Fire Resistant Hydraulic Fluid Market – Snapshot
Fire resistant hydraulic fluid is a type of hydraulic fluid, which has significantly higher combustion temperature. Therefore, it is more fire resistant compared to mineral oils. Petroleum-based hydraulic fluids are not suitable for usage in several applications due to their high flammability. Petroleum-based fluids are not used in applications where the hydraulic system operates or is located near open flames or hot surfaces, as open flames or hot surfaces can act as a source of ignition of these fluids due to high flammability. This can result in large-scale industrial fire. Fire resistant hydraulic fluids are ideal for usage in such applications. Certain applications such as die casting operations and presses or continuous casting hydraulics, which are placed near ovens in steel mills, are ideal examples of applications of fire resistant hydraulic fluids. Variables such as overall system performance, costs, and stability of fluids need to be considered during the selection of fire resistant hydraulic fluids. Furthermore, selection of the right fire resistant hydraulic fluid can often lead to a compromise between the hydraulic fluid performance characteristics and system needs, which can minimize costs as well as maximize health and safety benefits at the same time.
Increasing Concerns About Health & Safety Levels of Workers Likely to Drive Market
Rise in concerns about worker safety and industrial fires is the primary driver of the fire resistant hydraulic fluid market. Large number of major industrial fires have occurred in the past due to accidental spraying of flammable mineral oils over an ignition source. These industrial fires were not only costly, but also deadly; they claimed several lives. Industrial fires pose a threat to not only industrial equipment, but also to operators, workers, and the environment. It is important to select a hydraulic fluid based on safety and service life to minimize these losses and threat of industrial fires. Fire resistant hydraulic fluids can be used in application areas where mineral oils or petroleum-based hydraulic fluids cannot be used. Thus, increase in concerns about worker safety is expected to drive the fire resistant hydraulic fluid market.
Rise in industrialization and increase in demand for these fluids in the aviation sector are also anticipated to drive the fire resistant hydraulic fluid market during the forecast period. Significant increase in industrialization and rise in demand for fire resistant hydraulic fluids in the metal processing industry are estimated to boost the market in the near future. Expansion in the aviation industry is also projected to play a key role in the growth of the fire resistant hydraulic fluid market.
Higher Prices vis-à-vis Conventional Fluids Expected to Restrain Market
Higher prices of fire resistant hydraulic fluids vis-à-vis conventional petroleum-based hydraulic fluids is a major restraint of the market. In general, prices of fire resistant hydraulic fluids vary in relation to the prices of petroleum-based hydraulic fluids. However, fire resistant hydraulic fluids are used in critical application areas wherein petroleum-based hydraulic fluids cannot be employed due to flammability issues. However, selection of fire resistant hydraulic fluids could be a tradeoff between performance characteristics and cost economics.
Bio-based Fire Resistant Hydraulic Fluids Offer Lucrative Opportunity
Rise in environmental concerns and increase in number of regulations regarding pollution control have compelled manufacturers to seek innovative and sustainable ways to manufacture and produce environmentally-friendly products. One such innovative way is the manufacture of bio-based fire resistant hydraulic fluids, which are less polluting while offering the same performance characteristics as that of fire resistant hydraulic fluids. This is likely to offer a new opportunity to fire resistant hydraulic fluid manufacturers to achieve sustainable growth in the market.
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Asia Pacific Held Major Share of Around 35% of Global Fire Resistant Hydraulic Fluid Market in 2017
Based on region, the fire resistant hydraulic fluid market can be divided into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific dominated the global fire resistant hydraulic fluid market in 2017. This can be primarily ascribed to the rise in demand for these fluids in various application areas in the region, especially in China. The region is the global leader in steel production and mining output. These are the key application areas of fire resistant hydraulic fluids. Furthermore, the market in Asia Pacific is anticipated to expand at a significant pace during the forecast period, primarily due to the rise in demand for fire resistant hydraulic fluids in developing countries in the region, especially in China and India.
Large Multinational Companies Dominate Global Fire Resistant Hydraulic Fluid Market
Key players operating in the global fire resistant hydraulic fluid market 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.