The fire resistant hydraulic fluid market is estimated to observe tremendous growth opportunities during the forecast period of 2018-2026. The rising awareness regarding the importance of fire safety and the expanding need to address concerns about the safety of workers in the industrial sector will bring promising growth avenues.
Rapid industrialization across various regions around the world is one of the important factors that will strengthen the growth trajectory of fire resistant hydraulic fluid market during the tenure of 2018-2026. The expanding use of fire resistant hydraulic fluids in end-user industries like aviation, mining, marine, metal processing, and others will bring exponential growth.
Fire resistant hydraulic fluid is a type of fluid having high ignition temperature. The fluid is more resistant to fire as compared to other mineral oils. Fire resistant does not mean that these fluids are fire-proof. The resistance capability is more in these fluids than other types of oils. They do not let a flame to spread from an ignition source. Cost-effectiveness, brilliant lubricity, and wide viscosity range availability are some benefits that will be of great advantage for fire resistant hydraulic fluid market.
Large multinational companies have a firm grip on the growth structure of fire resistant hydraulic fluid market. These companies contribute a massive growth-share. Investments in research and development activities coupled with frequent strategic collaborations for expansion purposes are major aspects that help companies in increasing their revenues, eventually having a vital impact on the growth trajectory.
Transparency Market Research’s (TMR’s) report on the fire resistant hydraulic fluid market has every component that will assist the stakeholder in understanding the current scenario. The overall market research survey on fire resistant hydraulic fluid by TMR suggests a stable growth period.
According to the TMR experts, the market for fire resistant hydraulic fluid is prognosticated to expand at 4 percent CAGR during the forecast period of 2018-2026. In the context of valuation, the fire resistant hydraulic fluid market is estimated to gain US$ 1.7 bn by 2026 and it was valued at US$ 1.2 bn in 2017.
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Emergence of Fire Resistant Hydraulic Fluids as Feasible Alternative to Mineral Oils having High Flammability Issues Invites Exponential Growth
The use of fire resistant hydraulic fluids where petroleum fluids and other mineral oils cannot be utilized due to lower resistance to fire will bring extensive growth prospects. Petroleum fluids have high flammability issues. As fire resistant hydraulic fluids have more resistance, they are considered as a feasible alternative to petroleum fluids. These factors have a large impact on the growth of fire resistant hydraulic fluid market.
Eco-Friendly Fire Resistant Hydraulic Fluids to Determine Future Growth Opportunities
An increase in number of regulations regarding pollution and a rise in environmental concerns is encouraging manufacturers in the fire resistant hydraulic fluids market to explore sustainable and useful methods to produce and develop eco-friendly fire resistant hydraulic fluids. Research and development activities on creating fire resistant hydraulic fluids that have the same performance but are less harmful to the environment is gaining considerable traction.
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Asia Pacific to Expand at Significant Pace across Forecast Period
Asia Pacific’s fire resistant hydraulic fluids market constituted a large growth-share of nearly 35 percent in 2017. The rising industrialization across various countries in Asia Pacific, especially China influenced the growth trajectory in 2017. Further, rise in demand for these fluids in numerous application areas will bring immense growth for the fire resistant hydraulic fluids market in Asia Pacific. This factor will set the tone of growth for the fire resistant hydraulic fluids market during the forecast period of 2018-2026.
Some key players in the fire resistant hydraulic fluids market are Quaker Chemical Corporation, Houghton International Inc., American Chemical Technologies, Inc., MORESCO Corporation, and The Dow Chemical Company.
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