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Honing Oil Market

Honing Oil Market By Source of Origin, Application, End Use Industry & Region - Forecast 2022-2032

Market Insights on Honing Oil covering sales outlook, demand forecast & up-to-date key trends

Honing Oil Market Outllok 2022 -2032

The global honing oil market is expected to grow at a robust CAGR during the forecast period 2022-2032. Rapid industrialization, expanding manufacturing sector, and increasing demand for solutions for the re-conditioning of the machines and mechanical parts are expected to accelerate the sales of honing oils in the global market.

Honing process particularly demands extremely tight tolerances and a high level of precision & accuracy at sub-micron levels. Honing oils assist in cleaning and removing debris to protect the abrasive tools and ensure operational accuracy of the honing machine.

Honing oils are liquid solutions or emulsions used in the honing process. These oils are available in various levels of viscosity and in a wide variety of compositions, such as petroleum-based, water bases, vegetable oil-based, and other non-petroleum-based, depending upon the end-use process requirements.

Although honing oil accounts for a relatively small amount of the overall operational cost, the selection of appropriate honing oil has a significant impact on the abrasive lifecycle, honing process, and product quality. Honing oil plays a vital role in the honing process by increasing productivity, reducing friction, declining heat generation, and decreasing cost.

Petroleum-based mineral oils have emerged as one of the most sought-after honing oils for industrial use, on account of their low viscosity, lightweight, and non-hardening characteristic. While water-based honing oils are extensively preferred for precious stone sharpening and cutting.

Honing oils are garnering huge popularity across various industries such as automotive, defense & aerospace, shipbuilding, electronic & electrical, and others, owing to their ability to provide surface attributes such as high lubricity, anti-corrosive, and anti-weld among others. This is anticipated to facilitate the demand for honing oils in the market.

Which are Some Prominent Drivers Spearheading Honing Oil Market Growth?

Honing oils are finding a wide range of usages across manufacturing sectors for applications such as drilling, cutting, tapping & reaming, grinding, drawing, and threading, favored by their ability to decline the honing time, safeguard the honing equipments, and increase productivity.

Over the past couple of years, a substantial surge in the trend of industry 4.0 is being witnessed across numerous industries. This, in addition to the increasing introduction of advanced industrial equipments has resulted in rapid adoption of process automation technologies, especially across industrializing economies such as China, India, South Korea, Brazil, Australia, and others.

Also, with increasing focus on declining production time and increasing industrial production capacity, governments worldwide are emphasizing on undertaking several initiatives to promote industrial automation for expanding their industrial manufacturing sectors.

For instance, according to a study by the India Brand Equity Foundation, in 2021, the Indian Government announced launching the Samarth Udyog Bharat 4.0 initiative for promoting the adoption of innovative manufacturing and process automation technologies to expand the country’s manufacturing sector by 2025. As honing oils are extensively used in automated honing processing for various drilling and cutting applications across manufacturing sectors, such developments will create lucrative growth opportunities in the global market.

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What are the Challenges Faced by the Honing Oil Market?

The presence of special requirements limits and stringent regulations set by the regulatory organizations across various countries such as the European Commission and Food and Drug Administration (FDA) regarding honing of implantable medical devices are hindering the sales of honing oils in the market.

Also, high risk of human contact with toxic chemicals such as fluorine, chlorine, and sulfur used in some honing oils and regulations regarding the use of volatile organic compounds (VOC)-based honing oils is further restraining the growth in the market.

Why is Asia Pacific Excluding Japan Emerging as an Opportunistic Honing Oil Market?

As per FMI, Asia Pacific excluding Japan is estimated to account for the dominant share in the global honing oil market from 2022 to 2032.

A significant rise in production and sales of automotive vehicles such as passenger cars, commercial vehicles, and motorcycles is being witnessed across Asia Pacific, on account of increasing per capita disposable income and rising inclination towards traveling with comfort.

For instance, according to the India Brand Equity Foundation, nearly 22.6 Mn passenger vehicles were manufacturers, and more than 21.5 Mn passenger vehicles were reported to be sold across India in 2021. As honing oils play a crucial role in re-conditioning engine cylinder heads and bores during the vehicle manufacturing, rising production and sales of automobiles are projected to bolster the demand in the Asia Pacific excluding Japan in the coming years.

Nikhil Kaitwade
Principal Consultant
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How is Western Europe Contributing to the Growth of the Honing Oil Market?

Future Market Insights states that Western Europe is expected to emerge as a highly lucrative market for honing oils during the forecast period 2022-2032.

With rapidly expanding industrial manufacturing industry and increasing production of automobiles, demand for solutions for the re-conditioning and honing of the mechanical parts is surging at a rapid pace.

Hence, key companies in the market at aiming at introducing novel products to capitalize on the accelerating demand. For instance, in 2020, Sunnen Products Company, a leading manufacturer and distributor of bore sizing and finishing solutions, announced introducing a new SHO-965 honing oil with low-VOC formulation, low-odor, and a super-complaint attributes. A slew of such new product launches is estimated to augment the growth in the Western Europe market.

Market Competition

Some of the leading players in the global honing oil market are Lansky Sharpeners, Sunbelt Lubricants, Sunnen Products Company, GROWMARK Lubricants, Eurol BV, Mundial Inc., Penrite Oil Company Pty Ltd, and others.

The market for honing oil is highly competitive, due to large number of participants and increasing investment in development and introduction of novel honing oil by leading players

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Scope of Report

Report Attribute

Details

Base Year for Estimation

2021

Historical Data

2015-2020

Forecast Period

2022-2032

Quantitative Units

Revenue in USD Billion, Volume in Kilotons and CAGR from 2022-2032

Report Coverage

Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis

Segments Covered

  • Source of Origin
  • Application
  • End Use Industry
  • Region

Countries Covered

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • APEJ
  • Japan
  • Middle East and Africa

Key Companies Profiled

  • Lansky Sharpeners
  • Sunbelt Lubricants
  • Sunnen Products Company
  • GROWMARK Lubricants
  • Eurol BV
  • Mundial Inc.
  • Penrite Oil Company Pty Ltd.
  • Others

Customization

Available Upon Request

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
  • APEJ
  • Japan
  • Middle East and Africa

Frequently Asked Questions

FMI projects the demand for honing oil in the market is expected to rise at steady value CAGR by 2032

The global honing oil market is anticipated to be dominated by Asia Pacific excluding Japan over the forecast period 2022-2032.

Lansky Sharpeners, Sunbelt Lubricants, Sunnen Products Company, GROWMARK Lubricants, Eurol BV, Mundial Inc., Penrite Oil Company Pty Ltd., and others some of the leading players in the prominent honing oil market.

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Nikhil Kaitwade
Principal Consultant
LinkedIn
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