The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
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The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
Global Quenching Oil Additive: Market Introduction
Quenching is a process of rapid cooling of material (mostly metal) from the high temperature. The primary function of quenching oil is to control heat transfer during the metal or steel manufacturing process. Quenching oil additive is utilized for formulating quenching and heat transfer oils. Quenching oil additive is a formulated compound with non-staining, is odorless, and having lubricity properties. Quenching oil additive increases the quenching rates to gain maximum hardness against dynamic temperature changes and is mainly used to minimize cracking and distortions. The notable properties of quenching oil additive have superior heat transfer characteristics, effective oxidative performance, relatively higher thermal and oxidation stability, effective corrosion inhibition, and among others. Quenching oil additive is widely utilized in the steel or metallic manufacturing, metal fabricated products and also used in other industrial operations including automotive, food & beverages, mining, and others.
Global Quenching Oil Additive: Market Dynamics
Quenching oil has numerous end-use applications in almost all manufacturing sectors such as automotive, food processing, and processing plants, and others. The sustained growth in this kind of end-use industries is projected to propel the global quenching oil additive market by the end of the forecast period. Another pivotal end use industry where use of quenching oil additive is of significant value is in core mining operations. There has been a huge demand for steel products in domestic as well as industrial sectors coupled with a healthy growth rate of mining industry anticipated to fuel the global quenching oil additive market.
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Additionally, the increasing demand for high-speed quenching oil to obtain the heat resistance to adhere the surface of working piece in order to reduce the sludge and increases the rate of quenching is projected to drive the quenching oil additive demand. Furthermore, the increased efforts to develop more reliable bearings is one of the factor intensifying the competition among the industry participants of global quenching oil additive market. On the flip side, quenching oil additive requires relatively higher maintenance cost owing to which end users. The variations in the cost of quenching oil additive raw materials is another factor which can act as a restraining factor in manufacturing and sales of quenching oil additives.
Key strategic developments among the end-use players including steel manufacturing, mining, etc. to expand their business which is expected to generate the demand for raw materials including quenching oil additive. For instance, in FY 2016, Mobil Industries – a Canadian firm introduced its new product – Fenso™ 90, 150, is a high speed quench oil having superior properties to fulfill the increased demand from end-use industries. This kind of organic growth across the competition landscape act as a key trend for global quenching oil additive market
Global Quenching Oil Additive: Market Segmentation
The global quenching oil additive market can be segmented on the basis of quenching rate, function, product type and regions. On the basis of function, the global quenching oil additive market can be segmented as mentioned below:
- Anti-Wear Agents
- Viscosity Index Improvers
- Dispersants & Detergents
- Extreme Pressure Additives
- Oxidation Inhibitors
On the basis of quenching rate, global quenching oil additive market can be segmented as mentioned below:
- High Speed (7 to 9 Second)
- Medium Speed (10- to 12 Second)
- Low Speed (13 to 20 Second)
Global Quenching Oil Additive: Regional Outlook
The global quenching oil additive market is segmented into seven key regions. The consumption of quenching oil additive depends upon the industrial processing and infrastructure of the region. Developing economies such as India, Brazil, China, and ASEAN countries are estimated to grow at a significant CAGR, especially China anticipated to capture dominant market value share in the global market. Further, the Gulf Cooperation Council countries are engaged to develop an unfiled regulatory system in the industrial sector including mining. Which in turn the market for quenching oil additive is projected to surge.
Global Quenching Oil Additive: Industry Participants
The global quenching oil additive market estimated to be fragmented market due to the presence of small as well as international market players. Few market players are identified across the value chain of global quenching oil additive market which is –
- TRANSASIA PETROCHEM PVT. LTD.
- Shell Oil Company
- Witmans Industries Pvt. Ltd.
- Jenson & Jenson Lubricant
- Lopan Industries
- ANGUS Chemical Company
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