Fire Resistant Hydraulic Fluids Market Report

The global fire-resistant hydraulic fluids market is forecast to achieve growth due to rising awareness about the safety of industrial workers and equipment. The trend of using bio-based fire-resistant hydraulic fluids in industrial applications is expected to grow in future. Adoption of bio-based fire-resistant hydraulic fluids could improve because of the need to reduce pollution and address environmental concerns. Analysts at QYR Consulting expect the global fire-resistant hydraulic fluids market to register a sluggish CAGR of 3.0% between 2019 and 2025. By the end of 2025, the global market value is predicted to reach approximately US$1.7 Bn, improving from around US$1.4 Bn attained in 2018.

Industrial leaders are anticipated to create strategic collaborations to launch innovative offerings and increase their market presence. In mid-2019, Quaker Chemical Corporation, a US chemicals company, and Houghton International, a US provider of advanced metalworking fluids and services, came together to form the industrial process fluids company Quaker Houghton. According to a press release by Quaker Houghton, the new company will serve the primary metalworking and metals markets.

Market Dynamics

Need to avoid fire-related accidents at industrial workplaces is expected to push the demand for fire-resistant hydraulic fluids. High risk of hydraulic systems catching fire due to their failure and close proximity to an ignition source could increase the requirement of fire-resistant hydraulic fluids. Growing use of fire-resistant hydraulic fluids could be attributed to their higher combustion temperatures and excellent fire resistance properties. In the industrial sector, fire-resistant hydraulic fluids are used to avoid catastrophic equipment failures and ensure safety of workers. Increased application in the aviation industry and aggressive rate of industrialization could be other factors strengthening the growth of the global fire-resistant hydraulic fluids market.

Market Segmentation

Analysts expect water-based products to gain a significant share of the global fire-resistant hydraulic fluids market. HFA is a type of water-based fire-resistant hydraulic fluids and contains over 80% water. Such products help the formulator in providing some level of lubrication to the formulation and controlling particle size distribution and emulsion particle size. Among applications, metallurgy is foretold to become a prominent market segment because of the increase in steel output, growth of the steel industry, and rapid industrialization.

Regional Analysis

Regionally, Asia Pacific is prophesied to account for a sizable share of the global fire-resistant hydraulic fluids market on the back of the expansion of the mining and steel industries. India and China could be among key countries creating strong demand for fire-resistant hydraulic fluids in the region. Growing interest of foreign manufacturers in building new plants in the region due to cheaper costs, wide consumer base, and other advantages is foreseen to increase the demand for fire-resistant hydraulic fluids. North America could be another important region contributing to the global market growth.

By Region

Key Players

The global fire-resistant hydraulic fluids market marks the presence of leading companies such as Quaker, Sinopec, Houghton International, Wuhan Jiesheng, Eastman, MORESCO, ExxonMobil, Idemitsu, BP, American Chemical Technologies, Total, BASF, Shell, Lanxess (Chemtura), and Chevron.

The chemicals and materials sector has been witnessing an exponential rise in the past few years. The industrial boom and infrastructural growth across the globe has had a positive impact on the chemical and materials industry. Chemicals are an integral part of many industries, which, over the years, have created lucrative opportunities for players. Similarly, materials are an indispensable part of myriad industries. The rise of the chemicals and materials sector has been mapped by QYR Consulting through exhaustive research reports.

Analysts have used investigative approach to deduce important elements pertinent to the industry. The reports are aimed towards giving the reader a holistic approach about the industry’s development and future scenario. Competitive landscapes have been written with in-depth analysis of the historical data and careful understanding of the management styles. QYR Consulting aims to provide the readers a guided approach towards making well-informed business decisions through its research reports.