Fire Resistant Lubricants Market worth $3.7 billion by 2027- Exclusive Report by MarketsandMarkets™
CHICAGO, April 3, 2023 /PRNewswire/ -- The report "Fire Resistant Lubricants Market by Type (HFA, HFB, HFC, HFDU, HFDR), End-Use Industry (Metal Processing, Mining, Power Generation, Aerospace, Marine, Construction, Others), Region (Asia Pacific, North America, Europe, South America) - Global Forecast to 2027", 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.
In order to avoid the fire hazards caused by metal-on-metal contact between the surfaces of moving parts, fire resistant lubricants offer protection. Although the surface of equipment appear to be smooth and polished, at the microscopic level they have rough surfaces. Smooth motion is hampered by friction. Additionally, it worsens surface wear, produces heat, and may even result in equipment failure or fire-related problems. Between moving parts a layer of film is formed when fire resistant lubrication is done correctly to eliminate friction, which leads to more streamlined operation and longer equipment life without fire concerns.
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73 – Figures
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A protective layer is created by preventing component surfaces from coming in contact with water or other corrosive chemicals. Fire resistant lubrication helps protect component surfaces from rust, corrosion, and fire leakages. Fire resistant lubrication prolongs the consistency, life, and efficiency of equipment by reducing wear, friction, excessive heat, corrosion, rust, contamination, and other factors. Exposure to several factors that could lead to potentially expensive equipment failures and breakdowns is decreased by fire resistant lubrication.
"HFDU fire resistant lubricants was the second-largest type in the global fire resistant lubricants market, in terms of value, in 2021"
The HFDU fire resistant lubricants can operate under extreme conditions, have high viscosity, and can withstand hot temperatures without oxidizing, which are some of the crucial factors which are likely to help the growth of the HFDU fire resistant lubricants market. Another factor for the growth of HFDU fire resistant lubricants is their better performance. The HFDU-type fire resistant lubricants have gained popularity because of their excellent lubricity, fire resistance properties, and good viscosity stability across a different range of temperatures. The HFDU-type fire resistant lubricants are much more versatile and compatible than HFDR fire resistant lubricants.
"Metal processing segment projected to be the largest end-use industry, in terms of value, during the forecast period"
High varying temperatures and high friction involved in industrial processes necessitate the use of fire resistant lubricants in the metal processing industry. The metal processing end-use industry consumes fire resistant lubricants on a large scale. Metal processing leads the fire resistant lubricants market due to the huge demand for metals such as steel, aluminum, and others from industries such as automotive, general manufacturing, construction, packaging, and machinery. The steel production plant consumes fire resistant lubricants in assembly cranes, electric motors, bearings, and hot-temperature casting machines.
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"Asia Pacific is estimated to be the largest market for fire resistant lubricants, in terms of value, during the forecast period"
Asia Pacific is estimated to be the largest fire resistant lubricants market in the metal processing and power generation industry. This is due to the increasing metal processing production in China, Japan, and India. According to the World Steel Association (WSA), China and India are the top crude steel producers, producing 1,032,790 thousand tons and 118,201 thousand tons, respectively, in 2021. The increasing steel production in China and India drives the demand for fire resistant lubricants in the metal processing end-use industry.
Market Players
The key market players profiled in the report include TotalEnergies SE (France), Quaker Houghton (US), Shell plc (UK), and BP p.l.c. (UK), Exxon Mobil Corporation (US), Sinopec Group (China), Phillips 66 (US), LANXESS AG (Germany), Croda International Plc (UK), and Fuchs Petrolub SE (Germany), among others.
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