by Firefighting foams are specialized foams that are mixed with water and used for extinguishing liquid fuel or hydrocarbon fuel fires like petroleum, oil, gas etc. Firefighting foams provide fire suppression by cooling the fuel and preventing reignition. They form a blanket over the fuel surface that seals oxygen from the fire.
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 1.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Stringent regulations regarding fire safety and need for effective fire extinction solutions have increased the demand for firefighting foams in recent years. Growing infrastructure and construction activities worldwide also contribute to higher market opportunities for firefighting foam as they need to comply with fire protection rules.
Segment Analysis
The global firefighting foam market is dominated by the fluorinated segment, which accounts for over 60% share of the global market. Fluorinated foams are highly effective in extinguishing hydrocarbon fuel fires and offer resistance against re-ignition. Their properties of spreading quickly and forming a cohesive burnback layer make them suitable for tackling challenging industrial and oil & gas fires.
Key Takeaways
The Global Firefighting Foam Market Size is expected to witness high growth over the forecast period 2023 to 2030. Rapid industrialization and growing need for compliance with fire safety regulations will drive demand.
Regional analysis: North America currently dominates the global market and is expected to maintain its leading position through 2030. Stringent fire safety norms in industries such as oil & gas and commercial segments are major drivers for the region. Asia Pacific is poised to emerge as the fastest growing regional market, supported by industrial growth in countries like China and India. Growing offshore oil & gas industry will also boost adoption of firefighting foams in Asia Pacific.
Key players: Key players operating in the firefighting foam market are Roche Diagnostics; Thermo Fisher Scientific, Inc.; Eisai Co. Ltd.; Novartis AG; Element Biosciences, Inc.; Dovetail Genomics LLC; Illumina, Inc.; ValiRx Plc.; Abcam plc. Roche Diagnostics and Thermo Fisher Scientific dominate the market with their wide product portfolio for real-time PCR and next generation sequencing based diagnostic assays. Expansion in emerging markets through collaborations with local players will be the focus of these global leaders.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
