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Global Quenching Oil Market to Grow at a CAGR of 4% During 2021-2026, Driven by the Growing Product Demand for Metal Fabrication

According to a new report by EMR titled, ‘Global Quenching Oil Market Report and Forecast 2021-2026’, the global market for quenching oil is projected to witness a steady growth over the forecast period of 2021-2026, growing at a CAGR of 4%.

The quenching oil industry in North America accounts for a significant share in the overall market owing to the rapid urbanisation and increased industrial operations in the region. The increasing demand for automobiles is driving the demand for steel and other metal components, which is driving the growth of the quenching oil industry. Quenching oils promote controlled cooling and wetting of steel in the hardening process. These oils are also suitable for mass production of high precision and high-quality products such as bearing races, automotive gears, and transmission components, among others. The manufacturers are increasingly investing in R&D activities to produce quenching oils, which have the ability to adhere to smooth or shiny surfaces, and thus, are suitable to manufacture components that require a bright finish.

The growing mergers and acquisitions by the key players are expected to further aid the industry growth. In May 2020, Chevron U.S.A. Inc., a wholly-owned subsidiary of Chevron Corporation (NYSE: CVX), acquired Pasadena Refining System, Inc. (PRSI) and PRSI Trading LLC from Petrobras America Inc. for USD 350 million. This marks the addition of a second refinery to Chevron U.S.A’s Gulf Coast downstream business and is expected to enhance the production capacity of Chevron-produced goods, including crude oil and refined products in the region. Such developments are expected to have a positive impact on the industry over the forecast period.

Market Breakup by Type, Application, and Region:

  • Based on type, the market can be segmented into slow speed oil, medium speed oil, fast speed oil, and special quenching oils, among others. 
  • On the basis of application, the market is divided into metal industry, automotive, and construction, among others. 
  • Region-wise, the global market for quenching oil can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for quenching oil is being driven by the growing product demand in the various end-use industries, particularly metallurgy and construction. 
  • The growing R&D activities and rapid technological advancements are further propelling the market growth. 
  • The rising disposable incomes and rapid urbanisation and industrialisation are significantly contributing to the industry growth. 
  • The industry will find further impetus with the growing merger and acquisition activities.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for quenching oil for the periods (2016-2020) and (2021-2026). 
  • The report also offers historical (2016-2020) and forecast (2021-2026) market information for the types, applications, and regional markets of quenching oil.
  • The report also gives the regional historical (2016-2020) and forecast (2021-2026) price trends of the product.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global quenching oil market are Chevron Corporation, Dow Chemical Company, Rocky Valley Oil & Chemical Co., CONDAT group, Tashoil Company Pvt. Ltd., W.S.Dodge Oil Co. Inc., and Hindustan Petroleum Corporation Limited, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players. 

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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