The firefighting foam market is expected to grow by USD 170.00 million during 2021-2025, expanding at a CAGR of almost 4%. The report also throws light on the impact of the COVID-19 pandemic on the market and the new opportunities and challenges market players can expect. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Firefighting Foam Market: Rise in construction and expansion of airports to drive growth. Several countries are investing in the development of new airports to avoid congestion in the existing airports. Several countries across the world are expanding and modernizing their existing airports by increasing the number of terminals to meet the growing demand for air travel. The increasing number of airports, advances in technology, and the growing demand for passenger handling services are the major drivers propelling the global firefighting foam market. With the market expecting to get the much-needed support for fire safety from the establishment of new airports, market vendors may gain additional opportunities. New airport facilities must be equipped with fire safety products such as firefighting foams to counter any fire incidents.
As per Technavio, the growing focus to enhance safety in the oil and gas industry will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2021-2025.
Firefighting Foam Market: Growing focus to enhance safety in oil and gas industry. With the increasing offshore oil and gas exploration activities, particularly deepwater exploration, oil and gas logistics, and fire safety operations have become significant. The use of oil and gas will grow during the forecast period due to rapid industrialization and urbanization. To cater to the demand for energy, major oil and gas companies are increasing their E&P activities. Regulatory compliance for oil and gas has increased significantly due to the rising number of industrial accidents and growing environmental awareness. The rise in oil and gas E&P activities will also increase the demand for firefighting foams. Therefore, the rise in demand for oil and gas will drive the growth of the global firefighting foam market during the forecast period.
"The growth of industries and the rising consumption of oil will further boost market growth during the forecast period", says a senior analyst at Technavio.
Firefighting Foam Market: Major Vendors
Angus International Safety Group
Buckeye Fire Equipment Co.
Dafo Fomtec AB
Dr. Richard Sthamer GmbH & Co. KG
Firefighting Foam Market: Segmentation Analysis This market research report segments the firefighting foam market by product (Aqueous film-forming foam, Alcohol resistant aqueous film-forming foam, Protein foam, Synthetic detergent foam, and Other foams) and geography (APAC, Europe, North America, MEA, and South America).
The APAC region led the firefighting foam market in 2021, followed by Europe, North America, MEA, and South America respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the presence of fire safety regulatory codes and standards.
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