The firefighting foam market is projected to grow at a CAGR of 3.6% from 2018 to 2023
The firefighting foam market is estimated at USD 726.4 million in 2018 and is projected to reach USD 867.7 million by 2023, at a CAGR of 3.6% from 2018 to 2023. The key drivers that are expected to have substantial impact on the growth of the market globally include increasing shift towards environmentally-safe products and increasing fire-related accidents leading to casualties and loss of property. Absence of a standardized regulatory body globally for the approval of firefighting foam is the major restraint that is expected to hinder the growth of the firefighting foam market.
Among types, AFFF firefighting foam is expected to register the fastest growth during the forecast period
AFFF foam is projected to be the fastest-growing type of the firefighting foam market. The demand for AFFF is driven due to its use in the oil & gas industry for increasing upstream and downstream activities, such as exploration, production, processing, storage, transportation, refining, and distribution.
Oil & gas industry was the largest end-use industry for firefighting foam in 2017
The oil & gas industry is the largest consumer of firefighting foam as it is widely used for Class B fires and is the best fire protection solution for fires caused due to flammable liquids. The risk of oil-based fires is high in the oil & gas industry, and hence this is expected to drive the demand for firefighting foam.
The APAC firefighting foam market is projected to be the largest during the forecast period
APAC was the fastest-growing market of firefighting foam in 2017. Countries in APAC included in this study are China, Japan, India, South Korea, Indonesia, and others. The demand for firefighting foam in the APAC is expected to rise due to extensive use in the oil & gas industry. Furthermore, the increasing number of downstream activities in the region is expected to drive the demand for firefighting foam for the oil & gas industry in future.
Breakdown of profiles of primary interviews for the report on the firefighting foam market
- By Company Type – Tier 1 – 42%, Tier 2 –33%, and Tier 3 – 25%
- By Designation – C Level – 31%, Director Level – 31%, and Others – 38%
- By Region – APAC – 61%, Europe – 31%, and North America – 8%
Some key companies profiled in this report are Johnson Controls International Plc. (US), The Solberg Company (US), Dr. Sthamer (Germany), National Foam (US), Angus Fire (UK), Kerr Fire (UK), Eau&Feu (France), DIC Corporation (Japan), and SFFECO Global (UAE).
The report covers the firefighting foam market across different applications and regions. It aims at estimating the market size and future growth potential of the firefighting foam market across different segments. The report also includes an in-depth competitive analysis of the key market players along with their profiles, recent developments, and key growth strategies.
Key benefits of buying the report
From an insight perspective, this research report focuses on various levels of analyses, which include industry analysis (industry trends) and company profiles. These insights together comprise and discuss the basic views on the competitive landscape, emerging and high-growth segments, high-growth regions, and drivers, restraints, opportunities, and challenges of the firefighting foam market.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on firefighting foam offered by the top players in the market.
- Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and new product launches in the firefighting foam market.
- Market Development: Comprehensive information about the lucrative and emerging markets. The report analyzes the markets for firefighting foam across different regions.
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the firefighting foam market.
- Competitive Assessment: In-depth assessment of strategies, products, and manufacturing capabilities of the leading players in the firefighting foam market.