8 February 2019: Fire Fighting Foam Market is anticipated to grow at a significant CAGR in the upcoming period as the scope, product types, and its applications are increasing across the globe. Firefighting foam is mainly used for suppression of fire. Firefighting foam, as the name suggests, avoids the interaction of fuel with oxygen, thereby resulting in suppression of the combustion.
The factors that propel the growth of the Fire Fighting Foam Market include growing shift toward environmentally safe products and growing fire-related coincidences leading to loss of property and casualties. On the other hand, there are factors that may hamper the growth of the market including absence of a consistent governing body worldwide for the support of firefighting foam.
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The key applications that could be explored in the Fire Fighting Foam Market include Ship & Shipyard, Petroleum & Petrochemical, Airport, Warehouse, and Other. The market could be explored based on end users as Aviation, Oil & Gas, Mining, Marine, and Others. The “Oil & Gas” segment led the Fire Fighting Foam Market in 2018 and is anticipated to maintain its dominance over the forecast period owing to higher risk of fire accidents in oil-based fires as several activities in the upstream and downstream segment pose risks.
Asia-Pacific accounted for the major share of the Fire Fighting Foam Market Size in 2017 and will continue to lead in the forecast period. The factors that could be attributed to the growth include increasing demand for energy and increasing establishment of refineries and processing units.
Some of the key players that fuel the growth of the market comprise Angus Fire, Tyco, Kerr Fire, Dr. Sthamer, Delta Fire, Amerex, Dafo Fomtec, ICL, DIC, Kidron, Naffco, Suolong, Fire Service Plus, Liuli, Langchao, Shield, Jiangya, Hongtai, Yuheng, Shiren, Ongoing, Tianhe, Huate, Nenglin, Sanjiang. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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