Fire Fighting Foam Market Growth Triggered by Rising Demand for Eco-friendly Products and Increasing Fire-related Accidents Leading to Casualties and Loss of Property

Radiant Insights, Inc.

SAN FRANCISCO, October 17, 2018 /PRNewswire/ --

The global Fire Fighting Foam Market is expected to higher growth by next six years. The fire fighting foam market is expected to reach USD1, 165.01 million in 2022, due to the rising demand for eco-friendly products and prevalence of fire-related accidents thus leading to casualties and loss of property. Factors responsible for the robust growth of fire fighting foam market in the recent years include rise in the awareness towards environment, large number of benefits associated with use of fire fighting foam, and reduction in consummation of water. Globally, the firefighting foam market is predicted to generate massive revenue in the forecast period, providing numerous opportunities for market players to invest in research and development of the fire fighting foam market. Fire fighting foam helps to suppress fire in case of fire-related incidences. Firefighting foam plays a vital role in cooling the fire and coating the fuel, thus completely stopping its direct contact with oxygen. The direct contact of the fuel may results in large the combustion leading to more harm. Increasing adoption of fire fighting foam by fire fighters across the globe is a key catalyst for market growth in the recent years. Firefighting foam commonly contain surfactants that are essential to produce foam. These surfactants are added into firefighting foam and are less than 1% of the total volume. Other elements of firefighting foam include organic solvents such as trimethyl trim-ethylene glycol and hexalene glycol, various stabilizers such as lauryl alcohol, and corrosion inhibitors.

Soaring demand for Asia Pacific and Middle East region are anticipated to fuel market expansion in the near future. These factors are expected to play major role in the expansion of fire fighting foam market in the upcoming years. Applications of the fire fighting foam include the petrochemical industry, ship and warehouse. Growing demand from oil & gas industry especially in the Middle East region is estimated to favour market growth in the near future. The recent technological advancement in the chemical industry coupled with development of novel products are expected to boost market growth in the upcoming years. Growing incidences related to fire breakouts and improved road infrastructure in both developed and developing economies are expected offer lucrative growth opportunities of industry players over the forecast period. The oil & gas industry is considered as one of the fastest growing segment in the fire fighting foam market with massive revenue generation in the last couple of years. The oil & gas industry segment is attributed to soaring demand for firefighting foam from Middle Eastern and European region. In addition, high risk associated with fire accidents in oil-based fires, majorly in oil & gas industry coupled with recent activities in the upstream and downstream sector are expected to stimulate the growth of fire fighting foam market over the forecast period. Increasing adoption of the firefighting foam as a precautionary measure in residential as well as commercial sector is propelling the market demand as well.