Press release
Fire Fighting Chemicals Market Size, Share, Trends, Regional Growth, Sales Revenue, Emerging Opportunities, Key Players and Forecasts by 2025
Fire Fighting Chemicals Market
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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.
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.
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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.
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 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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