Firefighting foam is predominantly used to extinguish liquid fuel fires resulting from flammable liquid spills or pool fires. Firefighting foams are designed to form a blanket between the fuel and air, thus eliminating the fire tetrahedron by separating fuel from oxygen. They help in rapid flame knockdown along with preventing re-ignition of fuel vapors. Foams provide resilience against wind effects in spilled liquid fuel and pool fires. They are used across industries such as marine, aviation, oil & gas, petrochemical, and defense. The marine industry uses firefighting foams on board ships and offshore oil rigs to quickly suppress flammable liquid fires.
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 Opportunity:
According to the International Energy Agency, the demand for oil & gas is projected to increase by around 25% by 2040. The drilling and production of oil & gas offshore and onshore pose a major threat of a liquid fuel fire outbreak. Firefighting foams effectively suppress such liquid pool and spill fires, thereby preventing explosions and extensive damage. They provide immediate flame knockdown and a vapor seal, thereby reducing risks in oil & gas operations. Thus, the increasing marine and oil & gas exploration and production activities are estimated to present lucrative opportunities for the firefighting foam market over the forecast period.
Porter’s Analysis:
Threat of new entrants: The threat of new entrants is moderate. The firefighting foam market requires high R&D investments and capital expenditures to manufacture specialized foam chemicals and equipment. Strict regulations and product certification also pose a barrier.
Bargaining power of buyers: The bargaining power of buyers is high. Buyers have several product and brand options available. They can negotiate on price and demand additional services.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. The raw materials used are commodity chemicals available from multiple sources globally. However, suppliers of specialized additives have some control over pricing.
Threat of new substitutes: The threat of substitutes is low. Firefighting foam is an essential product with no close substitutes for fighting liquid fuel and industrial fires effectively.
Competitive rivalry: The competitive rivalry is high among the major global players.
SWOT Analysis:
Strengths: Firefighting foam is highly effective for class B fuel fires. Established brands have strong distribution networks globally.
Weaknesses: Foam concentrates require proper equipment and training for application. Storage and disposal of used foam comes with environmental concerns.
Opportunities: Rising demand from airports, oil & gas industry drives market growth. Growth opportunities in developing economies of Asia Pacific and Latin America.
Threats: Stringent regulations towards toxicity of older foams. Increased adoption of alternative fire protection systems. High R&D costs for developing environmentally sustainable foams.
Key Takeaways:
The Global Firefighting Foam Market Size is expected to witness high growth over the forecast period of 2023 to 2030 owing to rising safety mandates across industries.
The Asia Pacific region dominates the global market and is expected to grow at the fastest rate during the forecast period. Countries like China, India, and South East Asian nations are witnessing rapid industrialization and infrastructure development which is driving the demand for fire protection systems in these economies.
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. The major players are focusing on developing environmentally sustainable foam solutions through extensive R&D while expanding their global presence through strategic partnerships and collaborations.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it