Syntactic Foam Market Size 2021 Growth Statistics, Top Manufacturers Data, Future Innovation Sales, Business Boosting Strategies, Revenue, Forecast to 2027
Market Highlights
The global syntactic foam market is projected to be valued at
USD 233.70million by the end of 2028, registering a CAGR of around 5.85% during
the forecast period.
Syntactics foam is a composite material made from
hollow or non-hollow microspheres dispersedinto a polymeric, metal, or ceramic
matrix. These materials are increasingly being used to produce deepwater pipe
insulations and buoyancy modules due to their ability to withstand high
hydrostatic pressure and prolonged exposure to seawater.
Growing investments by major oil & gas companies
fordeveloping deepwater and ultra-deepwater E&P infrastructure have emerged
as the primary factor driving the demand for syntactic foams. Rapid depletion
of onshore oil & gas reserves coupled with technological improvements in
offshore drilling are some of the key factors driving the growth of offshore
drilling activities. Petrobras, Shell, Total, BP, Equinor, Exxon, and Statoil
are major oil & gas companies that are steadily increasing their offshore
E&P activities. Improvements in drilling and production technologies have
helped these companies significantly reduce their production costs, thereby
improving their profit margin spread. Syntactic foams are also being used as a
key raw material in the production of various structural & non-structural
components used in the aerospace & defense industry. Moreover, the major
automotive manufacturers’ huge emphasis on vehicle lighwightingdrives the
demand for composite materials such as syntactic foams.
Covid Impact
Analysis
The outbreak of COVID-19 and subsequent adoption of
lockdown strategies across most countries in the world has led to a significant
decrease in demand for fossil fuel.Thus, unabated production of crude oil in
tandem with a drastic decrease in demand caused global crude oil prices to drop
by a significant margin. This fall in crude oil prices is expected tolimit
offshore E&P activities in the near future, thereby affecting the demand
for syntactic foams in marine and offshore applications. Moreover, disruption in
raw material supply and non-availability of labor have adversely impacted the
demand for syntactic foams in the near future.
Segment Analysis
The globalsyntactic foam market has been segmented
on the basis ofthe metal matrix type, form, application, and region.
By matrix type, the Syntactic Foam Market has been segmented
into metal matrix, ceramic matrix, polymer matrix, and hybrid matrix. The
polymer matrix syntactic foamshave witnessed largescale adoption in various
marine and subsea applications. As a result, it emerged as the largest segment
in the global syntactic foams market in 2020. On the other hand, the hybrid
matrix type segment is expected to grow at the fastest pace during the review
period due to its superior mechanical strength and low density.
Based on form, the syntactic foam market has been bifurcated into block and
sheet & rod. The sheet & rod segment is projected to grow at the
highest CAGR of 6.78% over the forecast periodowing to its rising use in the
production of insulated panels and piping insulation systems. Moreover, the
demand for buoyancy modules from the marine and offshore drilling industry s
projected to drive the market for blocks segment.
On the basis of application, the global syntactic
foam market has been segmented into marine & subsea, aerospace &
defense, sports & leisure, automotive & transportation, and others.
Syntactic is witnessing wider-ranging adoption in the marine & subsea
applications because of its high strength and low-density properties. Moreover,
their ability to withstand hydrostatic pressure and prolonged seawater has propelled
the marine & subsea segment as the largest application segment in 2020.
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Key Findings of the Study:
- The global syntactic foam market
is projected to reach a value of USD 233.70million by 2028,with a CAGR of
around 5.85% during the forecast period from 2021 to 2028.
- North America accounted for the
largest market share in 2020; this is due to the growing investments in
the development of offshore E&P infrastructure in the region.
- Asia-Pacificis expected to be
the fastest-growing regional market registering a CAGR of 7.12%.
- The growing trend toward the
production of lightweight, fuel-efficient vehicles is leading to the
increased adoption of composite materials such as syntactic foams into
the automotive industry. Moreover, the growing demand for electric
vehicles is expected to boost the demand for syntactic foams over the forecast
period.
- The increased investments in the
development of ultra-deepwater E&P infrastructure off the coasts of
Brazil, Argentina, and Colombia are expected to boost the syntactic
demand withinLatin America.
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