Forging Lubricants Market size is anticipated to reach USD 20 billion by the end of 2036, growing at a CAGR of 8% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of forging lubricants was over USD 10 billion. The growing automotive industry stands out as a primary growth driver for the market, propelling demand and influencing innovation within the sector.
As the automotive landscape evolves, driven by technological advancements and sustainability goals, the demand for high-performance forged components continues to surge. According to a report, the global automotive forging sales are projected to reach USD 86 billion by 2027.
Forging lubricants are critical in the metal forging process because they reduce friction, minimize wear and tear on tools and equipment, and improve overall forging efficiency. Ongoing research and development in lubricant technology aim to create more efficient and environmentally friendly products. The adoption of advanced lubricants with improved performance characteristics has been a trend.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
8% |
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Base Year Market Size (2023) |
USD 10 Billion |
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Forecast Year Market Size (2036) |
USD 20 Billion |
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Regional Scope |
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Type (Graphite-Based, Water-Based)
In forging lubricants market, water-based segment is poised to account for more than 60% share by the end of 2036. The growth of the water-based forging lubricants segment is influenced by increased awareness and education within industries about the benefits of these lubricants. Manufacturers and industry associations are actively promoting the advantages of water-based formulations in terms of performance, safety, and environmental impact.
As awareness grows, more companies are making informed decisions to transition from traditional lubricants to water-based alternatives. A survey found that companies investing in employee education and awareness programs about lubricant choices experienced a significant uptick in the adoption of water-based lubricants. This emphasizes the role of education in influencing decision-making within industries.
End User (Automotive, Aerospace, Home Construction)
The automotive segment in forging lubricants market is assessed to garner a significant share in the year 2036. The automotive industry's heightened focus on vehicle safety and durability amplifies the importance of precision in manufacturing. Forging lubricants contribute to achieving the required precision, reducing wear and tear on tools, and ensuring the longevity of forged components.
While vehicle safety regulations evolve, so does the demand for forging lubricants that increase component durability. According to the National Highway Traffic Safety Administration (NHTSA), the United States experienced the most motor vehicle recalls in recent years in 2019. This emphasizes the importance of vehicle safety and the requirement for long-lasting components, which in turn drives the demand for high-quality forging lubricants in automotive manufacturing. Increased vehicle production, light weighting initiatives, technological advancements, the growth of electric vehicles, stringent emission standards, and a greater emphasis on vehicle safety and durability are all driving the growth of the automotive segment in the forging lubricants market.
Our in-depth analysis of the global forging lubricants market includes the following segments:
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Type |
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End User |
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APAC Market Analysis
By the end of 2036, Asia Pacific region is expected to account for more than 37% forging lubricants market share. The increased focus on environmental sustainability in the region is accountable for the adoption of eco-friendly practices in the manufacturing sector. In addition, there have been stringent environmental regulations that are driving the demand for forging lubricants to comply with these regulations.
North American Market Statistics
The forging lubricants market in the North America region will hold a significant share during the forecast period. This region is home to major aerospace suppliers, and manufacturers, accounting for a consistent demand for high-performance forged components, as it plays an important role in ensuring efficiency in the production of critical aerospace components.
As per the Aerospace Industries Association, the aerospace and defense sector contributed to nearly USD 374 billion to the United States economy in the year 2019. Apart from this, there has been the renewal of infrastructure, and construction projects that contribute to the demand for forging lubricants because these are used in the construction machinery and infrastructure development.
Author Credits: Smruti Ranjan, Rajrani Baghel
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