Syntactic Foam Market 2021: Growing Rapidly with Recent Developments, Industry Share, Trends, Forecast Research Report 2027
MRFR recognizes the following companies as the key players in the global syntactic foam market—ALSEAMAR (France), Trelleborg AB (Sweden), Diab (Sweden), Deepwater Buoyancy (US), and CMT Materials (US) Engineered Syntactic Systems (US), Balmoral Comtec Ltd (United Kingdom), SynFoam (US), and Acoustic Polymers Ltd (United Kingdom), among others.
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 global Syntactic
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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