Fire Resistant Lubricants Market worth $3.7 billion by 2027 Globally, at a CAGR of 3.4% says MarketsandMarkets™
Chicago, Sept. 26, 2023 (GLOBE NEWSWIRE) — The Global Fire Resistant Lubricants Market size is projected to reach USD 3.7 Billion by 2027 from USD 3.1 billion in 2022, growing at a CAGR of 3.4 % in terms of value during the forecast period, as per the recent study by MarketsandMarkets™. The growth is largely driven by high demand from metal processing, mining, marine, aviation, and construction industries. The rising demand for manufacturing steel, aluminum, and other metals in developing regions is also fueling the fire resistant lubricants market.
Fire resistant lubricants are manufactured using base oils, synthetic liquids, and additives such as di thiophosphates, amine phosphates, and carbamides. The primary factor driving the global fire resistant lubricants market is massive industrialization in the developing parts of the world, increasing disposable income, and rapid urbanization in emerging countries.
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List of Key Players in Fire Resistant Lubricants Market:
- TotalEnergies SE (France)
- Quaker Houghton (US)
- Shell plc (UK)
- Exxon Mobil Corporation (US)
- BP p.l.c. (UK)
- Sinopec Group (China)
- Phillips 66 (US)
- LANXESS AG (Germany)
- Croda International Plc (UK)
- Fuchs Petrolub SE (Germany)
- among others
Drivers, Restraints, and Opportunities in Fire Resistant Lubricants Market:
- Driver: Growing demand from the metal processing industry
- Restraint: High cost of HFDU and HFDR-type fire resistant lubricants
- Opportunity: Demand for renewable energy to positively impact the fire resistant lubricants market
- Challenge: Lack of proper training and product awareness
Key Findings of the Study:
- Based on the type, the market is segmented into HFA (water oil emulsions), HFB (oil-water emulsions), HFC (water glycols), HFDU (polyol esters), and HFDR (phosphate esters).
- Based on the end-use industry, the fire resistant lubricants market is segmented into metal processing, mining, power generation, aerospace, marine, construction, and other industries such as textile, chemical, food processing, wood, and cement production.
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The HFDU-type fire resistant lubricants are expected to witness the highest growth between 2022 and 2027. The HFDU-type fire resistant lubricants are the best alternative to mineral oil. They may offer unique advantages, such as excellent lubricity and a higher viscosity index, and are developed with natural esters for low toxicity properties, enhanced biodegradability, and a higher flash point than other fire resistant lubricants.
Power generation is one of the major consumers of fire resistant lubricants and is also expected to grow at the highest rate during the forecast period from 2022 to 2027. Power plants need special grades of fire resistant lubricants that can provide superior performance in fire safety, water resistance, and high corrosion inhibition.
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Asia Pacific is estimated to be the largest market for fire resistant lubricants during the forecast period in terms of value and volume. Improved lifestyle due to increasing income, growing population, and growth of the industrial sector in China, India, and ASEAN is projected to propel the growth of the fire resistant lubricants industry in the region. The presence of major manufacturers such as TotalEnergies SE (France), Quaker Houghton (US), Shell plc (UK), Exxon Mobil Corporation (US), and BP p.l.c. (UK) is expected further to fuel the fire resistant lubricants market growth in the region.
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