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.
Exclusive Offer: 30% Off on Regional Reports
Get a free sample report and customize your regions for a 30% discount on your regional report!
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.
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.
Check Free Sample Report & Save 40%!
Select your niche segments and personalize your insights for smart savings. Cut costs now!
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 |
| Regions 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.
| Market Estimated Size (2023) | USD 1,425.9 million |
|---|---|
| Market Forecasted Size (2033) | USD 2,332.9 million |
| Market CAGR (2023 to 2033) | 4.9% |
| Estimated Market Share in 2023 | USD 65,757.6 million |
|---|---|
| Forecasted Market Size by 2033 | USD 92,757.6 million |
| Projected CAGR (2023 to 2033) | 3.5% |
Explore Industrial and Institutional Chemicals Insights
View Reports
Honing Oil Market
Thank you!
You will receive an email from our Business Development Manager. Please be sure to check your SPAM/JUNK folder too.
