Quenching Fluids & Salts Market - Global Industry Analysis, Share, Growth, Trends, and Forecast, 2021-2027

The quenching fluids & salts market is anticipated to see robust growth by 2027 owing to increasing product demand in modern heat treatment processes.

Emergence of new products in the sector have positively impacted market growth in recent years. For instance, in 2021, CONDAT, an industrial lubricants specialist, introduced CONDAFORM BG 1636, a new and safe alternative to neat oils for tube bending and cold forming applications.

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The quenching fluids & salts market has been segmented on the basis of product, application, end-user, and region. Under product, the market has further been divided into oils, polymers, and salts. The oils segment was worth more than USD 1 billion in 2020 and is estimated to be valued at over USD 1.4 billion by 2027. Rising popularity of heat treatment as a result of the expanding automotive sector is anticipated to drive segmental growth through the analysis period.

In terms of application, the market has been categorized into hot quenching and cold quenching. The cold quenching segment is projected to grow at approximately 4.3% CAGR over the review period. Increased safety associated with the use of cold quenching is likely to spur market penetration for the cold quenching technique in the quenching fluids & salts market, which is slated to positively influence revenue growth of the segment in the upcoming years.

Based on end-user, the market has been bifurcated into automotive, aerospace & defense, mining, domestic, and others. The domestic segment exceeded a valuation of USD 250 million in 2020 and is anticipated to reach above USD 380 million in revenue by 2027. The booming construction industry, particularly in the residential sector, is likely to bolster segmental development.

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Other end-users include railways, ships, and so on. In 2020, the others segment was valued at more than USD 150 million and is expected to surpass a valuation of USD 200 million by 2027. The growing shipping sector driven by surging trade activities around the world is speculated to fuel segmental uptake over the forecast period.

From the regional point of view, the Latin America quenching fluids & salts market was valued at over USD 110 million in 2020 and is foreseen to garner a valuation of about USD 150 million by 2027. The proliferating domestic automobile sector on account of the rising per capita income in the region is projected to foster market outlook. Furthermore, the mining industry in LATAM is rapidly expanding due to the demand for lithium-ion batteries for electric vehicles, which is set to further propel regional market growth.

Meanwhile, the Middle East & Africa quenching fluids & salts market was valued at over USD 70 million in 2020 and is anticipated to reach over USD 90 million in revenue by 2027. Notable expansion of the construction industry in the region is likely to have a positive impact on the MEA quenching fluids & salts market.

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