The global honing oil market is expected to grow at a robust CAGR during the forecast period 2022 to 2032. Rapid industrialization, expanding manufacturing sector, and increasing demand for solutions for the re-conditioning of machines and mechanical parts are expected to accelerate the sales of honing oils in the global market.
A 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 the 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 characteristics. 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.
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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 equipment, 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 equipment, has resulted in the rapid adoption of process automation technologies, especially across industrializing economies such as China, India, South Korea, Brazil, Australia, and others.
Also, with an increasing focus on declining production time and increasing industrial production capacity, governments worldwide are emphasizing 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.
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, the 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 are further restraining the growth in the market.
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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 Million passenger vehicles were manufactured, and more than 21.5 Million 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 vehicle manufacturing, rising production and sales of automobiles are projected to bolster the demand in the Asia Pacific excluding Japan in the coming years.
Future Market Insights states that Western Europe is expected to emerge as a highly lucrative market for honing oils during the forecast period 2022 to 2032.
With the rapidly expanding industrial manufacturing industry and increasing production of automobiles, demand for solutions for the re-conditioning and honing of 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 the introduction of a new SHO-965 honing oil with low-VOC formulation, low-odor, and super-complaint attributes. A slew of such new product launches is estimated to augment the growth in the Western Europe market.
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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 a large number of participants and increasing investment in the development and introduction of novel honing oil by leading players
| Report Attribute | Details |
|---|---|
| Base Year for Estimation | 2021 |
| Historical Data | 2015 to 2020 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million, Volume in Kilotons, and CAGR from 2022 to 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, Asia Pacific Excluding Japan, 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 |
FMI projects the demand for honing oil in the market is expected to rise at a 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 to 2032.
Lansky Sharpeners, Sunbelt Lubricants, Sunnen Products Company, GROWMARK Lubricants, Eurol BV, Mundial Inc., Penrite Oil Company Pty Ltd., and others are some of the leading players in the prominent honing oil market.
1. Executive Summary | Honing Oil Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyers
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.9.2. By Key Countries
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Global Market Analysis 2017 to 2021 and Forecast, 2022 to 2032
4.1. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis, 2017 to 2021
4.2. Current and Future Market Size Value (US$ Million) & Volume (Tons) Projections, 2022 to 2032
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Substrate
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis By Substrate, 2017 to 2021
5.3. Current and Future Market Size Value (US$ Million) & Volume (Tons) Analysis and Forecast By Substrate, 2022 to 2032
5.3.1. Ferrous Metals
5.3.2. Non-Ferrous Metals
5.3.3. Diamond Tools
5.4. Y-o-Y Growth Trend Analysis By Substrate, 2017 to 2021
5.5. Absolute $ Opportunity Analysis By Substrate, 2022 to 2032 Deep-dive segmentation will be available in the sample on request
6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Application
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis By Application, 2017 to 2021
6.3. Current and Future Market Size Value (US$ Million) & Volume (Tons) Analysis and Forecast By Application, 2022 to 2032
6.3.1. Engine Blocks and Cylinders Honing
6.3.2. General Cutting
6.3.3. Screw Machines
6.3.4. Tapping
6.3.5. Reaming
6.3.6. Grinding
6.3.7. Turning
6.3.8. Drilling & Boring
6.3.9. Other Applications
6.4. Y-o-Y Growth Trend Analysis By Application, 2017 to 2021
6.5. Absolute $ Opportunity Analysis By Application, 2022 to 2032 Deep-dive segmentation will be available in the sample on request
7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Composition
7.1. Introduction / Key Findings
7.2. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis By Composition, 2017 to 2021
7.3. Current and Future Market Size Value (US$ Million) & Volume (Tons) Analysis and Forecast By Composition, 2022 to 2032
7.3.1. Mineral Oil Based
7.3.2. Mineral Oil Free
7.4. Y-o-Y Growth Trend Analysis By Composition, 2017 to 2021
7.5. Absolute $ Opportunity Analysis By Composition, 2022 to 2032 Deep-dive segmentation will be available in the sample on request
8. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Region
8.1. Introduction
8.2. Historical Market Size Value (US$ Million) & Volume (Tons) Analysis By Region, 2017 to 2021
8.3. Current Market Size Value (US$ Million) & Volume (Tons) Analysis and Forecast By Region, 2022 to 2032
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. East Asia
8.3.5. South Asia & Pacific
8.3.6. Middle East and Africa
8.4. Market Attractiveness Analysis By Region
9. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
9.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2017 to 2021
9.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2022 to 2032
9.2.1. By Country
9.2.1.1. USA
9.2.1.2. Canada
9.2.2. By Substrate
9.2.3. By Application
9.2.4. By Composition
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Substrate
9.3.3. By Application
9.3.4. By Composition
9.4. Key Takeaways
10. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
10.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2017 to 2021
10.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2022 to 2032
10.2.1. By Country
10.2.1.1. Mexico
10.2.1.2. Brazil
10.2.1.3. Rest of Latin America
10.2.2. By Substrate
10.2.3. By Application
10.2.4. By Composition
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Substrate
10.3.3. By Application
10.3.4. By Composition
10.4. Key Takeaways
11. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
11.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2017 to 2021
11.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2022 to 2032
11.2.1. By Country
11.2.1.1. Germany
11.2.1.2. Italy
11.2.1.3. France
11.2.1.4. United Kingdom
11.2.1.5. Spain
11.2.1.6. BENELUX
11.2.1.7. Russia
11.2.1.8. Rest of Europe
11.2.2. By Substrate
11.2.3. By Application
11.2.4. By Composition
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Substrate
11.3.3. By Application
11.3.4. By Composition
11.4. Key Takeaways
12. East Asia Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
12.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2017 to 2021
12.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2022 to 2032
12.2.1. By Country
12.2.1.1. China
12.2.1.2. Japan
12.2.1.3. South Korea
12.2.2. By Substrate
12.2.3. By Application
12.2.4. By Composition
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Substrate
12.3.3. By Application
12.3.4. By Composition
12.4. Key Takeaways
13. South Asia & Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
13.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2017 to 2021
13.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2022 to 2032
13.2.1. By Country
13.2.1.1. India
13.2.1.2. ASEAN
13.2.1.3. Australia and New Zealand
13.2.1.4. Rest of South Asia & Pacific
13.2.2. By Substrate
13.2.3. By Application
13.2.4. By Composition
13.3. Market Attractiveness Analysis
13.3.1. By Country
13.3.2. By Substrate
13.3.3. By Application
13.3.4. By Composition
13.4. Key Takeaways
14. Middle East and Africa Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Country
14.1. Historical Market Size Value (US$ Million) & Volume (Tons) Trend Analysis By Market Taxonomy, 2017 to 2021
14.2. Market Size Value (US$ Million) & Volume (Tons) Forecast By Market Taxonomy, 2022 to 2032
14.2.1. By Country
14.2.1.1. GCC Countries
14.2.1.2. Turkey
14.2.1.3. South Africa
14.2.1.4. Rest of Middle East and Africa
14.2.2. By Substrate
14.2.3. By Application
14.2.4. By Composition
14.3. Market Attractiveness Analysis
14.3.1. By Country
14.3.2. By Substrate
14.3.3. By Application
14.3.4. By Composition
14.4. Key Takeaways
15. Key Countries Market Analysis
15.1. USA
15.1.1. Pricing Analysis
15.1.2. Market Share Analysis, 2021
15.1.2.1. By Substrate
15.1.2.2. By Application
15.1.2.3. By Composition
15.2. Canada
15.2.1. Pricing Analysis
15.2.2. Market Share Analysis, 2021
15.2.2.1. By Substrate
15.2.2.2. By Application
15.2.2.3. By Composition
15.3. Mexico
15.3.1. Pricing Analysis
15.3.2. Market Share Analysis, 2021
15.3.2.1. By Substrate
15.3.2.2. By Application
15.3.2.3. By Composition
15.4. Brazil
15.4.1. Pricing Analysis
15.4.2. Market Share Analysis, 2021
15.4.2.1. By Substrate
15.4.2.2. By Application
15.4.2.3. By Composition
15.5. Germany
15.5.1. Pricing Analysis
15.5.2. Market Share Analysis, 2021
15.5.2.1. By Substrate
15.5.2.2. By Application
15.5.2.3. By Composition
15.6. Italy
15.6.1. Pricing Analysis
15.6.2. Market Share Analysis, 2021
15.6.2.1. By Substrate
15.6.2.2. By Application
15.6.2.3. By Composition
15.7. France
15.7.1. Pricing Analysis
15.7.2. Market Share Analysis, 2021
15.7.2.1. By Substrate
15.7.2.2. By Application
15.7.2.3. By Composition
15.8. United Kingdom
15.8.1. Pricing Analysis
15.8.2. Market Share Analysis, 2021
15.8.2.1. By Substrate
15.8.2.2. By Application
15.8.2.3. By Composition
15.9. Spain
15.9.1. Pricing Analysis
15.9.2. Market Share Analysis, 2021
15.9.2.1. By Substrate
15.9.2.2. By Application
15.9.2.3. By Composition
15.10. BENELUX
15.10.1. Pricing Analysis
15.10.2. Market Share Analysis, 2021
15.10.2.1. By Substrate
15.10.2.2. By Application
15.10.2.3. By Composition
15.11. Russia
15.11.1. Pricing Analysis
15.11.2. Market Share Analysis, 2021
15.11.2.1. By Substrate
15.11.2.2. By Application
15.11.2.3. By Composition
15.12. China
15.12.1. Pricing Analysis
15.12.2. Market Share Analysis, 2021
15.12.2.1. By Substrate
15.12.2.2. By Application
15.12.2.3. By Composition
15.13. Japan
15.13.1. Pricing Analysis
15.13.2. Market Share Analysis, 2021
15.13.2.1. By Substrate
15.13.2.2. By Application
15.13.2.3. By Composition
15.14. South Korea
15.14.1. Pricing Analysis
15.14.2. Market Share Analysis, 2021
15.14.2.1. By Substrate
15.14.2.2. By Application
15.14.2.3. By Composition
15.15. India
15.15.1. Pricing Analysis
15.15.2. Market Share Analysis, 2021
15.15.2.1. By Substrate
15.15.2.2. By Application
15.15.2.3. By Composition
15.16. ASIAN
15.16.1. Pricing Analysis
15.16.2. Market Share Analysis, 2021
15.16.2.1. By Substrate
15.16.2.2. By Application
15.16.2.3. By Composition
15.17. Australia and New Zealand
15.17.1. Pricing Analysis
15.17.2. Market Share Analysis, 2021
15.17.2.1. By Substrate
15.17.2.2. By Application
15.17.2.3. By Composition
15.18. GCC Countries
15.18.1. Pricing Analysis
15.18.2. Market Share Analysis, 2021
15.18.2.1. By Substrate
15.18.2.2. By Application
15.18.2.3. By Composition
15.19. Turkey
15.19.1. Pricing Analysis
15.19.2. Market Share Analysis, 2021
15.19.2.1. By Substrate
15.19.2.2. By Application
15.19.2.3. By Composition
15.20. South Africa
15.20.1. Pricing Analysis
15.20.2. Market Share Analysis, 2021
15.20.2.1. By Substrate
15.20.2.2. By Application
15.20.2.3. By Composition
16. Market Structure Analysis
16.1. Competition Dashboard
16.2. Competition Benchmarking
16.3. Market Share Analysis of Top Players
16.3.1. By Regional
16.3.2. By Substrate
16.3.3. By Application
16.3.4. By Composition
17. Competition Analysis
17.1. Competition Deep Dive
17.1.1. Schaeffer Manufacturing Co
17.1.1.1. Overview
17.1.1.2. Product Portfolio
17.1.1.3. Profitability by Market Segments
17.1.1.4. Sales Footprint
17.1.1.5. Strategy Overview
17.1.1.5.1. Marketing Strategy
17.1.1.5.2. Product Strategy
17.1.1.5.3. Channel Strategy
17.1.2. Castrol Limited
17.1.2.1. Overview
17.1.2.2. Product Portfolio
17.1.2.3. Profitability by Market Segments
17.1.2.4. Sales Footprint
17.1.2.5. Strategy Overview
17.1.2.5.1. Marketing Strategy
17.1.2.5.2. Product Strategy
17.1.2.5.3. Channel Strategy
17.1.3. Sunnen Products Company
17.1.3.1. Overview
17.1.3.2. Product Portfolio
17.1.3.3. Profitability by Market Segments
17.1.3.4. Sales Footprint
17.1.3.5. Strategy Overview
17.1.3.5.1. Marketing Strategy
17.1.3.5.2. Product Strategy
17.1.3.5.3. Channel Strategy
17.1.4. Chem Arrow Corporation
17.1.4.1. Overview
17.1.4.2. Product Portfolio
17.1.4.3. Profitability by Market Segments
17.1.4.4. Sales Footprint
17.1.4.5. Strategy Overview
17.1.4.5.1. Marketing Strategy
17.1.4.5.2. Product Strategy
17.1.4.5.3. Channel Strategy
17.1.5. Chevron Corporation
17.1.5.1. Overview
17.1.5.2. Product Portfolio
17.1.5.3. Profitability by Market Segments
17.1.5.4. Sales Footprint
17.1.5.5. Strategy Overview
17.1.5.5.1. Marketing Strategy
17.1.5.5.2. Product Strategy
17.1.5.5.3. Channel Strategy
17.1.6. FUCHS.
17.1.6.1. Overview
17.1.6.2. Product Portfolio
17.1.6.3. Profitability by Market Segments
17.1.6.4. Sales Footprint
17.1.6.5. Strategy Overview
17.1.6.5.1. Marketing Strategy
17.1.6.5.2. Product Strategy
17.1.6.5.3. Channel Strategy
17.1.7. Quaker Chemical Corporation
17.1.7.1. Overview
17.1.7.2. Product Portfolio
17.1.7.3. Profitability by Market Segments
17.1.7.4. Sales Footprint
17.1.7.5. Strategy Overview
17.1.7.5.1. Marketing Strategy
17.1.7.5.2. Product Strategy
17.1.7.5.3. Channel Strategy
17.1.8. Engis Corporation
17.1.8.1. Overview
17.1.8.2. Product Portfolio
17.1.8.3. Profitability by Market Segments
17.1.8.4. Sales Footprint
17.1.8.5. Strategy Overview
17.1.8.5.1. Marketing Strategy
17.1.8.5.2. Product Strategy
17.1.8.5.3. Channel Strategy
17.1.9. Keihin Kogyosho Co., Ltd.
17.1.9.1. Overview
17.1.9.2. Product Portfolio
17.1.9.3. Profitability by Market Segments
17.1.9.4. Sales Footprint
17.1.9.5. Strategy Overview
17.1.9.5.1. Marketing Strategy
17.1.9.5.2. Product Strategy
17.1.9.5.3. Channel Strategy
17.1.10. Penrite Oil
17.1.10.1. Overview
17.1.10.2. Product Portfolio
17.1.10.3. Profitability by Market Segments
17.1.10.4. Sales Footprint
17.1.10.5. Strategy Overview
17.1.10.5.1. Marketing Strategy
17.1.10.5.2. Product Strategy
17.1.10.5.3. Channel Strategy
17.1.11. Indian Oil Corporation Limited
17.1.11.1. Overview
17.1.11.2. Product Portfolio
17.1.11.3. Profitability by Market Segments
17.1.11.4. Sales Footprint
17.1.11.5. Strategy Overview
17.1.11.5.1. Marketing Strategy
17.1.11.5.2. Product Strategy
17.1.11.5.3. Channel Strategy
17.1.12. Eastern Petroleum Private Limited
17.1.12.1. Overview
17.1.12.2. Product Portfolio
17.1.12.3. Profitability by Market Segments
17.1.12.4. Sales Footprint
17.1.12.5. Strategy Overview
17.1.12.5.1. Marketing Strategy
17.1.12.5.2. Product Strategy
17.1.12.5.3. Channel Strategy
18. Assumptions & Acronyms Used
19. Research Methodology
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