According to the new market research report on the “Firefighting Foam Market by Type (AFFF, AR-AFFF, PF, Synthetic Detergent Foam), End-use Industry (Oil & Gas, Aviation, Marine, Mining), Region (APAC, Europe, North America, Middle East & Africa, South America) – Global Forecast to 2023″, published by MarketsandMarkets™, The firefighting foam market is projected to reach USD 867.7 million by 2023, at a CAGR of 3.6% from an estimated USD 726.4 million in 2018.
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Growth of the firefighting foam market can be attributed to the increasing demand from the oil & gas industry. The major drivers for the growth of this market include increasing shift towards environmentally-safe products and increasing fire-related accidents leading to casualties and loss of property.
Among types, the AFFF firefighting foam market witnessed the largest market share in 2017
Based on type, the firefighting foam market has been segmented into AFFF, AR-AFFF, PF, synthetic detergent foam, and others. The AFFF foam segment accounted for the largest share of the firefighting foam market in 2017 and is projected to grow at the highest CAGR during the forecast period. AFFF foam is widely used for oil-based fires and hence is preferred by the oil & gas industry. Due to the higher risk of fire accidents in the oil & gas industry, the demand for AFFF is high.
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The oil & gas industry segment is projected to grow at the highest CAGR between 2018 and 2023
The oil & gas industry segment is expected to grow at the highest CAGR in the firefighting foam market during the forecast period, 2018-2023. Demand for firefighting foam is high in the oil & gas industry due to a higher risk of fire accidents in oil-based fires as various activities in the upstream and downstream sector pose risks. Hence there is a high demand for firefighting foam in this industry as a precautionary measure.
Asia Pacific was the largest market for firefighting foam in 2017
Growth of the APAC firefighting foam market can be attributed to the increasing demand from the oil & gas industry. Countries in the APAC are witnessing an increasing demand for energy which is expected to lead to the increasing establishment of refineries and processing units in the region. This is expected to drive the demand for firefighting foam in the region.
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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) are the key players operating in the firefighting foam market.
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