Selbyville, Delaware, Nov. 26, 2020 (GLOBE NEWSWIRE) — Based on Global Market Insights Inc., report, the global quenching fluids & salts market size was estimated at $2.24 million in 2019 and is slated to surpass $2.31 million by 2026, registering a CAGR of 4.8% from 2020 to 2026. The availability of a wide range of heat treatment quenching products with customization of concentration has provided a wide range of options to end users will positively impact market growth over the forecast timeframe.
The market is witnessing growth in residential and commercial infrastructure development activities. The growth is leading to a rise in infrastructure materials and base metal & metal items sector, which is anticipated to positively contribute to the overall quenching fluids & salts market share. With increasing infrastructure activities, the demand for heat-treated metals and metal components is set to bring about huge revenue gains in the overall market. Quenching is one of the important processes in heat treatment that enable users to achieve desired mechanical properties to base metal after heating.
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Salt heat treatment quenchant products showcase a considerable growth rate and are expected to grow at a CAGR of around 4.3% until 2026. Nitrate-based and chloride-based molten salts are used in the heat treatment industry. The wide operating temperature range of molten salts, from 150°C to 595°C, and lower costs are making them popular for low-distortion quenching of steel, tool steel, and iron components. However, their limitations, such as they have to be used above their melting points and their oxidizing nature, may lead to violent reactions with combustible materials, raising safety concerns that will limit their usage.
The cold quenching application segment holds dominance in the industry with around 58% volumetric shares in 2019. Cold quenching applications are widely used in heat treatment owing to the availability of several products along with a wide range of operating temperatures. The development of new cold quenchant range products that comply with stringent regulatory and safety norms along with their usage in the automotive industry will drive the quenching fluids & salts market segment growth.
The mining end-user industry segment is expected to generate around USD 135 million revenue by 2026. Rising mining activities in Latin America and Asia Pacific coupled with the implementation of new mining policies in several economies to boost investments in the mining sector will drive the quenching fluids & salts market demand. Several mining machinery and tooling equipment use heat treated metals.
The growing population, improving living conditions, and rising income levels have offered lucrative opportunities to electronic and automotive manufacturers in Asia Pacific, thus positively stimulating product penetration in the region. The region is expected to witness a growth rate of around 5% from 2020 to 2026. The region accounted for approximately 60% share of the global population and growing demand for auto parts, tooling, & infrastructure equipment will further support the regional quenching fluids & salts market growth over the study timeframe.
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Notable market players analyzed in the quenching fluids & salts industry report include DuBois Chemicals, Petrofer, Quaker Chemical Corporation d/b/a Quaker Houghton, Chevron Corporation, Chemtool Incorporated (Dow), Croda International Plc, Metal Heat Treatment Solution, CONDAT, FUCHS, Park Thermal International, Idemitsu Kosan Co.,Ltd., Castrol Limited, Total S.A., Exxon Mobil Corporation. They are focused on geographic expansion, product launches, and merger & acquisition strategies for gaining higher shares in market.
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