According to a new report published by Allied Market Research titled,“Firefighting Foam Market by Type, and End-Use Industry: Global Opportunity Analysis and Industry Forecast, 2019–2026,” the Global Firefighting Foam market sizewas valued at $856.3million in 2019 and is anticipated to generate $1,141.5 million by 2027. The market is projected to experience growth at a CAGR of 3.6% from 2020 to 2027.
There has been significant increase in fire related accidents especially in the oil & gas industry. The huge losses including manpower due to such fire outbreaks demand for safety measures as well as efficient firefighting measures one of which are fire extinguishing foam. There is an increase in the demand for firefighting foam owing to rise in number of such incidents, which further drives the market growth. Furthermore, stringent rules & regulations regarding fire safety that companies have to abide by also surges the demand for firefighting foam, hence driving themarket growth. However, rise in awareness toward presence of PFOS and PFAS in firefighting foam contaminating drinking water sources have led to various law suits that are faced by the companies. Furthermore, governments of several countries have introduced acts and laws that restricts the production, import, export, application, and transport of fluorine-based firefighting foam, which hampers the growth of the market. Meanwhile, R&D activities in developing fluorine-free firefighting foam is expected to offer lucrative opportunity for firefighting foam market growth.
The global firefighting foam is segmented based on type, end-use industry, and region. Depending on type, it is divided into aqueous film forming foam (AFFF), alcohol resistant aqueous film forming foam (AR-AFFF), protein foam, synthetic detergent foam (high and mid-expansion foam), and others. Alcohol resistant aqueous film forming foam (AR-AFFF) dominated the market share and is expected to experience growth at a higher CAGR during the forecast period. Depending on the end-use industry, the market is categorized into oil & gas, aviation, marine, mining, and others.The oil & gas market dominated the market share and is expected to remain dominant during the forecast years. Region wise, firefighting foam market analysis is done across North America, Europe, Asia-Pacific and LAMEA (Latin America, Middle East, and Africa). The firefighting foam market share was dominated by Asia-Pacific and is expected to grow at a higher CAGR of 3.9% owing to high demand from emerging economies in the region.
The key players operating in firefighting foam industry are Dr. Sthamer, National Foam, Angus Fire Ltd., Kerr Fire, Sffeco Global, DafoFomtec Ab, Solberg, Auxquima, Perimeter Solutions, Eau&Feu, DIC Corporation, Johnson Controls International Plc, Ansul, Chemguard, Williams Fire, and Sabo Foam.
Key findings of the study
Global firefighting foam market size is provided in terms of revenue
India is projected to grow at the highest CAGR of approximately 4.3%, in terms of revenue, during the forecast period
By End-use industry, the oil & gas segment is anticipated to grow with CAGR 3.9%, in terms of revenue, during the forecast period
The India and Germany dominated the market with a revenue share of over 4.3% and 4.0% in 2018
A comprehensive analysis of the factors that drive and restrain the firefighting foam market growth is provided
The qualitative data in this report aims at the firefighting foam market trends, dynamics, and developments in the firefighting foam industry
The firefighting foam market forecast and estimations are based on factors impacting the market growth