Syntactic Foam Market Size, Growth 2022 – Global Trends, Market Demand, Industry Analysis, Opportunities and Forecast 2030

 

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.



Access full report @    https://www.marketresearchfuture.com/reports/syntactic-foam-market-10577

 

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.

 

Get A Sample Report of @    https://www.marketresearchfuture.com/sample_request/10577

 

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

 

Contact:

Market Research Future®

99 Hudson Street,5Th Floor

New York, New York 10013

United States of America

Phone:

+1 628 258 0071(US) 

+44 2035 002 764(UK)

Email: sales@marketresearchfuture.com

Website: https://www.marketresearchfuture.com

 

Read More Related Article:

https://www.marketresearchfuture.com/reports/geomembranes-market-3216

 

https://www.marketresearchfuture.com/reports/thermoplastic-polyurethane-market-3269

 

https://www.marketresearchfuture.com/reports/ultra-high-molecular-weight-polyethylene-market-2081

 

https://www.marketresearchfuture.com/reports/metal-casting-market-8114

Comments

Post a Comment

Popular posts from this blog

Middle East and North Africa Metallic Stearates Market, Growth, Size, Region & Country, Revenue, Analysis & Forecast Till 2032

  Metallic stearates, widely used in various industries, are compounds derived from stearic acid and metal salts. These versatile substances find their applications in numerous sectors, including plastics, rubber, cosmetics, pharmaceuticals, and paints. With their exceptional lubricating, stabilizing, and anti-blocking properties, metallic stearates have witnessed a significant surge in demand, fueling the growth of the   Middle East and North Africa   metallic stearates market. The continuous development in the industry and the increasing investment in the industry, where the market value is expected to reach over USD 5.4 billion by the year 2030 with a CAGR of 5.4% during the forecast period. Expanding Applications : The  Middle East and North Africa metallic stearates market  has experienced remarkable growth due to the expanding applications across several industries. In the plastics industry, metallic stearates act as lubricants, preventing the me...
Read more

Middle East and North Africa Purging Compound Market, Growth, Size, Region & Country, Revenue, Analysis & Forecast Till 2032

  The  Middle East and North Africa purging compound market  has witnessed significant growth in recent years, owing to its crucial role in optimizing the efficiency and cleanliness of polymer processing equipment. This article delves into the key factors driving the market's expansion and highlights the benefits of using purging compounds in various industrial applications. Enhancing Operational Efficiency : Purging compounds play a pivotal role in ensuring the smooth operation of polymer processing equipment, such as extruders, Molded Pulp Packaging , and blow molding machines. By effectively removing color, contaminants, and residues from the machinery, purging compounds enable quick transitions between different materials, reducing downtime and improving productivity. Manufacturers can minimize material waste and achieve cost savings by utilizing purging compounds during color changes, material switches, and machine shutdowns. Efficient Cleaning Mechani...
Read more

Middle East and North Africa Polyurethane Dispersion Market, Growth, Size, Region & Country, Revenue, Analysis & Forecast Till 2032

  Polyurethane dispersion (PUD) has emerged as a versatile and environmentally friendly alternative to traditional solvent-based coatings and adhesives. With its unique properties and applications across various industries, polyurethane dispersion has gained significant traction in recent years. This article explores the growing popularity of  Middle East and North Africa polyurethane dispersion market , its advantages, applications, and the future prospects of this remarkable material. polyurethane dispersion market Size was valued at USD 2.2 billion in 2021. The polyurethane dispersion market industry is projected to grow from USD 2.3 Billion in 2022 to USD 3.8 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.25% during the forecast period (2022 - 2030).  The Advantages of Polyurethane Dispersion: Environmental Friendliness: One of the primary advantages of polyurethane dispersion is its eco-friendly nature. Unlike solvent-based coatings, PUDs ...
Read more