by The global firefighting foam market has evolved significantly over the years. Firefighting foam, also known as aqueous film forming foam (AFFF), is a fire suppressing foam that is used to extinguish class B hydrocarbon fuel and liquid fires. It forms an aqueous film that spreads across the fuel, preventing oxygen from reaching it. Firefighting foam finds widespread applications for flammable liquid fires in a number of industries including aviation, oil & gas, marine, and military. The growing industrial sector and rising number of industrial accidents has augmented the need for firefighting foams for swift emergency response and damage control.
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 Dynamics
For instance, as per data by the UN Environment Program (UNEP), industrial accidents annually cause damage of over US$ 3.5 trillion worldwide. Since firefighting foam serves as an immediate and effective response measure to control and limit escalation of such accidents, their demand is anticipated to rise over the forecast period. Moreover, stringent regulatory guidelines mandating installation and regular inspection of fire safety equipment across industries will further support market growth. However, growing environmental concerns about toxicity of certain firefighting foam types may hinder market expansion to some extent.
SWOT Analysis
Strength: Firefighting foam are highly effective for extinguishing hydrocarbon and flammable liquid fires. They create a blanket that cuts off oxygen supply. Foams also prevent vapor explosions and flare-ups. Foams leave a protection layer for a longer period to prevent re-ignition.
Weakness: Firefighting foams contain PFAS chemicals which are highly persistent, bioaccumulative and toxic. Many countries have banned or regulated the use of legacy foams due to environmental and health concerns associated with PFAS. Alternative foam solutions are expensive or not proven to be very effective.
Opportunity: Regulatory push for non-PFAS based alternative foam solutions provides opportunities for novel chemistries and technologies. Growing fire and safety standards in industries mandating use of effective foams also boosts demand.
Threats: Stringent rules limiting use of legacy foams impacts market revenues in short term. High research and certification costs associated with new solutions pose challenges. Alternative solutions need to meet stringent performance standards to gain widespread acceptance.
Key Takeaways
The Global Firefighting Foam Market Size is expected to witness high growth. Growing industrialization and urbanization is boosting the need for effective fire safety solutions. Stringent regulations regarding use of PFAS based legacy foams is driving demand for alternative technologies.
North America dominates current market share led by strong investments in fire detection and suppression systems. stringent environmental regulations also boost adoption of non-PFAS solutions. Asia Pacific is the fastest growing regional market with increasing safety standards and industrialization.
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. These players are actively investing in R&D of new non-PFAS technologies to expand market share. Partnerships and M&A remain key growth strategies.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
