Global Honing Oil Market 2020 (Includes Business Impact of COVID-19)

                                          
“Global Honing Oil Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by Trusted Business Insights. The global honing oil market report has been segmented as per source, application, end-use industry, and region.

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Global Honing Oil Market: Overview

Honing oil is a solution or liquid which is mainly used in the honing process and make any surface smooth by reducing heat and friction, reducing cost, and provide high productivity. Honing oil made up of two sources include non-petroleum based sources such as vegetable oils and water and petroleum-based sources such as mineral oil. Also, this oil helps to remove debris to ensure the operational accuracy along with protective abrasive tools in the honing machine. In addition, various properties of honing oil such as anti-weld, anti-corrosive, low cost, high lubricity, and others, are offering further advantages to the surface, on which honing is done.

Global Honing Oil Market: Dynamics

Increasing urbanization and industrialization in developed and developing countries is a key factor projected to fuel growth of the global honing oil market during the forecast period. In addition, expanding manufacturing and automotive industries across the globe is another factor expected to propel growth of the global market.

Growing demand for high-performance oil and lubricants among various industries across the globe is another key factor expected to drive growth of the target market over the forecast period. Increasing adoption of non-petroleum and petroleum-based honing oil among several industry verticals across the globe and rising development of several additives and blends such as rust inhibitors, sulfur, phosphorous, and chlorine by honing oil manufacturers. These are other factors projected to boost growth of the target market.

Furthermore, rising investment in research and development activities by major honing oil manufacturers across the globe is projected to boost growth of the global honing oil market in the next 10 years.

However, the availability of honing oil alternatives such as kerosene, olive oil, and others in the market is projected to restraint growth of the global market.

Global Honing Oil Market: Segment Analysis

Increasing adoption of honing oil in the automotive industry for re-conditioning engine cylinder heads and bores and rising automotive production across the globe. These are primary factors driving the revenue growth of the automotive industry among the end-user industry.

Global Honing Oil Market: Region Analysis

The Asia Pacific honing oil market accounted for the highest revenue share and is projected to dominate the target market during the forecast period. Rapid industrialization and high presences of manufacturing units in countries such as China, India, and Indonesia in this region. In addition, rising government support through various policies and initiative is anticipated to fuel growth of the Asia Pacific market. The market in North America is expected to register significant growth in the global market followed by the market in Europe, owing to rising demand for high quality components and fluids among various industries and increasing popularity of high performance oils and lubricants in countries such as US, Canada, Germany, France, and UK in these regions. The market in Latin America and Middle East & Africa are anticipated to witness moderate growth in terms of revenue, owing to the rising number of manufacturers in countries in these regions.

Global Honing Oil Market Segmentation:

Segmentation by Source:

Non-Petroleum Based
Petroleum Based

Segmentation by Application:

Grinding
Drilling
Cutting
Drawing
Others (Threading and Reaming and Tapping)

Segmentation by End-use Industry:

Defense and Aerospace
Automotive
Electronic and Electrical
Medical and Health Care
Others (General Manufacturing and Ship Building)