PORTLAND, Oregon, May 6, 2020
- Rise in demand from end-use industries and government rules and regulations regarding fire safety have propelled the growth of the global firefighting foam market
PORTLAND, Oregon, May 6, 2020 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Firefighting Foam Market by Type (Aqueous Film Forming Foam (AFFF), Alcohol Resistant Aqueous Film Forming Foam (AR-AFFF), Protein Foam, Synthetic Detergent Foam, and Others), and End-Use Industry (Oil & Gas, Aviation, Marine, Mining, and Others):Global Opportunity Analysis and Industry Forecast, 2020–2027". According to the report, the global firefighting foam industry was pegged at $856.3 million in 2019, and is projected to reach $1.14 billion by 2027, growing at a CAGR of 3.6% from 2020 to 2027.
Major motivators of the market
Increase in demand from end-use industries and government rules and regulations regarding fire safety have boosted the growth of the global firefighting foam market. However, ban on fluorinated firefighting foams hamper the market growth. On the contrary, innovations in fire extinguisher products is expected to create lucrative opportunities in the near future.
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The aqueous film forming foam (AFFF) segment dominated the market
Based on type, the AFFF segment held the largest share in 2020, accounting for around one-third of the global firefighting foam market. The segment would dominate the market throughout the forecast period. In addition, the segment is expected to register the fastest CAGR of 3.9% by 2027. The aqueous film forming foam (AFFF) can be used in both class A and class B fire cases, which drives the growth of the segment. The market also analyzes segments including alcohol resistant aqueous film forming foam (AR-AFFF), protein foam, and synthetic detergent foam.
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Oil & gas to manifest highest CAGR through 2027
By end user, the oil & gas segment is anticipated to register the highest CAGR of 3.9% during the forecast period. Moreover, the segment held the largest share in 2020, accounting for nearly one-third of the market. This is due to wide use of firefighting foams in the oil & gas industry, as the sector is prone to fire outbreaks. In addition, the oil & gas companies need to comply with several stringent rules & regulations regarding fire safety, which drives the growth of the segment. The market also analyses the aviation, marine, and mining segments.
Asia Pacific held the lion's share, North America to grow gradually
The market across Asia Pacific held the largest share in 2020, accounting for nearly one-third of the market. In addition, the region is expected to manifest the fastest CAGR of 3.9% in between 2020 to 2027. This is owing to the demand from emerging economies such as China, India, Australia, and South Korea. On the other hand, region across North America is expected to register the fastest CAGR of 3.2% during the forecast period. The market also offers an in-depth study of regions including LAMEA and Europe.
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Major market players
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