Syntactic Foams Market - Global Industry Analysis, Growth, Key Trends, Regional Assessment, and Forecast 2020 - 2030
Syntactic foam is a class of material produced by filling a metal, polymer or ceramic with pre-formed inorganic spheres known as micro ballons. It is a material that has incredibly high strength and modules that makes it capable for composite applications. Compressive strength of syntactic foams is directly proportional to microbaloon volume fraction and wall thickness. These foams can be utilized as alternatives to standard materials like metals, plastics, PVC and other foams. Syntactic foams have wide applications in aerospace industries, military and defense, marine industries, automotive industries, sports and leisure industries etc.
The syntactic foams have light-weight nature, brilliant acoustic properties and buoyant behaviour attracting the global investors to make investment in this market. The market for syntactic foam is going through a favourable phase throughout the world leading to remarkable achievements for the market players. It is predicted that the market will grow exponentially at a high CAGR rate through 2030.
Key Growth Factors:
The increasing use of syntactic foams in automotive sector is surging the growth of this market worldwide. Automobile industries are using these foams in their automobile interiors, accessories or parts creating high demands for these foams in the market
Rising demands from marine industries due to increase in deep water activities such as oil and gas pipeline insulation, floatation, underwater robotics etc is adding tremendous progress to this market. These syntactic foams provide great applications under deep water as these possess superior attributes like high strength, flexibility and low coefficient thermal expansion.
Aerospace industries are contributing to growing progress in syntactic foam market as these are used widely in the production of space crafts and related accesories.
Usage of syntactic foams in packaging industries, sports and leisure industries along with rising government efforts is estimated to create high demands in the market creating prominent opportunities for the manufacturers.
Syntactic foams are stiff, brittle and prone to damages when they are exposed to large strains after which their condition in uncoverable. This factor is estimated to hamper the market progress.
Hike in the prices of crude oil influences oil and gas projects causing delays or shelving until the price level reaches above break-even price point. The shelving and delays of projects impacts the syntactic foam suppliers creating potential hurdles in their market progress.
Covid-19 pandemic drastically reduced the demand and sales of syntactic foam in the earlier phase due to lockdown imposed by the government. The market players witnessed extreme decline in profitability as production centers were closed and transport limitations were given as per government orders throughout the world. Several market players such as CMT Materials, Deepwater Buoyancy and Diab Corporation faced its dire consequences as a result of which they announced suspension in their production.The manufacturers suffered from financial problems, supply chain bottlenecks, reduced demand as well as supply of syntactic foams. Keeping in view the safety of their employees, they started working with few employees through online mode in the lockdown. These corporations are still working with lesser number of workers and employees despite relaxations given in lockdown. The market is slowly progressing leading to recovery in the conditions of these market players. Adoption of several tactics at the same time that is suiting the current environment are helping the manufacturers to get out of previous conditions. It is estimated that the global market for syntactic foam will face stable growth in the coming years on account of rising demands from defense and marine industries.
Syntactic foam market is experiencing incredible progress in North America, Asia Pacific and Europe. North America is expected to account for the largest share of this market on account of rapidly growing comsumption of syntactic foams in marine and subsea industries due to increase in ultra and deep water activities in Canada and Mexico. These foams provides low moisture absorption and buoyancy in deep water and can be employed for deepwater pipe insulation, boat hulls, underwater vehicles etc. According to U.S. Department of Housing and Urban Development, there is an increase in new residential housing completitions from 900 thousand units in 2014 to 1700 units in 2020. This substantial rise has created high demands for syntactic foams in construction industries. North America is predicted to lead the global market for syntactic foams through 2030.
On the other hand, Asia Pacific is estimated to occupy second position in the market owing to growing demands from marine, military and defense industries from India and Japan. High demands from aerospace industries in India for insulation and other applications is creating an opportunistic environment for the key players to witness tremendous growth in this market. These syntactic foams are preferred by the industries players for its superior attributes like low coefficient thermal expansion, high strength, low density etc creating significant demands in military and defense sectors. Automobile companies in developing economies like China and India are contributing to rising demands for syntactic foams as they are used for the production of automobile interiors or parts. Further, rising government initiatives and efforts to use these foams in defense sectors is favouring the market progress in Asia Pacific.
In addition to that, Europe is experiencing steady growth phase due to growing need in packaging, aerospace, defense and sports industries. Germany is predicted to face substantial progress in the market through 2030 on account of growing industrialization and government initiatives for using these syntactic foams for better applications.
By Product Type:
By End User:
The market for syntactic foam is highly consolidated with the presence of few industrial players. The key players in this market are adopting numerous strategies to expand their global presence and curb the rising competition. Research and development initiatives taken by several industrial players is leading to potential improvements in the market presence globally. The other strategies includes joint ventures, collaborations, mergers and acquisitions, partnership agreements, product innovations, product upgradations, new product launches, expansions, reseach and developments etc. The players are constantly involved in bringing all possible modifications according to changing needs and preferences of users. Some of the significant players in this market are Trelleborg AB, Diab Corporation, Alseamar Corporation, Deepwater Buoyancy, CMT Materials, XFLAM Corporation, Kingspan Limited, Advanced Insulation, FTI Corporation, William Foam, Philpac Corporation, Floatex Corporation, Synfoam Corporation, Rogers Corporation, Recticel NV/SA, Sealed Air Corporation, Armacell International S.A., Huntsman International LLC, BASF SE Corporation, Sekisui Chemical Corporation, LG Hausys, Unilin Corporation etc.
Among these key players, Deepwater buoyancy collaborated with Teledyne RDI and introduced a new product called Buoy Conversion kit including ADCP clamp, top frame and lift strap system. The collaboration and development of new product created strong impact among the customers. In addition to Deepwater buoyancy, Kingspan established research and development institutes in Germany and Ireland to bring upgradations in their offerings.Trelleborg on the other hand launched Eccofloat TG30 and TG32 to meet customer requirements for deep sea buoyancy applications. These strategies are creating opportunities for these corporations to improve their presence, profitability and market shares globally.
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