New York, March 06, 2023 (GLOBE NEWSWIRE) -- The global market of Forging Lubricants is estimated to reach a valuation of US$ 759.9 Million in 2023. The is expected to reach US$ 1.31 Billion in value by 2033 with a steady growth rate of 5.6%.
Demand for forging lubricants is projected to be driven by steady expansion in the metals & machinery sector, notably in emerging nations such as India, China, Brazil, and others. Rising need to increase efficiency of manufacturing processes and lower manufacturing costs has led to adoption of metalworking machines in several industries, including processing, automobiles, and other heavy metal industries, which, in turn, has benefitted manufacturers of forging lubricants to a great extent.
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Demand for forging lubricants is also being driven by increased activity in the metal forging industry across the world due to numerous uses in the automotive industry for developing lightweight vehicles and added benefit of stronger automotive components manufactured by forging than those manufactured by casting or machining.
- Oelheld Gmbh developed Airforge OH 40028, which is a non-graphitic die lube formulated for aluminum forging. As more automotive suspension parts are forged from aluminium, a modern, environmentally friendly forging lube is required. Aluminum forging applications up to 1200°F are best suited for lubricants. On forged components, Airforge OH 40028 exhibits better material flow, optimum lubrication, and outstanding polish.
- Condat launched new range of water-based forging lubricant: Condaforge 625 / 625 RFU / 635. This graphited lubricant line was created specifically for the forging of automotive and aerospace parts. They may be utilized with ferrous and nonferrous metals, including titanium, inconel, and aluminium. In different hot forging operations, Condaforge 625, 625 RFU, and 635 offered good performance and lubricity. Furthermore, they are ammonium-free and odorless, resulting in a safer and more pleasant working environment.
The global forging lubricants market is estimated to expand at a CAGR of 5.6% over the forecast period of 2023-2033.
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Key Takeaways from Market Study
- The global forging lubricants market is expected to register a CAGR of 5.6% over the forecast period. Developing economies such as those in Asia Pacific and East Asia are expected to witness steady increase in demand for forging lubricants.
- Graphite-free forging lubricants are projected to dominate global forging lubricant demand. These lubricants cool the die, thereby helping in thermal management.
- Use of aluminum for the manufacturing of lightweight automotive components is projected to expand at a significant CAGR, which, in turn, would lead to growing requirement for forging lubricants.
- Water-based forging lubricants are projected to dominate as they help the die to cool and are easier to use with application equipment.
- Rising use of magnesium metal for forging with low porosity and high ductility is creating a significant demand for forging lubricants.
- Graphite lubricants are being replaced with synthetic lubricants in order to prevent serve under fill, uneconomically low die life, and in the production of more complex components.
- Synthetic lubricants are used to improve equipment efficiency, lengthen its life, and increase its non-flammability property.
“Developed regions such as North America and Europe are projected to witness significant demand for forging lubricants, owing to stringent regulations pertaining to greenhouse emissions, which will promote the use of water-based forging lubricants for aluminum and steel metal forging used for the production of light passenger vehicles,” says a Persistence Market Research analyst.
Competitive Landscape
The global forging lubricants market has been identified as a significantly consolidated market due to the presence of a number of key players. Some leading players included in the report, such as Henkel Corporation, FUCHS, Quaker Houghton, Moresco Corporation, The Hill and Griffith Company, Condat Group, Hardcastle Petrofer Pvt. Ltd., Chemtool Incorporated, Acme Refining LLC, and Lubgraf, are anticipated to create tough a competitive environment at the global level.
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Conclusion
The global market for forging lubricants is expected to grow substantially owing to steady growth of metal machinery industries in developing regions such as South Asia Pacific and East Asia.
Additionally, key players are emphasizing on improving the formulations of forging lubricants. For instance, the forging process will lower cost, be more consistent, and also more energy-efficient and environmentally friendly.
However, increasing demand for graphite-free lubricants and growing awareness about the key advantages of using water-based lubricants free from graphite are likely to act as an opportunity for the market of eco-friendly forging lubricants.
Strong focus on commercializing new products and expanding premium products based on customers’ demand will play a key role in earning rich dividends. Shift toward light metals to meet stringent environmental regulations such as BS 6 norms will also aid market expansion.
More Valuable Insights
Persistence Market Research, a research and consulting firm, has published a market research report on the forging lubricants market that contains global industry analysis of 2016–2020 and opportunity assessment for 2023–2033.
The report provides in-depth analysis of the market through different segments, namely, by product, material, process, solvent, end-use industry, and region. The report also provides supply and demand trends, along with an overview of the parent market.
For additional insights on how the forging lubricants market will shape up over the next decade, write to media@persistencemarketresearch.com
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