According to Custom Market Insights (CMI), The Global Fire Resistance Fluid Market size was estimated at USD 1.42 Billion in 2021 and is expected to hit around USD 1.95 Billion) by 2030, poised to grow at a compound annual growth rate (CAGR) of 3.8% from 2022 to 2030.
Fire resistance fluid is developed to replace petroleum-based fluids in those sectors where potential ignition sources occur. Three fire-resistance fluid types are high-water fluids, water glycols, and synthetics. In addition, these types of hydraulic fluids are categorized and defined within the ISO 6743-4:2015 standard. Those with fire-resistant properties, commonly called fire-resistant hydraulic fluids (FRHF), are nested within this standard and broken into six categories: HFAE, HFAS, HFB, HFC, HFDR, and HFDU. Fire resistance fluid has many applications in industrial, mining, aerospace, metal processing, and other end-use sectors.
Browse the full “Fire Resistance Fluid Market Size, Trends and Insights By Product Type (Water based, Oil-In-Water Emulsions, Water-In-Oil Emulsions , Water-Glycol Fluids, Solvent based, phosphate esters, PAG, polyol esters, others), By Application (Fiber, Metal Processing, Industrial, Aviation, Marine, Mining), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” report at https://www.custommarketinsights.com/report/fire-resistance-fluid-market/
Market Dynamics.
Drivers
The growing use of fire resistance fluid in industrial sectors
Growing population across the globe, well establishment of industries in both developed and developing economies such as the U.S., China, India, and others have enhanced the performance of fire resistance fluid. For example, according to data published by trading Economics in September 2022, China’s industrial production increased by 4.2% YoY in August 2022, compared with market consensus and July’s reading of 3.8%. These factors will increase the demand for fire-resistance fluid during the forecast period. In addition, rising concern about workers’ safety in the industrial sector has surged the need for fire resistance fluid where it prevents ignition.
Restraints.
Stringent government norms and regulation
However, stringent government norms and regulation regarding the use of fire resistance fluid has hampered the market’s growth. For instance, European Union has set some standards and regulations on fire resistance fluid. These factors are expected to dampen the demand.
Opportunities
Robust demand from the aviation industry
The growing population across the globe travelling and truism industry has escalated the overall growth of the aviation industry. For instance, according to an article published by Invest India in October 2022, the Indian Civil Aviation MRO market currently stands at around $900 mn and is anticipated to grow to $4.33 bn by 2025, increasing at a CAGR of about 14-15%. The Indian drone industry will have a total turnover of up to $1.8 bn by 2026. Phosphate ester-based fire resistance fluids are primarily used in the aviation industry owing to the rising concern about workers’ safety. These factors are enhancing the overall growth of the fire-resistance fluid market.
Challenges.
Rising concern about the environment and government intervention
Over the forecast period, the absence of a standardized regulatory body globally for approval of fire resistance fluid is expected to obstruct market growth. Furthermore, the stringent regulations for producing fire-resistant fluids are projected to challenge the fire-resistance fluid market in 2022-2031.
Get Free Sample Copy @ https://www.custommarketinsights.com/request-for-free-sample/?reportid=19828
Report Highlights.
Based on product type, the water-based segment dominated the market in 2021 and accounted for a significant share of 78.0% during the forecast period. Water-based fire resistance fluid involves sub-segments like oil-in-water emulsions, water-in-oil emulsions, and water-glycol fluids. Water-based fire-resistance fluids are ideally used in many end-use industries owing to the level of water content, which offers excellent fire resistance and heat-transfer capabilities. In addition, oil-in-water emulsions tend to rely on additives to provide a more appropriate level of corrosion protection. Furthermore, their low viscosity and limited wear protection capabilities tend to be used only in special applications with low lubricity requirements. These factors will likely boost the potential sales of water-based fire-resistance fluids in the upcoming years.
Based on application, the segment includes metal processing, industrial, aviation, marine, and mining. It is expected that the global industrial application segment to hold a dominant position during 2022 -2031 with a total share of 42.56%.
India’s economic growth is closely related to its energy demand. Therefore, the need for oil and gas is projected to grow more, making the sector quite conducive for investment in oil & gas sectors where fire resistance fluid is widely used for workers’ safety. This factor is anticipated to enhance the overall market growth.
Furthermore, the metal processing, petrochemical, and mining & extraction sectors have increased the demand for fire resistance fluids. For instance, according to an article published by Invest India in July 2022, the production of petroleum products stood at 250 MMT in 2021 vs. 236 MMT in 2020, which is a 5.9% YoY growth. In addition, the need to comply with several stringent rules & regulations regarding fire safety is expected to drive the market. This is anticipated to increase the fire resistance fluids market demand in upcoming years.
Regional Snapshots.
Asia-Pacific is the dominant fire-resistance fluid market region, accounting for 35.67% of the total market share. This region is also anticipated to maintain its dominance throughout the forecast period. Countries such as China, Japan, India, and others have significantly contributed to the growth of the fire-resistance fluid market in the region. Key factors such as China’s bridge, aviation, marine, tunnel, and construction activity are expected to grow at a rapid pace owing to the rapid increase in population, industrialization, urbanization, and government support for the aviation, oil& gas, marine, and others has spurred the overall market growth.
Key Players
- Exxon Mobil Corporation
- Royal Dutch Shell
- Castrol Limited
- The Dow Chemical Company
- BASF SE
- Quaker Chemical Corporation
- Eastman Chemical Company
- Croda International Plc
- Chevron Products UK Limited.
Table of Contents: https://www.custommarketinsights.com/report/fire-resistance-fluid-market/#table-of-contents
About Us:
Custom Market Insights is a market research and advisory company delivering business insights and market research reports to large, small, and medium-scale enterprises. We assist clients with strategies and business policies and regularly work towards achieving sustainable growth in their respective domains.
Custom Market Insights provides a one-stop solution for data collection to investment advice. The expert analysis of our company digs out essential factors that help to understand the significance and impact of market dynamics. The professional experts apply clients inside on the aspects such as strategies for future estimation fall, forecasting or opportunity to grow, and consumer survey.
Contact Us:
USA Corporate Office
CMI Consulting LLC
1333, 701 Tillery Street Unit 12, Austin, TX, Travis, US, 78702
Sales & Support +1 801 639 9061
Email : support@custommarketinsights.com
Website : https://www.custommarketinsights.com/