The global honing oil industry is expected to witness steadiness in the forecast period.
Honing oils, as the name suggests, help in reducing the honing time, safeguarding the honing equipment, and increasing productivity. The rapidly industrializing economies are inclusive of India, China, Brazil, South Korea, Australia, and likewise.
Honing oil comes across as a liquid that finds its way through the process of grinding and cutting metal; which is typically carried out with the help of stones or abrasive tools. The oil does assist in the improvement of operational precision by eliminating debris. Additionally, it renders protection against abrasive parts in the machines. The viscosity levels are varied. Also, there are numerous compositions. These facilitate diverse types to fill the bill regarding specific requirements. Maintenance of machines is inevitable as far as worldwide industrial setup is concerned.
In the automotive vertical, honing oil is majorly used to re-condition engine bores and cylindrical heads. It needs to be noted that the growing demand for oil and lubricants is likely to take the entire honing oil market by storm in the upcoming period. Rapid urbanization is also all set to catalyze the honing oil market with an increase in the frequency of transportation activities.
The government of India had announced the launching of the ‘Samarth Udyog Bharat 4.0’ initiative to promote adopting new-fangled production as well as process automation technologies for expanding the manufacturing vertical by the year 2025.
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At the same time, non-uniformity regarding stern regulations by the governing bodies in place, and the sales of honing oils are expected to witness a topsy-turvy situation in the near future. Also, frequent contact with toxic chemicals like chlorine, fluorine, and sulfur could prove to be fatal. These factors are bound to restrain the honing oil market going forward.
Future Market Insights has etched these findings with future perspectives in its latest market study entitled ‘Honing Oil Market’ with its indigenous team of analysts and consultants being present to execute through macros as well as micros.
“With market getting competitive with new entrants looking to make it big, the global honing oil market is bound to grow on a ferocious note in the forecast period”, says an analyst from honing oil market.
Key Takeaways from Honing Oil Market
- The Asia-Pacific dominates the oil market and the scenario is expected to remain the same even going forward. This could be attributed to the noteworthy rise in production as well as sales of vehicles like commercial vehicles, passenger cars, and motorcycles. This is evident from the data released by the India Brand Equity Foundation. It says that the year 2021 witnessed sales of 21.5 Mn passenger vehicles all over India.
- Coming to Europe, with the manufacturing industry moving towards its new ‘high’, the honing oil market is expected to reach higher in the forecast period. The key participants are also aiming at tabling new products to capitalize on the ever-increasing demand. Along these lines, Sunnen Products Company, in the year 2020, announced the introduction of a novel SHO-965 honing oil with low odor, low-VOC formulation.
- North America is expected to go steady with respect to honing the oil market in the near future.
Competitive Landscape
- Nathan’s Honing Oil, which comes across as one of the exclusively formulated lubricants, is meant for usage with Lansky Sharpeners as well as Natural Arkansas benchstones.
- Sunbelt Lubricants have their two types of honing oils – HoneRay 4030 and HoneRay 4040. The former one is a light-to-moderate duty ferrous metal lubricant to address industrial honing applications on cylinders, blades, and likewise; whereas the latter one is a dark sulfurized, heavy duty ferrous metal lubricant addressing the same set of applications.
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What does the Report hone?
- The research study is based on source of origin (petroleum based (mineral oils), non-petroleum based, water-based, and vegetable oil), by application (drilling, grinding, tapping & reaming, drawing, cutting, threading, and other machining), and by end-use industry (general manufacturing, automotive, defense and aerospace, electronic & electrical, ship building, medical & healthcare, and likewise).
- With rising demand for re-conditioning of machines, the global honing oil market is likely to substantiate in the upcoming period.
Key Segments Profiled in the Honing Oil Market Survey
By Source of Origin:
- Petroleum Based (mineral oils)
- Non-Petroleum Based
- Water Based
- Vegetable Oil
By Application:
- Drilling
- Grinding
- Tapping & Reaming
- Drawing
- Cutting
- Threading
- Other Machining
By End Use Industry:
- General Manufacturing
- Automotive
- Defense and Aerospace
- Electronic & Electrical
- Ship Building
- Medical & Health Care
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan
- Japan
- Middle East and Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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