Fire Fighting Chemicals Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI2456
Fire Fighting Chemicals Market size is likely to witness steady gains in the forecast period owing to its widening application usage in sprinkler systems, dampers, portable extinguishers, retarded bulkhead, and inert gas systems. Rising safety concerns along with favourable guidelines should drive industry growth. Protection and reducing risk of life & property, and rising investments across various residential & commercial buildings to protect infrastructure will drive the fire fighting chemicals market demand.
Global fire protection systems market size is expected to surpass USD 90 billion by 2024 owing to stringent government norms with increasing accidents along with advancement in technology. Manufacturers are focusing on investing in R&D which has led to efficient and innovative flame protection products to safeguard infrastructure and reduce human losses, thus boosting fire fighting chemicals market demand.
Halon, sodium chloride, monoammonium phosphate, carbon dioxide, potassium bicarbonate and potassium citrate are the chemicals used for extinguishing fire. Monoammonium phosphate or potassium bicarbonates are widely used in dry chemical extinguishers generally found in commercial spaces such as schools, hospitals, hotels, and offices. Monoammonium phosphate is sprayed from the extinguishers in finely powdered form which coats the fuel and quickly smothers the flame.
Fires are classified on the basis of fuel as Class A, B, C, D and K. Dry chemicals are used to diminish Class A, B and C flames. Wet chemicals are used to diminish class K flames which are commonly found in commercial cooking places due to presence of potassium acetate-based agent which helps in supressing and preventing flame reflash.
Rapid increase in deaths, and high loss of various commercial and residential buildings has initiated the installation of fire protection systems such as extinguishers, sprinklers and dampers, which may enhance fire fighting chemicals market size. According to U.S. Fire Administration (USFA), over 1,345,500 incidents occurred in 2016 leading to 3,280 deaths and caused a loss of over USD 14 billion. In order to overcome these problems, government is taking strict actions such as setting safety codes to ensure proper safety and prevention along with minimising the risk and losses caused by explosion. These are the driving factors which will further accelerate fire fighting chemicals market demand.
Global construction market size was valued at USD 8 trillion in 2016 and is expected to surpass USD 10 trillion by 2024 owing to rapid urbanization, rising infrastructure facilities in Vietnam, Philippines, Indonesia, China and India. The government is providing an aid to these economies for becoming more sustainable and is likely to increase their infrastructure budgets in the coming years. Thailand’s infrastructural spending is likely to be over USD 58.5 billion up to 2020 due to upsurge in commercial construction, thereby driving fire fighting chemicals market demand.
North America led by Canada and the U.S. fire fighting chemicals market size may register significant gains over the forecast period. Stringent regulations along with rising government expenditure for fire protection will drive industry demand in this region. NFPA has set various codes and standards to ensure safety including NFPA 17, 7A, 45, 298, 497 and 498 which is related to chemicals used in various systems.
Europe fire fighting chemicals market size, led by UK, Germany and France may witness significant gains over the foreseeable timeframe. The safety and security codes improvising in Germany along with rise in government spending will drive the fire fighting chemicals market growth.
Asia Pacific fire fighting chemicals market demand, driven by China, India and Japan is likely to witness steady gains over the forecast period. Rapid industrialization coupled with upsurge in construction facilities will drive the regional growth. Pakistan is the major importer of flames and safety products in Asia with import value crossing USD 1 billion and the demand is expected to increase over the few years thereby promoting regional growth.
Middle East, led by and UAE and Saudi Arabia fire fighting chemicals market size may witness steady gains over the forecast period. Chemical industry is expected to reach USD 7 trillion by 2024 owing to easy access to raw materials, human resources and utilities, thus stimulating regional industry growth.
Global fire fighting chemicals market share is moderately fragmented including various industry participants such as Chemguard, EuroChem Group, ICL, ABC MacIntosh, and Solvay S.A. Increasing R&D spending by chemical manufacturers will propel fire fighting chemicals market demand and expand global reach.
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