Market Trends of Firefighting Foam Industry
This section covers the major market trends shaping the Firefighting Foam Market according to our research experts:
Increasing Demand from the Oil and Gas Industry
- Firefighting foams are used in refineries, tank terminals, bulk fuel storage tanks, tank farms, LNG facilities, offshore platforms, and floating production storage and offloading (FPSO), where the main fire risks are hydrocarbon fires (Class B fire). Also, hydrocarbon fires comprise crude oil, fuel, gas, and shale oil.
- Some of the major oil extracting countries are the United States, Saudi Arabia, Russia, Canada, Iraq, and Iran, accounting for about 57% of the total world's oil extraction.
- Depending upon the class of fire and type of fuel or solvent set on fire, different types of foaming agents are used. The type of foaming agents differs and is customized based on the type of industry.
- The oil and gas industry's suitable type of foaming agent is aqueous film-forming foam, and it is the fastest considered type of firefighting foam.
- Global oil demand is still reeling from the effects of the pandemic, and it is unlikely to catch up with pre-COVID levels until the end of 2022.
- Owing to all the above-mentioned factors, the market for firefighting foams is expected to grow rapidly over the forecast period.
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The Middle-East and Africa Region to Dominate the Market
- With the growing oil and gas industry in countries such as Saudi Arabia, Iran, and Iraq, the utilization of firefighting foam is increasing in the region.
- Saudi Arabia leads the production of oil in the Middle-East and Africa region. Saudi Arabia pumped on average 9 million barrels per day (b/d) in 2021, and it is projected to pump 9.7 million b/d in 2022 and more than 10 million b/d in 2023.
- In February 2020, the UAE government announced the discovery of new natural gas reserves between Abu Dhabi and Dubai. The newly discovered gas reserves possess about 80 trillion cubic feet of natural gas, and this discovery will certainly help the nation achieve its self-sufficiency in gas production.
- The contribution of all the major countries in the Middle-East and Africa region, like Saudi Arabia, Iraq, Iran, and Kuwait, accounts for about 26% of the global share in oil production, which is expected to grow over the coming years, thus, creating the largest market for this sector.
- The aforementioned factors, coupled with government support, are contributing to the increasing demand for firefighting foam in all the above-mentioned sectors during the forecast period.
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