Global Fire Retarding Hydraulic Fluid Market is Anticipated to Reach Over US $2 Billion by 2026
LOS ANGELES, December 10, 2019 (Newswire.com) - There is an increasing need for fire safety precautions to avert unfortunate incidents in end-use manufacturing industries, which includes heating, high-temperature conditions, and other volatile circumstances. The latest QY Research report, ‘Global Fire Retarding Hydraulic Fluid Market Report, History and Forecast 2014-2026’ forecasts that the global Fire Retarding Hydraulic Fluid market is likely to obtain a value of more than US $2 billion by 2026 from US $1.5 billion in 2018. The market is anticipated to register a moderate CAGR of 4.5% from 2019 to 2026.
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High demand for water-based hydraulic systems in the mining and metal industry is likely to offer scope in the next few years. Fire Retarding Hydraulic Fluid systems are extensively used, based on performance characteristics to suit specific requirements based in end-use industries.
Fire Resistance Measure - A key Driver Fostering Fire Retarding Hydraulic Fluid Market
Aircrafts require hydraulic systems that offer necessary fire resistance measures, which has led to the growth of the market. The protection of large scale manufacturing in the industrial sector is likely to propel the growth of the market. Fire resistance characteristics, along with high thermal property and anti-corrosion, have resulted in its extensive usage in the steel and mining industry, leading to the growth of the market. Safety hydraulic fluids with high water content are preferred in manufacturing industries to fight bacterial and fungal growth and to prevent fire escalation.
Mining Industry – A lucrative scope for the market
The application segment is bifurcated into mining, metallurgy, aviation, marine, and others. Coal mining and steel industries are at high risk of fire breakouts. Fire Retarding Hydraulic Fluid systems have extensive usage in these areas, as they are required for safety measurements for workers contributing to the growth of the market. Protection against fire and resistance to oxidation are main characteristics that are promoting the usage of Hydraulic Fluid systems in mining and steel industries. The product type is segmented into HFB, HFA, HFD, and HFC.
Asia-Pacific – Manufacturing Sector Likely to Propel the Growth
The Asia-Pacific held a significant share of the market due to the rapidly growing industrial manufacturing sector, rising production of steel and increased mining activities. Developing countries have a rapidly growing chemical industry, which has extensive usage of Fire Retarding Hydraulic Fluid systems due to complex chemical processes that can result in accidental fires. Rising metal and aviation sectors are likely to fuel the growth of the regional market.
Innovation and Product Development – Key Strategies of Top Players
Eastman, Quaker Hougton, BP, ExxonMobil, Shell, Total, Lanxess, Chevron, American Chemical Technologies, BASF, Wuhan Jieshang, Idemitsu, Sinopec, and MORESCO are some of the key payers operating in the Fire Retarding Hydraulic Fluid market.
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Source: QY Research, Inc.
