Last 5 years, the consumption of industrial lubricants oil has increased exponentially. Now, this sector accounts for 30% of the total lubricants consumption in Bangladesh.
Among, metalworking fluid segment is a significant one, include a range of oils and other liquids that are used for lubricating or cooling metallic workpieces during industrial procedures such as machining, grinding, forging, stamping, and milling.
Global Market Insights, Inc. quotes, “The Asia Pacific and other Asian countries will remain a major chunk of global metalworking fluid market till 2025.”
Metal Removal fluids processed is likely to be one of the lucrative application segments in the metalworking fluid market over the forecast timeframe.
Metal Forming fluids will remain the second most prominent application segment in this industry due to the growth in the automotive and steel industries in the coming years.
Like China and India, increasing product manufacturers focus on setting up production facilities in Bangladesh on account of low initial investment and minimum labour charges, has opened this market.
Also, subsidies for specific industries, tax breaks, and export-oriented growth policies in Bangladesh has grabbed the attention of multi-national across the globe.
Additionally, the regional market is comparatively irregulated, which shall be eventually fueling metalworking fluid demand across the region in the coming years.