Fire Resistant Hydraulic Fluid Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Fire Resistant Hydraulic Fluid Market Segmented By Product Type (Water Glycol, Water in Oil Emulsion, Polyol Ester), By Application (Metal processing, Aviation, Marine, Others ( includes Mining)), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis,  2024-2031

Fire Resistant Hydraulic Fluid Market Overview

The Global "Fire Resistant Hydraulic Fluid Market" is expected to grow at a high CAGR during the forecasting period (2023-2030). Fire-resistant hydraulic fluid is a kind of hydraulic fluid, which has a significantly higher ignition temperature and it is more fire-resistant compared to other mineral oils.

• It has specific applications such as die-casting operations and continuous casting hydraulics or presses, which are placed near ovens in steel mills. However, variables such as cost, overall system performance, and stability of fluids need to be considered while selecting fire-resistant hydraulic fluids.

Fire Resistant Hydraulic Fluid Market Scope and Summary

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Fire Resistant Hydraulic Fluid Market Dynamics and Trends

• The principal characteristics of fire-resistant hydraulic fluids like excellent lubricity, availability in a wide range of viscosities, and reasonable cost.
• The rise in industrialization and increased demand these fluids in the aviation sector are also expected to boost the fire-resistant hydraulic fluid market. Additionally, a rise in concerns about worker safety and industrial fires is the significant driver of the fire-resilient hydraulic fluid market.
• A large number of major industrial fires happened due to the accidental spraying of flammable mineral oils on ignition sources to overcome all these issues fire-resistant hydraulic fluids are necessary.
• There are a few limitations to the growth of global fire-resistant hydraulic fluids like fire-resistant hydraulic fluids are highly expensive compared to conventional petroleum-based hydraulic fluids.

Fire Resistant Hydraulic Fluid Market Segmentation Analysis

• Based on the application, the fire-resistant hydraulic fluid market can be divided into metal processing, aviation, marine, mining, and others.
• The metal processing segment dominated the global fire-resistant hydraulic fluid market. It is expected to grow at a CAGR of XX% during the forecast period owing to the increase in industrialization and expansion in the global steel industry. In 2016, the world produced over 1,600 million tons of steel. However, most of the growth came from newly industrializing nations such as China, Brazil, India, Iran, and Mexico.
• The fire-resistant hydraulic fluid market can be segmented on product type into water-in-oil emulsions, petroleum-based oils, water-glycol fluids, and polyol esters. Water glycol fluids are the dominant segment because the apparent advantage of water systems in these industries is their fire resistance.
• Water-based hydraulic systems also have not-so-obvious cost advantages over oil-based fluids.

Fire Resistant Hydraulic Fluid Market Geographical Shares

• The global fire-resistant hydraulic fluid market is segmented by geographic region which includes North America, South America, Europe, Asia-Pacific, and ROW.
• The Asia Pacific occupies the dominant share in the fire-resistant hydraulic fluid market. In the forecast period, the market in the Asia Pacific is expected to grow at a CAGR of XX%.
• This can be primarily endorsed by the rise in demand for these fluids due to the existence of a substantial number of steel factories, shops, and machining plants, especially in China. For instance, according to a recent study by statists in 2017, China produced around 0.83 billion tons of crude steel.
• Moreover, the requirement for fire-resistant hydraulic fluids in enterprises like aviation, manufacturing, marine, chemical, and mining has been ascending rapidly in developing nations such as India and China.

Fire Resistant Hydraulic Fluid Companies and Competitive Landscape

• Prominent players in the global fire-resistant hydraulic fluid market are Exxon Mobil Corporation, BASF SE, Castrol Limited, Croda Lubricants, American Chemical Technologies, Inc., The Dow Chemical Company, The Hill and Griffith Company, Quaker Chemical Corporation, Southwestern Petroleum Corporation, SINOPEC, Chevron, Eastman, KOST USA, Petrofer, Hash oil, Houghton International Inc., MORESCO Corporation, and Idemitsu and others. Product launches, partnerships, and expansions are some of the strategies adopted by players to increase their market share.
• For instance, in January 2019, Idemitsu Kosan Co., Ltd., Kyushu Electric Power Co., Inc., and Tokyo Gas Co., Ltd. agreed to end a joint feasibility study of a coal-fired thermal power plant in Sodegaura City, Chiba Prefecture.

Key Takeaways

• In November 2018, the Nghi Son Refinery, operated by Nghi Son Refinery & Petrochemical Limited Liability Company a joint venture of Idemitsu Kosan Co., Ltd., Mitsui Chemicals, Inc., Kuwait Petroleum International Ltd., and Petro Vietnam, has begun commercial operation.