tratview Research, a market research firm has launched a report on the Firefighting Foam Market which provides an in-depth analysis of the market dynamics, current and emerging trends, industry forecast, and competitive landscape.
The Firefighting Foam Market is expected to reach US$ 889.33 Million in 2028, growing at a CAGR of 3.84% during 2022-2028, according to the report.
Based on the type, the market is segmented as aqueous film forming foam (AFFF), alcohol resistant aqueous film forming foam (AR-AFFF), protein foam, synthetic detergent foam (High & Mid Expansion Foam), and others.
The demand for AFFF was highest in 2021 thanks to extensive usage by the oil and gas industry, which is due to the huge risk of fires from flammable liquids. AFFF is favoured as it owns such fires effectively and bears a longer shelf life.
Asia-Pacific is the largest and fastest-growing market for firefighting foam and is estimated to maintain its dominance during the forecast period driven by various countries adopting downstream activities, such as refining and processing because of the increasing demand for oil and gas in the region.
The investments by various national oil companies in the region are boosting the growth of the oil and gas industry and hence, these factors are underpinning the demand for firefighting foam in the Asia-Pacific region. North America and Europe are also expected to offer substantial growth opportunities in the coming five years.
