth

Cutting fluids based on vegetable oil is frequently more expensive upfront than fluids based on petroleum. Small and medium-sized businesses (SMEs) may find it difficult to justify the conversion despite the long-term savings and environmental advantages because of this substantial barrier to entry. Additionally, even though vegetable oil-based cutting fluids now perform better due to formulation advancements, in some high-demand applications they could still fall short of petroleum-based fluids in terms of performance consistency. These cutting fluids' reliability and efficacy can also be impacted by variations in the quality of the source materials.

Vegetable-Oil-Based Cutting Fluids Market: Opportunities

Focus on cost reduction and efficiency offers a lucrative opportunity for market growth

Cutting fluids made from vegetable oil may be more expensive initially than conventional alternatives, but they have advantages for the environment. Nonetheless, there is an increasing emphasis on cost-cutting measures in the vegetable-oil-based cutting fluids industry. This includes investigating recycling and re-refining methods, maximizing formulas to increase fluid life, and employing easily accessible and reasonably priced vegetable oils. Vegetable oil-based fluids will become more economically viable as a result of these advancements, increasing their appeal to producers.

Vegetable-Oil-Based Cutting Fluids Market: Challenges

Technical issue in extreme conditions poses a major challenge to market expansion

Vegetable oil-based cutting fluids could not work as well as synthetic or petroleum-based substitutes in harsh machining circumstances, such as high temperatures or high pressures. This restricts its employment in several high-intensity applications that need better oxidative and thermal stability. Thus, posing a major challenge to the growth of the vegetable-oil-based cutting fluids market.

Vegetable-Oil-Based Cutting Fluids Market: Segmentation

The global vegetable-oil-based cutting fluids industry is segmented based on type, application, and region.

Based on the type, the global vegetable-oil-based cutting fluids market is bifurcated into neem oil, canola oil, sesame oil, palm oil and coconut oil. The sesame oil segment is expected to dominate the market over the forecast period. Because of its natural lubricity and excellent oxidative stability, sesame oil improves the performance of cutting fluids. These characteristics make them appealing to producers looking for effective and economical machining solutions since they can result in increased tool life, better surface finishes, and decreased machine wear. Furthermore, when compared to conventional fluids, cutting fluids based on sesame oil are less hazardous and release fewer volatile organic compounds (VOCs). Enhancing worker productivity and workplace safety and health can lower healthcare expenses and increase worker productivity, which will promote market adoption and revenue growth.

Based on the application, the global vegetable-oil-based cutting fluids industry is bifurcated into mechanical, automobile, 3c electronic and others. The automobile segment is expected to capture a significant market share over the projected period. There is growing pressure on the automotive industry to adhere to strict environmental rules. Cutting fluids made from vegetable oil are less harmful to the environment and biodegradable than those made from petroleum. Their adoption is fueled by this adherence to rules. Furthermore, the growth in the automotive sector especially in emerging economies such as China, India and others drives the market growth. For instance, according to the figure given by the Society of Indian Automobile Manufacturers, exports of passenger vehicles rose from 5,77,875 to 6,62,891 units between April 2022 and March 2023.

Vegetable-Oil-Based Cutting Fluids Market: Report Scope

Report Attributes Report Details
Report Name Vegetable-Oil-Based Cutting Fluids Market
Market Size in 2023 USD 10.09 Billion
Market Forecast in 2032 USD 12.14 Billion
Growth Rate CAGR of 2.20%
Number of Pages 212
Key Companies Covered HAI LU JYA HE Co. Ltd, Gear Technology, Tap Magic, FUCHS, Cortec Corporation, CONDAT, Duncan Macdonald&Co, Pro Cut E 22F, Xometry Europe, Kiilto, KAR Industrial Inc, HMI Co. Ltd., and others.
Segments Covered By Type, By Application, and By Region
Regions Covered North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA)
Base Year 2023
Historical Year 2018 to 2022
Forecast Year 2024 - 2032
Customization Scope Avail customized purchase options to meet your exact research needs. Request For Customization

Vegetable-Oil-Based Cutting Fluids Market: Regional Analysis

Asia Pacific is expected to dominate the market during the forecast period

The Asia Pacific is expected to capture the largest vegetable-oil-based cutting fluids market share over the forecast period owing to rapid industrialization and urbanization. Asia-Pacific is becoming more urbanized and industrialized quickly, which is increasing manufacturing activity. The growing need for cutting fluids is mostly due to the expansion of the automotive, aerospace, and electronics sectors. According to the All India Association of Industries, the aerospace business in India is expanding dramatically as a result of increased activity in the military and commercial aviation sectors. Many of India's aerospace services and manufacturing operations are anticipated to be carried out, with a focus on Powered by Hour Contracts (PBH) and an increase in demand for large aircraft from Indian carriers like SpiceJet and Indigo.

In a similar vein, the defense aerospace industry is booming along with India's steadily increasing capital expenditure spending. This provides room for new players to enter the market as well as for current players to grow. The growing need for sophisticated infrastructure and government initiatives is expected to propel the Indian aerospace and defense (A&D) market, which is expected to reach over US$ 70 billion by 2030. Furthermore, manufacturers in the area are becoming more conscious of environmental preservation and sustainability. Businesses are using more and more bio-based and biodegradable cutting fluids as part of their green production strategies. Thus, the aforementioned facts propel the expansion of the market in the region.

Vegetable-Oil-Based Cutting Fluids Market: Competitive Analysis

The global vegetable-oil-based cutting fluids market is dominated by players like:

  • HAI LU JYA HE Co. Ltd
  • Gear Technology
  • Tap Magic
  • FUCHS
  • Cortec Corporation
  • CONDAT
  • Duncan Macdonald&Co
  • Pro Cut E 22F
  • Xometry Europe
  • Kiilto
  • KAR Industrial Inc
  • HMI Co. Ltd.

The global vegetable-oil-based cutting fluids market is segmented as follows:

By Type

  • Neem Oil
  • Canola Oil
  • Sesame Oil
  • Palm Oil
  • Coconut Oil

By Application

  • Mechanical
  • Automobile
  • 3C Electronic
  • Others

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France 
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

 

Table Of Content

Methodology

FrequentlyAsked Questions

Metallurgical processes such as drilling, milling, and turning require lubricants with a vegetable oil base, or cutting fluid. Such natural vegetable oils as soybean, rapeseed, or palm oil are used to make these fluids instead of traditional petroleum-based ones. Serving as both coolants and lubricants, they reduce heat and friction during machining processes.

The market for vegetable-oil-based cutting fluids is primarily driven by stringent regulations and growing demand from several end-use industries such as automotive, aerospace, and others.

According to the report, the global vegetable-oil-based cutting fluids market size was worth around USD 10.09 billion in 2023 and is predicted to grow to around USD 12.14 billion by 2032.

The global vegetable-oil-based cutting fluids market is expected to grow at a CAGR of 2.20% during the forecast period.

The global vegetable-oil-based cutting fluids market growth is expected to be driven by the Asia Pacific. It is currently the world’s highest revenue-generating market due to the growing industrialization.

The global vegetable-oil-based cutting fluids market is dominated by players like HAI LU JYA HE Co., Ltd, Gear Technology, Tap Magic, FUCHS, Cortec Corporation, CONDAT, Duncan Macdonald&Co, Pro Cut E 22F, Xometry Europe, Kiilto, KAR Industrial Inc and HMI Co., Ltd. among others.

The vegetable-oil-based cutting fluids market report covers the geographical market along with a comprehensive competitive landscape analysis. It also includes cash flow analysis, profit ratio analysis, market basket analysis, market attractiveness analysis, sentiment analysis, PESTLE analysis, trend analysis, SWOT analysis, trade area analysis, demand & supply analysis, Porter’s five forces analysis, and value chain analysis.

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