Fire Resistant Lubricants Market Size & Share to Surpass $2.61 Billion by 2030 | Vantage Market Research

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WASHINGTON, April 25, 2023 (GLOBE NEWSWIRE) — The Global Fire Resistant Lubricants Market is valued at USD 2.1 Billion in 2022 and is projected to reach a value of USD 2.61 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 3.2% over the forecast period 2022-2028.

Market Overview

The global market is expanding due to successful development in countries, rising demand from the oil and gas industry, rising demand from various industries, particularly the construction and auto sectors, and emerging economies’ entrepreneurial endeavours.

We forecast that the HFC in Fire Resistant Lubricants market sales will account for more than 46% of total sales by 2030 because HFC Fire Resistant Lubricants are typically less expensive than other Fire Resistant Lubricants. So, HFC Fire Resistant Lubricants are commonly used in areas where prices are critical, such as Asia Pacific, South America, and the Middle East & Africa.

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Market Dynamics

Increase Adoption in Automotive to Support Market Expansion
Due to the rising production of off-highway vehicles, the automotive industry expects the demand for hydraulic fluids to increase throughout the forecast period. Furthermore, technological developments in automobile suspension and brake systems and the growing use of electronics in cars would accelerate market expansion.

Increased Demand in Die Casting in the Fire Resistant Lubricants Industry Drives Market Growth.
Die casting is a method of manufacture used to melt high-temperature molten iron, steel, and aluminium; there is a considerable fire risk during this process. As a result, during the die-casting process, Fire Resistant Lubricants are used as a cooling agent to protect against fire. Also, fire-resistant mechanical strong thermal characteristics ensure the safe drying of metals during the die-casting process. As a result, the market for fire-resistant products is expanding more quickly due to the rising need for Fire Resistant Lubricants for die-casting applications.

Top Players in the Global Fire Resistant Lubricants Market

• American Chemical Technologies Inc. (U.S.)
• BASF SE (U.S.)
• Castrol (Pangbourne, U.K.)
• The Dow Company (U.S.)
• Eastman Chemical Company (Kingsport, U.S.)
• Exxon Mobil Corporation (U.S.)
• Houghton International Inc (Pennsylvania, U.S.)
• Hidemitsu Kosan Co. Ltd (Chiyoda City, Japan)
• MORESCO Corporation (Japan)
• Quaker Chemical Corporation (U.S.)
• Southwestern Petroleum Lubricants LLC (Texas, U.S.)

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Top Trends in the Global Fire Resistant Lubricants Market

• One trend that Vantage Market Research (VMR) expects to see in the Fire Resistant Lubricants industry is the Increasing number of Mining Projects. Fire Resistant Lubricants are used in the mining industry to prevent fire mishaps and provide greater worker safety. The rise in new mining projects worldwide fuels the desire for fresh equipment. This further creates an opportunity for the market for Fire Resistant Lubricants to expand.
• Another trend that VMR predicts will continue in the Fire Resistant Lubricants industry is its increasing trend of using HFDR. HFDU is a premium natural ester base oil-based hydraulic fluid that resists fire. For use in all applications needing a Factory Assurance-approved fire-resistant fluid, HFDU is a great pro-government hydraulic fluid. Moreover, water-based fire-resistant hydraulic fluids must have their pH levels, corrosivity, wear a condom, monitored storage time, and shelf life evaluated regularly.

Top Report Findings

• Based on the Type, most of the Fire Resistant Lubricants market’s revenue is controlled by the HFC category. The main usage of HFCs, generated artificially, is as refrigerants. With the adoption of the Montreal Protocol, which phased out the use of chemicals like chlorofluorocarbons and perfluorocarbons (CFCs), which destroyed the ozone layer on planet Earth, they started to be widely employed for this purpose starting in the late 1980s.
• Based on Application, the power generation category controls most of the Fire Resistant Lubricants market’s revenue. Oil leaks in power production methods and operations such as steam/gas rotors, divert equipment, and electrohydraulic control systems (EHC) are a considerable risk. Therefore, the power generation industry uses Fire Resistant Lubricants to ensure these systems are fire-resistant. The market will expand due to rising renewable energy projects and power generation using renewable resources.

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Recent Developments in the Global Fire Resistant Lubricants Market

• In February 2022- A synthetic fire-resistant hydraulic fluid was added to the product line of Bio Blend Renewable Resources, LLC, a market leader in sustainable lubricating oils and greases.
• In September 2020- A next-generation phosphate ester generated from sustainable sources, Hosta hat 1738, was introduced by global chemical manufacturer Clariant for metalworking applications. This product is a fire-resistant hydraulic fluid in the metallurgy sector.

HFC Category in Fire Resistant Lubricants Market to Generate Closed to half the Revenue from Type Segment
For better understanding, based on the Type, the Fire Resistant Lubricants market is divided into HFA, HFB, HFC, HFDU and HFDR.

The HFC market was the largest by application and is anticipated to hold the top spot during the projected period. Fire Resistant Lubricants are widely used in confections, sauces, baked goods, and other foods as a preservative, flavouring ingredient, taste enhancer, or taste modifier. Due to rising populations, the popularity of flavoured carbonated drinks, and the growth in product launches by beverage producers, the beverages market is one of the fastest expanding industries worldwide.

On the other hand, the HFDU category is anticipated to grow significantly. Fire-resistant hydraulic fluids have been created to substitute petroleum-based fluids in applications with an ignition source. Hydraulic fluids with fire resistance are premium quality lubricants that do not spread fire from an ignition point and are more difficult to ignite. The global market for resistance hydraulic fluids is expanding due to rising demand from various industries, notably the automotive and building sectors, and the company’s output of developing nations.

Asia Pacific Region in Fire Resistant Lubricants Market to Generate the Major Chunk of the Global Revenue
The Asia Pacific region is anticipated to do so in the coming years. Asia Pacific is a desirable market for Fire Resistant Lubricants due to rising disposable income and the rapid rise of the region’s developing markets. The growing use of Fire Resistant Lubricants, fuelling market expansion, is mostly due to increased trade and the phenomenal growth in metal production.

The North American region is expected to grow the fastest in the Fire Resistant Lubricants market. The need for industrial lubricants in the region is fuelled by factors like increasing investments in manufacturing and construction, SME sector expansion, and new domestic and foreign competitors. Also, rapid growth for petroleum-based fuels and expanding sales of passenger cars and trucks in the area contribute to the market’s expansion.
Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on Fire Resistant Lubricants Market Forecast Report (2023-2030).

Global Fire Resistant Lubricants Market Segmentation

Based on Type

• HFA
• HFB
• HFC
• HFDU
• HFDR

Based on End-Use

• Metal Processing
• Mining
• Power Generation
• Aerospace
• Marine
• Construction
• Other End Uses

By Region

• North America
  • United States
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • South-East Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America
• Middle East & Africa
  • GCC Countries
  • South Africa
  • Rest of MEA

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Scope of the Report:    

Key Questions Answered in the Fire Resistant Lubricants Market Report are:

• What is the size and growth rate of the fire resistant lubricants market, and what are the factors driving this growth?
• What are the different types of fire resistant lubricants available in the market, and how do they compare in terms of performance and cost?
• What are the major end-use industries for fire resistant lubricants, and how are they expected to evolve in the future?
• What are the regulatory and safety standards governing the use of fire resistant lubricants, and how are they impacting market growth and innovation?
• Who are the major players operating in the fire resistant lubricants market, and what are their market shares and competitive strategies?
• What are the key trends and challenges facing the fire resistant lubricants market, and how are market players addressing them?
• What are the opportunities and potential growth areas in the fire resistant lubricants market, and how can companies capitalize on them?

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