Firefighting Foam Market is Estimated to Witness High Growth Owing to Rising Need to Protect Industrial Assets and Infrastructures from Fire Outbreaks
Firefighting foam are special foaming liquid concentrates that produce air-filled bubbles and foam when mixed with water and discharged through specialized firefighting equipment such as monitors, turrets and foam pourers. These foams effectively cut off oxygen supply to the fire, helping in rapid extinguishing of Class A and Class B fires involving combustible solids and flammable liquids respectively. Increasing instances of fires erupting in industrial facilities and commercial buildings are raising the need for effective fire protection solutions. The global firefighting foam market is estimated to be valued at US$ 7.31 Bn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The rising need to protect critical industrial assets and infrastructures from fire outbreaks is estimated to drive high demand for specialized firefighting foams in the coming years. Various industries such as oil & gas, aviation, marine, chemical and electronics that store or use flammable substances are required to have effective fire suppression systems in place as per statutory regulations. Global firefighting foam market size that can rapidly extinguish fuel and chemical fires while preventing re-ignition are becoming increasingly important for risk mitigation in these high-risk sectors. Their enhanced performance attributes compared to traditional dry chemical or water agents make them suitable for meeting stringent industry standards of safety. With growing industrialization worldwide, especially in emerging economies, the market opportunity for specialized firefighting foams is expected to witness steady gains over the forecast period.
Porter’s Analysis
Threat of new entrants: New entrants face high costs of R&D, manufacturing facilities, and establishing brand recognition in this market. Regulations also create barriers.
Bargaining power of buyers: Buyers have moderate bargaining power as firefighting foam has few substitutes and buyers require compliance.
Bargaining power of suppliers: A few large suppliers exist for chemicals, giving them some power over price and availability of raw materials.
Threat of new substitutes: Substitute technologies have emerged but none yet offer the performance of firefighting foams across different applications.
Competitive rivalry: Intense as large players compete globally and compete on foam type, quality and service.
SWOT Analysis
Strengths: Firefighting foam effectively suppresses liquid fuel and gas fires. Estabished brands and productportfolios.
Weaknesses: Disposal of foam wastewater is expensive and causes environmental issues. Foam contains PFAS chemicals raising safety concerns.
Opportunities: Growth in airports, oil & gas industry raises demand. Development of greener foam technologies without PFAS.
Threats: Increased regulation and bans on PFAS-based foams in Europe and North America. Low cost alternatives could emerge.
Key Takeaways
The global firefighting foam market is expected to witness high growth driven by regulations regarding safety in industries such as oil & gas and aviation.
Regional analysis: North America comprises regulations in Canada banning the use of PFAS-based foams. The US market is substantial led by requirements in the aviation, oil & gas and marine industries.
Key players operating in the firefighting foam market are MagForce AG, Andromedic, Xianke Medical Equipment, OncoTherm, Celsius42+, Oncotherm, Pyrexar Medical, Yamamoto Vinita, Nanoprobes, Alba Hyperthermia System, Nova Company, Perseon, Omron, Sunny Medical Equipment, OrienTech, BSD Medical, Sensius, Celsius42, Nanjing Greathope, Shanghai Huayuan. Major players are focusing on launching environmentally sustainable foams without PFAS to comply with changing regulations.
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