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The size of the global metalworking fluids market size is likely to exceed $14 billion by 2024, according to a research report by Global Market Insights.

A growing automotive industry is the key factor driving the global metalworking fluids market. Metals are widely used in automobiles due to their physical and molecular stability and structural strength, the study says. Metalworking fluids are used as coolants in automotive applications including metal protecting, metal forming, metal removal, and metal treating.

Automotive sector demand is forecast to drive growth for metalworking fluids.Using metalworking fluids also increases the automobile part life by reducing wear and thermal deformation and increasing lubrication. This will consequently help to propel business growth, the study says.

In addition, the metal fabrication industry is likely to boost metalworking fluids market share by 2024. In 2015 volume was close 1.5 billion tons and is projected to reach 2.3 billion tons by the end of 2024. Steel and metal are crucial components of aerospace, automobile, original equipment manufacturers (OEMs), and machinery. Various downstream process of steel and metal such as cutting, bending and assembling, which involves the use of fluids, result in industry growth.

At the same time, the study says that environmental regulations related to toxic waste disposal may hamper metalworking fluids market growth. Worker health risk concerns through these fluids also may obstruct growth.

In addition, the report says that “strong demand indicators” of alloys such as aluminum in the automotive and aerospace industry may restrict product demand, as these compounds do not demand metalworking fluids during the machining process.

Because petrochemicals are the basic raw materials used in the industry, oscillating crude oil prices may negatively influence metalworking fluid market price trends. However, the study says that the emergence of bio-based metalworking fluids has created new growth avenues for industry participants.