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Fire Resistant Lubricants Market

Fire Resistant Lubricants Market

Fire Resistant Lubricants Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:

142

Base Year:

2022

Date

Apr - 2023

Format:

PDF XLS PPT

Report Code:

VMR-2091

Segments Covered
  • By Type By Type HFA, HFB, HFC, HFDU, HFDR
  • By End-Use Industry By End-Use Industry Metal Processing, Mining, Power Generation, Aerospace, Marine, Construction, Other End-Use Industries
  • By Region By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Snapshot
Base YearBase Year: 2022
Forecast YearsForecast Years: 2023 - 2030
Historical YearsHistorical Years: 2017 - 2021
Revenue 2022Revenue 2022: USD 2.1 Billion
Revenue 2030Revenue 2030: USD 2.61 Billion
Revenue CAGRRevenue CAGR (2023 - 2030): 3.2%
Fastest Growing Region Fastest Growing Region (2023 - 2030) Asia Pacific
Largest Region Largest Region (2022): Asia Pacific
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost) Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries) Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report Country/Region-specific Report
  • Go To Market Strategy Go To Market Strategy
  • Region Specific Market Dynamics Region Specific Market Dynamics
  • Region Level Market Share Region Level Market Share
  • Import Export Analysis Import Export Analysis
  • Production Analysis Production Analysis
  • Other Others Request Customization Speak To Analyst
Fire Resistant Lubricants Market Share

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.

Premium Insights

Fire Resistant Lubricants are substances used to slow down or stop the spread of fire or reduce its intensity. This is achieved by accomplishing chemical reactions that can reduce fuel flammability or delay combustion. The global Fire Resistant Lubricants market is expected to be driven by primary factors such as rapid industrialization combined with rapidly advancing automation processes. Additionally, rising increase within the metal processing and mining industry and increasing demand for renewable energy are expected to increase sales for Fire Resistant Lubricants. An expanding e-commerce industry will act as an opportunity for the global market to flourish.

Metal processing is a significant consumer of Fire Resistant Lubricants. Numerous metal processing and other heavy equipment often require Fire Resistant Lubricants for smoother functionality of machinery. The North American and European regions are significant consumers of such products due to the increased focus on manufacturing various metals. The rising purchasing power among the general population and growing demand for affordable housing is expected to give rise to the construction sector. Increasing demand for steel for many applications such as automotive, construction, mechanical equipment, transport, electric & domestic applications will pave the way for the global Fire Resistant Lubricants market to widen its revenue.

Various manufacturers are utilizing e-commerce to sell their products directly to consumers. This ensures a higher profit margin, which is inclining market leaders to use this revenue stream. Manufacturers are selling their products without involving distributors, dealers, or shops. It helps them improve their value chain and improve their profit margin. Prominent manufacturers use this leverage to gain a consumer base through aggressive marketing techniques and online campaigns. Studies have indicated that the consumer base in North America and Europe is based on a DIY consumer. They are readily used to buying their choice brand of lubricants. E-commerce is pushing the sales of Fire Resistant Lubricants with changing consumer behavior.

Fire Resistant Lubricants Market Size, 2022 To 2030 (USD Billion)

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Economic Insights

There will always be downturns during recessions. A company has a better chance of surviving a downturn and thriving during recovery if it is better prepared for it. Recessions can be promoted by seeing hints and trends from previous ones. The primary industrial sector was impacted by and still feels the effects of Russia's invasion of Ukraine. Both of these regions are heavily dependent on agriculture, and it has been predicted that if things worsen, there may be a food and energy crisis, particularly in nations that depend on European countries for both. The repercussions of the war are expected to have an impact on the import and export of a variety of products.

Top Market Trends

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1. A Budding Aerospace Sector to Drive Market Growth: The global Fire Resistant Lubricants market is expected to grow during the forecast period owing to its ability to perform operations of preventing fire and controllability at extremely high pressures (-3000 Pa). This is achieved by inhibiting ignition due to their desirable chemical properties. This makes them highly desirable within the aerospace industry wherein Fire Resistant Lubricants can play a pivotal role where an aircraft's hydraulic system is considered a critical factor for safety.

2. Manufacturing Processes: Nowadays, the complexities of various manufacturing processes are increasing within the operational environments. Consequently, the operation parameters are getting more severe. Smaller hydraulic reservoir sizes, higher pressure, and extreme operation conditions make the utilization of Fire Resistant Lubricants an absolute necessity. Increasing focus on workers' safety and rising concerns regarding averting hazardous incidents caused by fire will further push the growth of the Fire Resistant Lubricants market.

3. Growing Industrialization: Rapidly growing industrialization within developing economies is increasing the footprint of the global Fire Resistant Lubricants market during the forecast period. Utilization of Fire Resistant Lubricants is becoming an absolute necessity in many industries such as mining, steel, and aviation. A wide variety of Fire Resistant Lubricants available for different working conditions further increases the market's value.

Market Segmentation

The global Fire Resistant Lubricants market can be categorized on the following: Type, End-Use Industry, and Regions. Based on type, the market can be categorized into HFA, HFB, HFC, HFDU, and HFDR. By end-use industry, the market can be segmented across metal processing, mining, power generation, aerospace, marine, construction, and others. By Likewise, based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Below tree is interactive. You can click the nodes to get more information.

Based on Type

HFC to Dominate Market Owing to Wider Advantages Over its Counterparts

The global Fire Resistant Lubricants market is expected to be dominated by the HFC segment in terms of revenue and share. HFC offers broader advantages, such as a lower freezing point and increased heat-transfer capabilities. Additionally, it has a higher resistance provided by the presence of water in its composition. Also, HFC-based Fire Resistant Lubricants can impart a higher viscosity index combined with natural detergency than other base oil. These factors are expected to add value to the segmental growth. HDFU segment is expected to grow with the fastest growing CAGR during the forecast period owing to a higher viscous point combined with a better performance index.

Based on End-Use Industry

Mining to Occupy Largest Market Share Owing to Heavy Utilization During a Variety of Processes

The mining segment is expected to account for the largest market share during the forecast period in terms of revenue and share. Fire Resistant Lubricants are utilized within the mining sector in heavy equipment, including rock drills, excavating equipment, ore conveyors, and loaders. These factors are expected to increase the footprint of the mining segment. Additionally, equipment such as draglines, electric rope shovels, hydraulic shovel, and mining trucks utilize Fire Resistant Lubricants at a larger scale. These factors will fuel the global market's growth, thereby increasing mining industry sales. The construction sector is expected to grow with the fastest growing CAGR during the forecast period owing to efforts to improve the safety of residents.

Based on Region

Asia Pacific to Owe Largest Market Share Due to Expanding Investments in Applicable Sectors

The global Fire Resistant Lubricants market is expected to be dominated by the Asia Pacific market in terms of revenue and sales. Factors such as rising investments in the construction sector and a growing population in emerging economies are expected to add value to the regional market further. Additionally, increased focus on developing infrastructure in China, India, and Japan, along with expanding industrial investments, is further expected to drive the demand for Fire Resistant Lubricants market in the Asia Pacific. Also, factors such as a rising focus towards higher safety standard norms in industrial activities such as mining and automobile manufacturing will further increase the market's footprint.

North America is expected to grow with the fastest growing CAGR during the forecast period owing to the presence of manufacturing activities, including metalworking and expanding automotive industry. Factors such as rapidly increasing steel production will also drive the North American Fire Resistant Lubricants market.

Competitive Landscape

The global Fire Resistant Lubricants market is expected to be dominated by a handful of players, making the industry somewhat fragmented. Additionally, increased investments in their research and development departments are giving rise to a diverse product portfolio. Players are also focused on merging and acquiring small players to increase their footprint on a regional basis, thereby cementing their position in the global market.

The key players in the global Fire Resistant Lubricants market include - American Chemical Technologies Inc. (U.S.), BASF SE (U.S.), Castrol (U.K.), The Dow Company (U.S.), Eastman Chemical Company (U.S.), Exxon Mobil Corporation (U.S.), Houghton International Inc (U.S.), Hidemitsu Kosan Co. Ltd (Japan), MORESCO Corporation (Japan), Quaker Chemical Corporation (U.S.), Southwestern Petroleum Lubricants LLC (U.S.) among others.

Recent Market Developments:

· July 2022: Quaker Houghton announced that they were collaborating with SKF Group to combine SKF's Group Double Separation Technology with Quaker Houghton's industrial oils and fluids to enable the industry to widen its footprint.

· July 2022: Exxon Mobil Corporation announced they were partnering to be the sole aviation lubricants supplier for Ethiopian Airlines' growing fleet, such as the Mobil HyJet V and Mobil HyJet IV-Plus.

· April 2022: Exxon Mobil Corporation announced a partnership with Kalitta Air and Mesa Air Group to procure the Exxon Mobil Corporation aviation lubricants and use Mobil HyJet IV-Aplus across their entire fleet.

· December 2021: Total Energies SE announced an agreement with City Rail Link (CRL) Project over the next six months for establishing themselves as the significant supplier across CRL's sites for Hydransafe and its full lubricant range.

Segmentation of the Global Fire Resistant Lubricants Market

Parameter Details
Segments Covered

By Type

  • HFA
  • HFB
  • HFC
  • HFDU
  • HFDR

By End-Use Industry

  • Metal Processing
  • Mining
  • Power Generation
  • Aerospace
  • Marine
  • Construction
  • Other End-Use Industries

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, 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 Middle East & Africa)
Companies Covered
  • American Chemical Technologies Inc. (U.S.)
  • BASF SE (U.S.)
  • Castrol (U.K.)
  • The Dow Company (U.S.)
  • Eastman Chemical Company (U.S.)
  • Exxon Mobil Corporation (U.S.)
  • Houghton International Inc (U.S.)
  • Hidemitsu Kosan Co. Ltd (Japan)
  • MORESCO Corporation (Japan)
  • Quaker Chemical Corporation (U.S.)
  • Southwestern Petroleum Lubricants LLC (U.S.)
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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FAQ
Frequently Asked Question
  • The global Fire Resistant Lubricants valued at USD 2.1 Billion in 2022 and is expected to reach USD 2.61 Billion in 2030 growing at a CAGR of 3.2%.

  • The prominent players in the market are American Chemical Technologies Inc. (U.S.), BASF SE (U.S.), Castrol (U.K.), The Dow Company (U.S.), Eastman Chemical Company (U.S.), Exxon Mobil Corporation (U.S.), Houghton International Inc (U.S.), Hidemitsu Kosan Co. Ltd (Japan), MORESCO Corporation (Japan), Quaker Chemical Corporation (U.S.), Southwestern Petroleum Lubricants LLC (U.S.).

  • The market is project to grow at a CAGR of 3.2% between 2023 and 2030.

  • The driving factors of the Fire Resistant Lubricants include

    • Massive industrial growth in Asia Pacific and Middle East & Africa

  • Asia Pacific was the leading regional segment of the Fire Resistant Lubricants in 2022.