The new report by Expert Market Research titled, ‘Global Quenching Oil Market Size, Share, Price, Trends, Growth, Report and Forecast 2020-2025’, gives an in-depth analysis of the global quenching oil market, assessing the market based on its segments like types, applications, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2015-2025)
• Forecast CAGR (2020-2025): 4%
The quenching oil market is being driven by the growing product utilisation in the major end use sectors. The growing demand for metal, particularly steel, to produce different parts in sectors like automotive and construction is driving the demand for quenching, which in turn, is propelling the growth of the quenching oil industry. This is further supported by the growing demand for houses and light vehicles owing to the increasing global population. Over the forecast period, the rapid urbanisation and industrialisation across emerging nations is expected to accelerate the growth of the various sectors like construction, metallurgy, and automotive, which in turn, will boost the quenching oil industry growth.
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Industry Definition and Major Segments
Quenching oils allow the hardening of steel by limiting heat transfer during the process of quenching, which is one of the most crucial steps in the heat treatment of a metal part. Oils are the most popular quenching medium among salts, gases, or caustic as they provide a wide range of benefits. They are widely used to enhance the wetting of steel during quenching and improve its properties like torsion strength, corrosion resistance, and ductility.
By type, the quenching oil industry is divided into:
• Slow Speed Oil
• Medium Speed Oil
• Fast Speed Oil
• Special Quenching Oils
On the basis of application, the industry is divided into:
• Metal Industry
The regional markets for quenching oil include
1 North America
1.1 United States of America
2.2 United Kingdom
3 Asia Pacific
4 Latin America
5 Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.4 South Africa
The global quenching oil market is expected to be driven by the growing construction activities and rising demand for high precision metal parts in the automotive industry. The growing investments by the automotive manufacturers to produce luxury cars is driving the demand for high-quality bearing races, automotive gears, transmission components, and others, which in turn, is driving the demand for quenching oils. Moreover, the growing investments by the key industry players to develop quenching oils that can adhere to smooth or shiny surfaces and provide a bright finish to the metal parts are expected to further boost the industry growth.
Key Market Players
The major players in the market are Chevron Corporation (NYSE: CVX), Dow Chemical Company (BVMF: C1TV34), Rocky Valley Oil & Chemical Co., CONDAT group, Tashoil Company Pvt. Ltd., W.S.Dodge Oil Co. Inc., and Hindustan Petroleum Corporation Limited (NSE: HINDPETRO), among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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