A new report published by MarketsandMarkets predicts that the metalworking fluids market will experience a compound annual growth rate of 3.2 percent between 2015 and 2020, resulting in a market value of US$9.74 billion by 2020.

The current metalworking market is currently dominated by market players such as Exxon, Houghton International, Chevron, Fuchs Petrolub, BP, Total S.A and Idemitsu, with most of them originating from developed countries such as America, Germany and Japan.

The new wave of growth though, according to the report, will come from the industrialising countries from the Asia-Pacific region.