Firefighting Foam Market Estimated To Witness High Growth Owing To Increasing Fire Incidents Across Industries
Market Overview:
Firefighting foam refers to a foam used for fire suppression and primarily consists of aqueous film-forming foam (AFFF) and film forming fluoro-protein foam (FFFP). It helps in cooling surfaces and sealing oxygen out of the fuel source. It finds widespread applications for extinguishing hydrocarbon fuel fires and flammable liquid fires across industries such as oil & gas, aviation, marine, and mining.
Market Dynamics:
Firefighting foam market is primarily driven by increasing fire incidents across various industries globally. As per the U.S. Fire Administration's Topical Fire Report Series, around 2,744 industrial/manufacturing fires were reported in the year 2019, claiming $1.1 billion in property loss. Additionally, growing aviation sector is also contributing to the market growth. As per the International Civil Aviation Organization (ICAO), the passenger traffic is expected to grow by 4.3-4.9% every year till 2035 in the aviation sector. This is increasing the need for fire safety measures at airports thereby propelling the demand for firefighting foams. Furthermore, stringent fire safety regulations across industries is further fuelling the market growth over the forecast period. However, the rising environmental concerns regarding fluorinated foams due to their persistent organic pollutant properties may hamper the market growth during the forecast period.
The global Firefighting Foam Market Demand is estimated to be valued at US$ 7.31 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 - 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Firefighting foam has high effectiveness in extinguishing liquid and gas fires which makes it useful for industrial applications. It helps choke off oxygen supply and separates the fuel from heat and oxygen. Firefighting foam agents are capable of rapidly spreading into a blanket that floats on top of ignited liquid spills and seals off the fuel from oxygen.
Weakness: Firefighting foams contain PFAS chemicals that are toxic and non-biodegradable posing serious health and environmental risks on disposal. Strict regulations around the use of PFAS foams increases compliance costs for users.
Opportunity: Growing industrialization in emerging economies of Asia Pacific and Middle East & Africa is driving the need for fire safety equipment. Increasing instances of oil & gas, and chemical plant fires also raise the importance of effective fire extinguishing solutions.
Threats: Growing preference for non-PFAS based green firefighting alternatives can challenge the demand for conventional foams. Stringent government regulations worldwide aim to restrict the use of toxic PFAS compounds.
Key Takeaways:
The global firefighting foam market is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing industrialization and construction activities worldwide. Rapid urbanization is propelling the need for improved fire safety infrastructures across commercial buildings, airports and transportation hubs.
Regional analysis
The Asia Pacific firefighting foam market is projected to dominate global demand over the forecast period. Rapid industrial growth along with rising per capita income is driving construction of new commercial buildings, factories and infrastructure projects in densely populated countries of China and India. North America and Europe currently represent the largest share of global firefighting foam consumption attributed to stringent safety regulations and large chemical production industry base.
Key players
Key players operating in the firefighting foam market are Johnson Controls (including ANSUL), Solberg (a division of Amerex Corporation), Dr. Sthamer, National Foam (a part of Kidde-Fenwal, Inc.), Eau&Feu, Dafo Fomtec AB, ICL Performance Products, KV Fire Chemicals, Auxquimia & Angus Fire. The market demonstrates a moderate level of competition with major players focusing on new product innovation and geographical expansion into high growth regions.
Read More: https://blogger-veritas.blogspot.com/2023/12/internet-based-cloud-computing-is_6.html
English
Arabic
Français
Español
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian