Albany, NY -- (SBWIRE) -- 05/14/2019 -- The global fire resistant hydraulic fluid market was valued at around US$ 1.2 Bn in 2017 and is anticipated to expand at a CAGR of nearly 4% from 2018 to 2026, according to a new report by Transparency Market Research (TMR) titled 'Fire Resistant Hydraulic Fluid Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017–2026.' Fire resistant hydraulic fluids are hydraulic fluids with high fire resistance and much higher combustion temperatures vis-à-vis mineral oils. Mineral oils and petroleum-based hydraulic fluids are not used in applications where they can potentially come in contact with hot surfaces or open flames due to their high flammability. In such cases, fire resistant hydraulic fluids are preferred due to their inherently high fire resistance property. However, selection of the right fire resistant hydraulic fluid can often become a trade-off between hydraulic fluid performance characteristics and the system requirements in order to minimize costs and maximize health & safety benefits at the same time.
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Increase in Industrialization and Rise in Demand in Aviation Industry Projected to Drive Fire Resistant Hydraulic Fluid Market
Rapid industrialization and growth in the aviation industry are expected to be key drivers of the fire resistant hydraulic fluid market. Industrialization is anticipated to boost the metal processing industry, which is a major application area of these fluids. Expansion in the aviation sector, especially in developing countries, is estimated to propel the demand for these fluids. Increase in concerns about worker safety and rise in awareness about industrial fires are also key drivers of the fire resistant hydraulic fluid market. Large number of industrial fires have occurred in the past due to the accidental spraying of mineral oil onto ignition sources. Therefore, the industry is now focusing on fluids that can help avoid these accidents, which are threat to not only industrial equipment but also pose grave danger to workers, operators, and the environment. However, high prices of fire resistant hydraulic fluids vis-à-vis petroleum-based hydraulic fluids is likely to restraint the market.
Bio-based fire resistant hydraulic fluids offer lucrative opportunities to the market due to the rise in environmental concerns and increase in awareness about pollution control. This is expected to encourage manufacturers to shift their focus toward bio-based fluids, as these are more environment-friendly and less polluting vis-à-vis other fire resistant hydraulic fluids.
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Water-based and Metal Processing Segments Expected to Lead Global Fire Resistant Hydraulic Fluid Market
The fire resistant hydraulic fluid market can be segmented based on product type and application. In terms of product type, the fire resistant hydraulic fluid market can be classified into water-based and anhydrous-based. The water-based segment can be further sub-segmented into oil-in-water emulsions (ISO HFA), water-in-oil emulsions (ISO HFB), and water glycol fluids (ISO HFC), while anhydrous-based can be sub-segmented into phosphate esters (ISO HFDR), PAG, and polyol esters. Water-based was the dominant segment, accounting for more than 75% share in terms of value in 2017. It is expected to continue its dominance during the forecast period. The anhydrous-based segment is likely to expand at a fast pace during the forecast period.
Growth in Steel Industry to Fuel Metal Processing Application Segment
Based on 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 with more than 40.0% share in 2017. This trend is projected to continue during the forecast period. The segment is anticipated to expand at a significant pace in the near future, primarily due to the increase in industrialization and expansion in the global steel industry and steel output.
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Rise in Demand from Application Segments in Asia Pacific Anticipated to Drive Fire Resistant Hydraulic Fluid Market
In terms of region, the fire resistant hydraulic fluid market can be split into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific held the leading share of more than 35% of the global fire resistant hydraulic fluid market in 2017. This can be ascribed to the dominance of China across all major application segments of fire resistant hydraulic fluids. The market in Asia Pacific is likely to expand at a significant pace during the forecast period, primarily due to the presence of developing economies such as China, which is the global leader in major application areas; and India, whose economy is growing at a significant pace.
Few Major Players Dominate Fire Resistant Hydraulic Fluid Market
Key players covered in this report are Exxon Mobil Corporation, BASF SE, Castrol Limited, American Chemical Technologies, Inc., The Dow Chemical Company, Quaker Chemical Corporation, Southwestern Petroleum Corporation, Eastman Chemical Company, Total, Houghton International Inc., SINOPEC, MORESCO Corporation, and Idemitsu.