April 20, 2024
Firefighting Foam Market

Growing Infrastructure Spending To Drive The Firefighting Foam Market Globally

Market Overview:
Firefighting foam is primarily used for reducing the risk of fire accidents at airports, oil & gas industries, chemical plants and other industrial facilities. It acts as a blanket to effectively smother flames by sealing combustible vapor and breaking the oxygen attack on fuel sources. Firefighting foams are applied as an aqueous film forming foam (AFFF) or film forming fluoroprotein foam (FFFP) which creates a thin film to seal the fuel source from oxygen. They find wide application for combating hydrocarbon fuel fires including those involving gasoline, kerosene, diesel and jet fuels. Growing industrialization and infrastructure development has increased the risk of fire accidents, thereby driving the need for efficient fire protection systems utilizing firefighting foams.

Market key trends:
One of the key trends in the market is the rising demand from oil & gas industry. Firefighting foams are extensively utilized for preventing explosions during oil & gas extraction, transportation and processing activities. With increasing energy needs worldwide, oil & gas production has witnessed a significant rise over the years. This has correspondingly boosted the sales of firefighting foams. Another trend is the stringent fire safety regulations imposed by government and industry bodies on industrial facilities. Companies are mandated to have proper fire suppression systems installed which has supported the adoption of firefighting foams. Growing construction of commercial infrastructure such as hotels, shopping malls and high-rise buildings has also created conducive environment for greater uptake of firefighting foams for fire safety.

The global Firefighting Foam Market Demand is estimated to be valued at US$ 7.31 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 – 2030, as highlighted in a new report published by Coherent Market Insights.

Porter’s Analysis
Threat of new entrants: The firefighting foam market requires huge R&D investments and certifications to enter. Large capital requirements and stringent government regulations pose high barriers for new companies.

Bargaining power of buyers: The bargaining power of buyers is moderate. The presence of many established manufacturers with a wide product range gives buyers options. However, stringent performance standards and certifications limit substitutability.

Bargaining power of suppliers: A small number of raw material suppliers and certification bodies gives them moderate bargaining power over manufacturers. However, the availability of substitutes poses a limiting factor.

Threat of new substitutes: While new fire extinguishing technologies are emerging, foam continues to be the most effective medium for extinguishing liquid fuel fires. Strict performance standards also restrict significant substitutes in the near future.

Competitive rivalry: The market is moderately competitive with the presence of large multinational players. Companies compete based on product innovation, pricing, and compliance with industry standards.

Key Takeaways

The global firefighting foam market size is expected to reach US$ 7.31 Bn in 2023 and exhibit a CAGR of 5.9% during the forecast period, owing to rising industrialization and infrastructure development worldwide.

Regional analysis: North America dominates the market currently due to stringent safety regulations and the presence of major chemicals production bases. Asia Pacific is expected to witness the fastest growth over the coming years led by countries like China and India experiencing rapid industrialization and building of commercial infrastructure.

Key players analysis: Key players operating in the firefighting foam market include Johnson Controls (including ANSUL), Solberg (a division of Amerex Corporation), Dr. Sthamer, National Foam (a part of Kidde-Fenwal, Inc.), Eau&Feu, Dafo Fomtec AB, ICL Performance Products, KV Fire Chemicals, Auxquimia & Angus Fire. These companies are focusing on new product launches and capacity expansions to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it