Extinguishing Agents Market Share, Size, Expected Growth Opportunities and Forecast by 2029 | Is Extinguishing Agents Industry Hit Worst due to Russia-Ukraine War Impact?
The global extinguishing agents market size is envisaged to gain steady momentum over the next few years due to stringent rules passed by government bodies to control fire accidents, finds Fortune Business Insights™, in its report, titled, “Extinguishing Agents Market Size-2021-2028”.
More urbanization, high tech, and innovative technologies leading to the construction of smart cities, demand for commercial spaces, and personal growth have increased the intensity of construction operations. Thus, the demand for fire extinguishers has also increased. Besides, many fire insurance companies have enforced rules to install fire extinguishers for residential and commercial purposes to claim insurance. This is expected to drive the growth of the market in forcible years.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Extinguishing Agents Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Extinguishing Agents Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement.
The market is segmented into halotron, foam, carbon dioxide, wet chemical extinguishing agents, and others by type. Based on the application, it is divided into commercial, industrial, military and maritime. The market has been categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa by geography.
Salient Features of the Report:
The report gives insights about drivers and restraints influencing the extinguishing agents industry size, share, and growth. It also identifies all the possible segments present, along with regional growth. It tracks recent mergers, acquisitions, and new product launches. Lastly, it gives information about key players in the market, their top strategies to make informed business decisions, and the impact of COVID-19 on the market’s growth.
Drivers and Restraints
Use of Eco-friendly Extinguishing Agents to Drive Growth
Increasing concern on protecting the environment has led to the adoption of eco-friendly systems by manufacturers. Thus keeping climatic-crisis in mind, a Taiwanese company, Win Time Technology, launched a revolutionary plant-based fire-extinguishing agent in February 2021. The agents used in this extinguisher are skin and lung-friendly. They are safe enough to be directly drinkable. Moreover, compact, portable, and easy to use fire extinguishers available in the market will promote the use of extinguishers at a larger scale since they do not require professional training for use, which will promote the market in the upcoming years.
On the flip side, hazard related to chemical extinguishing agents on the environment as well as on individuals is expected to be the major restraint for the market.
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Stringent Rules by Occupational Safety and Health Administration to Favor Growth in North America
Geographically, North America is in the dominant position in the global market. This growth is attributable to the strict guidelines by the U.S. fires safety rules and the surging number of new construction works in the region. Also, the presence of an established fire extinguisher industryould augment growth.
On the other hand, Asia Pacific is set to grow at a faster pace due to a large number of extinguishing agent bases in China and India. It will enhance the market in this region.
Key Players Focus on Innovative Designs & Sustainability to Intensify Competition
Manufacturers operating in the global extinguishing agents market are currently focusing on introducing innovative and eco-friendly products to meet their user’s needs. For example, a report by Fire Safety Codes and Regulation published in January 2020 mentions that water mist suppression systems, such as HI-FOG by Marioff use less water than traditional water extinguisher systems. In HI-FOG, the extreme pressure and the use of specialized nozzles spray water to a larger surface area. These types of systems are mainly used in densely populated areas and places where water damage would be detrimental. This extinguisher is a suitable replacement for gas extinguishing agents since they contribute to global warming.
June 2019: Fike introduced a fire extinguishing system that uses Novotec 1230 fire protection fluid based on impulsive fire stopping technology.
List of Key Players Covered in the Extinguishing Agents Market Report:
- American Pacific
- Amerex Corporation
- Fabrik chemischer Präparate von Dr. Richard Sthamer GmbH & Co.
- KG Yamato Protec.
- Extover Fire Extinguisher
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