Fire Resistant Hydraulic Fluid Market to Reach Nearly US$ 1.7 Bn by 2026; Increase in Concerns About Worker Safety Likely to Drive Market Growth

Transparency Market Research

ALBANY, New York, June 15, 2018 /PRNewswire/ --

The global fire resistant hydraulic fluid market was valued at around US$ 1.2 Bn in 2017 and is anticipated to expand at a CAGR of nearly 4% from 2018 to 2026, according to a new report by Transparency Market Research (TMR) titled 'Fire Resistant Hydraulic Fluid Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017-2026.' Fire resistant hydraulic fluids are hydraulic fluids with high fire resistance and much higher combustion temperatures vis-à-vis mineral oils. Mineral oils and petroleum-based hydraulic fluids are not used in applications where they can potentially come in contact with hot surfaces or open flames due to their high flammability. In such cases, fire resistant hydraulic fluids are preferred due to their inherently high fire resistance property. However, selection of the right fire resistant hydraulic fluid can often become a trade-off between hydraulic fluid performance characteristics and the system requirements in order to minimize costs and maximize health & safety benefits at the same time.

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Increase in Industrialization and Rise in Demand in Aviation Industry Projected to Drive Fire Resistant Hydraulic Fluid Market 

Rapid industrialization and growth in the aviation industry are expected to be key drivers of the fire resistant hydraulic fluid market. Industrialization is anticipated to boost the metal processing industry, which is a major application area of these fluids. Expansion in the aviation sector, especially in developing countries, is estimated to propel the demand for these fluids. Increase in concerns about worker safety and rise in awareness about industrial fires are also key drivers of the fire resistant hydraulic fluid market. Large number of industrial fires have occurred in the past due to the accidental spraying of mineral oil onto ignition sources. Therefore, the industry is now focusing on fluids that can help avoid these accidents, which are threat to not only industrial equipment but also pose grave danger to workers, operators, and the environment. However, high prices of fire resistant hydraulic fluids vis-à-vis petroleum-based hydraulic fluids is likely to restraint the market.