PUBLISHER: Grand View Research, Inc. | PRODUCT CODE: 1133296
PUBLISHER: Grand View Research, Inc. | PRODUCT CODE: 1133296
The global fire fighting foam market size is anticipated to reach USD 6.73 billion by 2030, according to a new report by Grand View Research, Inc. It is projected to propel at a CAGR of 3.6% over the forecast period. Increasing fire-related accidents and wildfires across the globe due to various factors, such as climatic changes, human errors, electrical faults, and gas leakage, are anticipated to drive the industry over the forecast period. The Aqueous Film Forming Foam (AFFF) segment led the global industry in 2021. The Asia Pacific region is expected to be the largest and fastest-growing regional market by 2030 due to increasing fire incidents resulting in loss of life and damage to property and the environment.
For instance, in 2021, Hong Kong witnessed a major fire breakout across a skyscraper building, captivating and injuring numerous people. Hence, rising fire incidents are propelling product demand and are expected to follow a similar trend throughout the forecast period. New product development and acquisitions are the major strategies adopted by companies to capture the industry. For instance, in April 2021, Johnson Controls introduced Chemguard 3×3, a non-fluorinated foam concentrate, which is expected to deliver effective and impulsive fire suppression of Class B hydrocarbon and polar solvent fuel fires.