(MENAFN- EIN Presswire) Custom Market Insights
The Global Fire Resistant Hydraulic Fluid Market was at US$ 1.55 Bn in 2022 and is growing to approx US$ 2.11 Bn by 2032, with a CAGR growth of 3% |2023 - 2032|
The Global Fire Resistant Hydraulic Fluid Market was estimated at USD 1.55 Bn in 2023 and is anticipated to reach around USD 2.11 Bn by 2032, growing at a CAGR of roughly 3% between 2023 and 2032.” - Custom Market InsightsAUSTIN, TEXAS, UNITED STATES, May 24, 2023 /einpresswire.com / -- According to the study, The global fire resistant hydraulic fluid market was estimated at USD 1.55 Billion in 2023 and is anticipated to reach around USD 2.11 Billion by 2032, growing at a CAGR of roughly 3% between 2023 and 2032.
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Global fire resistant hydraulic fluid market : Overview
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.
Global Fire Resistant Hydraulic Fluid Market: Growth Drivers
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.
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Key Insights:
A) As per the analysis shared by our research analyst, the Global Fire Resistant Hydraulic Fluid market is estimated to grow annually at a CAGR of around 3% over the forecast period (2023-2032).
B) In terms of revenue, the Global Fire Resistant Hydraulic Fluid market size was valued at around USD 1.55 Billion in 2023 and is projected to reach USD 2.11 Billion by 2032. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
C) Hydraulic hose breaks or pinhole leaks lead to fire, damaging hydraulic equipment. Such a fire is difficult to put out with a fire extinguisher because of how quickly it can spread and how hot it can burn. The profitability may be impacted by unplanned downtime, equipment damage, and expenses for handling and cleaning up dangerous contaminants.
D) A particular kind of hydraulic fluid with a much higher combustion temperature is called fire resistant hydraulic fluid. Therefore, compared to mineral oils, it is more fire resistant. Due to their extreme flammability, petroleum-based hydraulic fluids are inappropriate for use in a number of applications. Since open flames or hot surfaces might act as a source of ignition for these fluids due to their high flammability, petroleum-based fluids should not be utilized in hydraulic systems that operate near them or are positioned close to them.
E) Large-scale industrial fires may arise from this. Hydraulic fluids that are fire resistant are perfect for use in these situations. Applications for fire-resistant hydraulic fluids include those that are positioned close to ovens in steel mills, such as die-casting operations, presses, or continuous casting hydraulics. The selection of fire resistant hydraulic fluids must consider several factors, including the overall system performance, costs, and fluid stability. Also, choosing the proper fire resistant hydraulic fluid can frequently compromise the system's needs and the hydraulic fluid's performance characteristics, which can simultaneously save costs and increase health & safety benefits.
F) For usage in aviation, specialized hydraulic fluids with fire-resistance characteristics, such as phosphate esters, have been created. The growing worries about employee safety at work, are boosting market expansion. The market is anticipated to experience substantial expansion as a result of the rising trend toward using environmentally friendly hydraulic fluids.
Press Release For Global Fire Resistant Hydraulic Fluid Market:
Regional Landscape
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.
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Key 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
Others
The Global Fire Resistant Hydraulic Fluid Market is segmented as follows:
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
By Geography
North America
The USA
Canada
Mexico
Europe
The UK
Germany
France
Italy
Russia
Rest of Europe
Asia Pacific
China
Global India
Japan
South Korea
Malaysia
Philippines
Rest of Asia-pacific
Latin America
Brazil
Rest of Latin America
Middle East and Africa
GCC
North Africa
South Africa
Rest of Middle East & Africa
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