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.
Some of the prominent key players are:
· TotalEnergies SE (France)
· Quaker Houghton (US)
· Shell plc (UK)
· BP p.l.c. (UK)
· Exxon Mobil Corporation (US)
· Sinopec Group (China)
Opportunity: Demand for renewable energy to positively impact the fire resistant lubricants
E-commerce is an internet platform where fire resistant lubricant manufacturers can directly sell their products without involving distributors, dealers, or shops. It helps manufacturers to cut down the value chain and improve their profit margin. Fire resistant lubricant companies have also started to leverage this revolutionary virtual marketplace to gain a consumer base using online campaigns and digital marketing techniques. Europe and North American markets are mostly based on DIY consumers, who readily move the lengths to buy the brand of lubricant of their choice. E-commerce has boosted this trend and helped companies to target a larger audience. E-commerce might help change consumer behavior in various regions around the world.
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.
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
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