Firefighting foam refers to the foams that helps in extinguishing fires by displacing oxygen, cooling the fuel and coating its surface preventing its re-ignition. Firefighting foams find widespread application in industries such as oil and gas, aviation, marine, mining and defense among others to extinguish hydrocarbon fuel fires. Their ability to quickly knock down and secure flammable liquid pool or cargo tank fires makes them preferable over water in such scenarios. 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising demand for firefighting foam from oil and gas industries has been a key driver propelling the market growth. The complex nature of operations in oil and gas industry involving higher risks of fires from flammable hydrocarbon fuels has increased the use of class B firefighting foams to quickly extinguish such fires. Moreover, stringent fire safety regulations across major countries has necessitated proper fire prevention and control measures at industrial facilities boosting the demand for specialized firefighting foams. The growing maritime trade and aviation industry has also augmented the consumption of firefighting foams aboard ships and airports. However, environmental concerns around long term effects of certain foam constituents may hinder market prospects to some extent over the forecast period.
SWOT Analysis
Strength: Firefighting foam has strong fire suppression and sealing capabilities which help control and eliminate fires quickly. It creates foam blanket that seals off oxygen and helps prevent fires from spreading.
Weakness: Some firefighting foams contain toxic and persistent ingredients like PFAS which can harm the environment and contaminate groundwater if not disposed of properly. Regulatory pressure is increasing on usage of such foams.
Opportunity: Development of new eco-friendly firefighting foams without toxic PFAS chemicals presents an opportunity to reduce environmental impact. Growing construction industry and infrastructure development in emerging markets also fuels demand.
Threats: Stringent regulations restricting usage of toxic ingredients in firefighting foams can impact sales. Economic slowdowns can negatively impact sectors like oil & gas and construction where such foams are widely used.
Key Takeaways
The Global firefighting foam market size is expected to witness high growth over the forecast period driven by industrialization and infrastructure development.
Regional analysis: Asia Pacific dominates currently due to strong growth in China, India and Southeast Asian countries where construction booms are driving foam consumption. The region’s share is projected to grow further.
Key players operating in the firefighting foam market include 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 and BSD Medical. These key players are focusing on developing eco-friendly foam solutions without toxic PFAS and expanding into fast growing emerging markets through collaborations with local players.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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