Metal Processing Segment Dominated the Fire Resistant Hydraulic Fluid Market in 2021
The Global Fire Resistant Hydraulic Fluid Market was estimated at USD 1.55 billion in 2022 and is anticipated to reach around USD 2.11 billion by 2032, growing at a CAGR of roughly 3% between 2023 and 2032.
CMI research report offers a 360-degree view of the Fire Resistant Hydraulic Fluid market’s drivers and restraints, coupled with the impact they have on demand during the projection period. Also, the report examines global opportunities and competitive analysis for the Fire Resistant Hydraulic Fluid market.
Fire Resistant Hydraulic Fluid Market: Overview
Hydraulic fluids that can endure fires are synthetic fluids made without water or other volatile ingredients that can withstand higher temperatures than fluids that do. For cooling higher-pressure systems used for tunnel boring, forging, and other processes, fire-resistant hydraulic fluids such as phosphate esters, water-glycol, halogenated hydrocarbons, polyol esters, and more are acceptable.
In order to reduce the risk of fire, heavy metallurgical industries like steel and iron increasingly use fire-resistant hydraulic fluid. During the projected period, the fire resistant hydraulic fluid industry’s expansion is anticipated to be aided by the rising demand for fire-resistant hydraulic fluid from the power generation industry.
Browse the full “Fire Resistant Hydraulic Fluid Market Size, Trends and Insights By Type (Water-based, Water-in-oil Emulsions (ISO HFB), Oil-in-water Emulsions (ISO HFA), Water Glycol Fluids (ISO HFC), Anhydrous-based, Polyol Esters, Phosphate Esters (ISO HFDR), PAG), By Application (Metal Processing, Marine, Aviation, Mining, Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032″ report at https://www.custommarketinsights.com/report/fire-resistant-hydraulic-fluid-market/
The fire-resistant hydraulic fluid market is primarily driven by rising concerns over employee safety and industrial fires. Numerous significant industrial fires have accidentally started by spraying combustible mineral oils on an ignition source. These industrial fires cost a lot of money and resulted in many fatalities. Industrial fires put operators, staff, and the environment in danger in addition to industrial machinery. In order to reduce these losses and the risk of industrial fires, it is crucial to choose a hydraulic fluid based on safety and service life.
Mineral oils or petroleum-based hydraulic fluids cannot be used in applications requiring fire resistant hydraulic fluids. As a result, the market for fire resistant hydraulic fluid is anticipated to grow due to rising worker safety concerns. During the forecast period, rising industrialization and a rise in demand for these fluids in the aviation industry are also predicted to propel the fire-resistant hydraulic fluid market. The demand for fire resistant hydraulic fluids in the metal processing industry is expected to expand in the near future, along with a significant increase in industrialization.
The market for Fire Resistant Hydraulic Fluid is segmented into type and application. Based on application, in 2021, the metal processing segment had the highest revenue share. Fire-resistant hydraulic fluid is used in the metal processing sector as a coolant to ensure protection against fire dangers and the drying of molten metals like iron, steel, aluminum, and more.
The demand for new machinery is anticipated to increase as metallurgical goods like aluminum, steel, iron, and others are produced at a higher rate. There is a growing use of fire-resistant hydraulic fluid during the production process since aging machinery has a higher risk of igniting a hydraulic fire and the load on the machinery rises with increased production. Consequently, the fire resistant hydraulic fluid market is expanding as a result of the expanding metal processing industry.
The market is classified into two categories based on type: water-based and anhydrous-based. The water-based category dominates the fire resistant hydraulic fluid market share. This is a result of the systems’ apparent benefit to industries in terms of fire resistance. Water-in-oil emulsions, oil-in-water emulsions, and water-glycol fluids are only a few examples of the different sub-segments under the water-based segment. Anhydrous-based can be further divided into polyol esters, phosphate esters, and PAG.
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The Asia Pacific dominates the global market for fire-resistant hydraulic fluid. This is a result of China’s supremacy in all key application areas for fire-resistant hydraulic fluids and the country’s abundance of steel manufacturers and machining facilities. Due to the existence of developing nations like China and India, whose economies are expanding quickly and are witnessing increased demand from industries like aviation, manufacturing, marine, and chemicals, among others, this region is predicted to grow quickly.
Competitive Landscape/ Key Players Insights
Our market analysis includes a section specifically devoted to key players operating in the Fire Resistant Hydraulic Fluid market. Our analysts give an overview of each player’s financial statements, along with product benchmarking and SWOT analysis.
Some of the prominent players
- American Chemical Technologies, Inc.
- Castrol Ltd.
- BASF SE
- China Petrochemical Corporation (Sinopec Group)
- DowDupont Inc.
- Exxon Mobil Corporation
- Eastman Chemical Company
- Southwestern Petroleum Corporation
- Houghton International, Inc.
- MORESCO Corporation
- Idemitsu Kosan Co., Ltd.
- Quaker Chemical Corporation
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