Oct 6, 2020 5:40 PM ET
iCrowd Newswire – Oct 6, 2020
Zion Market Research has published a new report titled “Cold Rolling Oil Market by Product (Synthetic, Semi-Synthetic, and Mineral-Based) and by Material (Steel, Copper, Aluminum, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017—2024”. According to the report, the global cold rolling oil market was valued at approximately USD 3.07 billion in 2017 and is expected to generate around USD 4.55 billion by 2024, at a CAGR of around 5.7% between 2018 and 2024.
Cold rolling oil is mainly used to manufacture metals, during the reduction process of non-ferrous materials. This oil helps in reducing friction between two strips and helps in decreasing the heat generated from the strips when in contact with each other. This special lubricant is manufactured and designed for effective use in alloys to get the required shape. It also helps in providing corrosion and stain protection for multiple alloys. The increase in the production of non-ferrous materials, such as aluminum, is likely to be the major driver for the cold rolling oil market in the upcoming years. Additionally, the rise in metal processing and steel production is anticipated to further boost the cold rolling oil market in the future. Evolution of manufacturing techniques and the emergence of electronic systems have resulted in various changes in the overall business scenario of using the oil or lubricants. The changing industry dynamics has resulted in an increase in offshore investments, which is expected to positively impact the overall demand for cold rolling oil across the globe. However, the fluctuating raw material prices and unfavorable mining laws by the government might limit this market’s growth in the future. The strategic expansion of the key players present of the cold rolling market is likely to create new market opportunities in the years ahead.
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By product, the cold rolling oil market is segmented into synthetic, semi-synthetic, and mineral. The synthetic segment is expected to hold the largest share in terms of value in the cold rolling oil market. This can be attributed to the increased product demand from the iron and steel manufacturer for making new products. By material, the market is categorized into steel, copper, aluminum, and others. Steel held the largest share in this global market, due to its growing use in the manufacturing process across different industries. Additionally, changing business dynamics has also resulted in higher usage of non-ferrous materials for production processes that are also likely to boost this segment in the upcoming years.
By geography, this global market includes North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The Asia Pacific region is anticipated to contribute the largest share in terms of revenue and volume in the cold rolling oil market.
Some major players of the cold rolling oil market are Croda International PLC, Ricci S.p.A, Total S.A., Indian Oil Corporation Ltd., Hindustan Petroleum Corporation Limited, Jiangsu Gaoke Petrochemical Co., Ltd., ETNA Products, Inc., Houghton International Inc., Eastern Petroleum Pvt. Ltd., Petroyag, Buhmwoo, BP PLC, and Exxon Mobil Corporation, among others.
This report segments the global cold rolling oil market into:
Global Cold Rolling Oil Market: Product Analysis
Global Cold Rolling Oil Market: Material Analysis
Global Cold Rolling Oil Market: Regional Analysis
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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Keywords: Cold Rolling Oil Market