15 Feb Firefighting foam market experiencing significant global growth
The firefighting foam market faces significant growth as effective fire suppression solutions increase in demand across various industries and sectors.
A recent report by MarketDigits found that a prominent trend driving market expansion is the strict regulations and standards governing fire safety, which is prompting organisations to invest in advanced firefighting equipment and technologies.
Firefighting Foam is a specialist firefighting agent employed to extinguish and suppress fires involving flammable liquids, hazardous materials, and combustible material.
The global market for firefighting foam reached a value of USD 756 million in 2023 and is expected to reach USD 913 million by 2030, resulting in a compound annual growth rate (CAGR) of 3.8% from 2023 to 2030.
The market is mostly driven by the increasing use of environmentally friendly products and the increasing number of fire-related accidents, resulting in casualties and property damage.
The Firefighting Foam market is expanding to meet the evolving needs and challenges of fire safety and risk mitigation in various industries and applications.
Key drivers such as industrialisation, safety regulations, and environmental sustainability are shaping the market dynamics and influencing innovation in foam technology, equipment, and applications.
With the advancements in foam technology, integration of foam systems with fire suppression equipment, and expansion of foam applications, the importance of firefighting foam continues to evolve.