Fire Resistant Hydraulic Fluid Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMCH809 | Last Updated On: Jun 29 2022 | Available Formats

> Global Fire Resistant Hydraulic Fluid Market Expected to reach a high CAGR By 2029: DataM Intelligence

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,  2022-2029

 

Market Overview

The Global "Fire Resistant Hydraulic Fluid Market" is expected to grow at a high CAGR during the forecasting period (2022-2029).

  • 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.

Market Dynamics

  • 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 an increase in demand for 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 accidental spraying of flammable mineral oils on ignition sources to overcome all these issues fire-resistant hydraulic fluids are necessary.
  • There are few limitations on the growth of global fire-resistant hydraulic fluids like fire-resistant hydraulic fluids are highly expensive compared to conventional petroleum-based hydraulic fluids.

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, and 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 fluid.

Geographical Analysis

  • 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 to 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 had produced around 0.83 billion tons of crude steel.
  • Moreover, the requirement for fire-resistant hydraulic fluids in enterprises in industries like aviation, manufacturing, marine, chemical, and mining has been ascending at a fast pace in developing nations such as India and China.

Competitive Trends

  • Prominent players in 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. have 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.

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