Firefighting Chemicals Market to See High Growth in Upcoming Year by 2029,
The global firefighting chemicals market size is expected to register a prolific growth trajectory owing to the frequent occurrence of fire-related accidents at workplace in the past decade, finds Fortune Business Insights™ in its report, titled “Firefighting Chemicals Market Size, Share & Industry Analysis By Type (Dry, Wet), By Application (Portable Fire Extinguishers, Automatic Fire Sprinklers, Fire retardant Bulkhead, Fire Dampers, Others) and Regional Forecast, 2019-2028”. With workplaces becoming more complex with large machineries and combustion-friendly materials, fire incidents have risen correspondingly in past 10 years, especially in hazardous settings such as oil rigs and chemical plants. For example, in 2010, the Deepwater Horizon explosion in a Gulf of Mexico caused a massive fire, killing 11 workers, injuring 17 others, and resulting in a massive oil spill. More recently, in 2019, a fire erupted in a garment factory in New Delhi, India that killed 43 workers. Firefighting chemicals play a critical role in mounting a response to such adverse events and as the risk of fires and explosions increases in factories and plants, the need for these materials is likely to heighten in the upcoming years.
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What Does the Report Offer?
Comprehensive assessment of the factors driving and restraining the market;
Granular analysis of all possible market segments;
In-depth evaluation of the key market players and their strategies; and
Exhaustive research into the regional dynamics shaping the market growth.
Rising Incidence of Wildfires to Surge the Demand for Flame Retardants
One of the major factors driving the firefighting chemicals market growth is the rising incidence of forest fires, especially in the US. According to the National Interagency Fire Center (NIFC), in 2019, 50,477 wildfires burned 4.7 million acres of land across the US. As of September 2020, the NIFC estimates that 40,000 forest fires have burned 4.0 million acres in the current year. Similarly, in Australia, massive bushfires killed 33 people and ravaged 11 million hectares of parks, forests, and bushes across the country in January 2020. Firefighting chemicals have been heavily utilized in containing the spread of these fires. To fight the wildfires in Australia, authorities sanctioned the use of fire retardants which contained fertilizer mixed with water and other chemicals to slow the burning process. Similar steps were taken in 2017 in the US, when wildfires were raging across Southern California and the chemical flame retardant called Phos-Chek was deployed. Thus, high dependency on fire-fighting materials to curb natural fires will foster long-term growth of the market.
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North America to Lead the Pack Backed by Strict Workplace Fire Safety Laws
Asia Pacific is expected to present lucrative opportunities for market players on account of rapid industrial growth in India and China and the increasing intensity of wildfires in Australia. In Europe, the market will be primarily driven by the stringent safety guidelines imposed by bodies such as the European Automobile Manufacturers Association and Fire Safe Europe for safeguarding workers’ from hazardous work environments.
Among regions, North America is expected to lead the firefighting chemicals market share for the foreseeable future. This is owing to the strict implementation of workplace safety laws by the Occupational Safety and Health Administration (OSHA) and the National Highway Traffic Safety Administration (NHTSA).
Key Player to Devise Strategies to Solidify Market Position
With a view to cement their position in this market, key players are adopting different strategies. Prominent among these is the acquisition of rival companies, which gives the dominant players a decisive edge in the competitive milieu of this market. Apart from this, companies are ramping up investments in R&D to create fire-fighting solutions that are eco-friendly yet efficient and effective.
October 2019: Netherlands-based Arcadis inked a deal with EVOCRA, which will give Arcadis exclusive rights to EVOCRA’s renowned PFAS firefighting solutions. The technology has already been approved for two projects in Australia and will strengthen Arcadis’ own portfolio of PFAS products.
January 2019: Perimeter Solutions announced the successful acquisition of Solberg, Amerex Corporation’s firefighting business arm. The acquisition will deepen Perimeter’s footprint in the fire safety industry, allowing it to add Solberg’s advanced firefight foam concentrate technologies to its own range of offerings.
List of Key Players Covered in the Firefighting Chemicals Market Report:
- Tyco International
- Orchidee Europe BVBA
- Perimeter Solutions
- Solvay S.A.
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