Syntactic Foam Market Segments: By Matrix Type (Metal, Polymer and Ceramic); By Form (Sheet & Rod and Blocks); By End User (Marine& Subsea, Automotive & Transportation, Aerospace & Defense, Sports & Leisure and Others); and Region - Global Analysis of Market Size, Share & Trends for 2014- 2020 and Forecasts to 2030
[ 170 + Pages Research Report ] Syntactic Foam Market to surpass USD 220.41 billion by 2030 from USD 113.5 billion in 2020 at a CAGR of 5.14% in the coming years, i.e., 2020-30.
Syntactic foam is a composite substance produced by filling polymer, ceramic, or metal with hollow glass or ceramic matrices called micro balloons. The word ‘syntactic’ means ordered grouping of the spheres and the term ‘foam’ refers to the closed cellular structure. The hollow spheres inside of the syntactic foam offer most of the material’s beneficial properties. Syntactic foams have a low coefficient of thermal expansion, a high specific strength, and a lower total density due to their gas- or air-filled matter. Syntactic foams can be employed as an alternative to PVC, metals, plastics, and different forms. The highly ordered syntactic foams are capable to be utilized in designs that involve multifunctional requirements such as radar transparency, aerospace structures, microwave electronics, and EMI shielding.
Global Syntactic Foam Market to surpass USD 220.41 billion by 2030 from USD 113.5 billion in 2020 at a CAGR of 5.14% in the coming years, i.e., 2020-30. Syntactic Foam is experiencing an escalating demand from various end-user industries such as Marine& Subsea, Automotive & Transportation, Aerospace & Defense, Sports & Leisure. Furthermore, rising deepwater oil and gas activity and increasing deep-water and ultra-deep-water projects are anticipated to drive the market during the forecast period. Also, mounting consumption of hybrid syntactic foam propels the market growth further.
Polymer segment to grow with the highest CAGR during 2020-30
Global Syntactic Foam Market is segmented by Matrix Type into Metal, Polymer, and Ceramic. The polymer segment held the largest market share of XX.X% in the year 2019 due to its increasing demand from marine & subsea applications such as vehicles, pumps underwater robotics, flotation, and oil & gas pipeline insulation. In addition, due to their superior characteristics such as low thermal expansion coefficient, and high specific strength they are expected to be the fastest-growing segment during the forecast period.
Semiconductors segment to grow with the highest CAGR during 2020-30
Global Syntactic Foam Market is divided End User into Marine& Subsea, Automotive & Transportation, Aerospace & Defense, Sports & Leisure, and Others. The Marine& Subsea segment held the largest market share of XX.X% in the year 2019 and will continue to dominate the market in the coming years. Syntactic Foams are widely used in subsea buoyancy applications and the marine industry owing to their unique properties of high strength at low density and low moisture absorption. They offer buoyancy and weight reduction for several underwater activities and resist hydrostatic pressure and long-term water exposure up to the depth at which the syntactic foam is rated.
Rising application of syntactic Foams in subsea activities
The material composition of Syntactic Foams offers unique mechanical properties due to which they are utilized in subsea applications below 700-meter depth. The properties of Syntactic Foams such as high buoyancy per kilogram, high compressive strength, and low water absorption make them ideal for subsea applications that require high performance and a long lifetime. Special formulations of the materials also have the potential to meet extreme requirements regarding temperature or fire resistance. These materials also find their application in deepwater pipe insulation, spacecraft, boat hulls, underwater vehicles, and even soccer balls
Increasing consumption of hybrid syntactic foam
Syntactic foams consist of glass micro balloons that provide mechanical and thermal properties that can be used as a core in aerospace and marine structures. Hybrid syntactic foams are gaining popularity these days and are employed in various applications including thermal insulation, subsea and marine applications due to their high hygroscopic and hydrostatic strength, impact absorption, and high stiffness at low density. They are used in the aerospace and aviation industries as guide insulators owing to dielectric properties that remain constant at high depth.
High costs associated with transportation and logistics
The cost involved in the transportation and logistics of the materials of syntactic foam is likely to hamper the market in the coming years. The equipment, pipes, and field joints involved in the project are required to be completely thermally insulated. Some of the thermally insulated components are produced in places that are far away foam the installation location. This results in highly increased transportation and logistics costs.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Syntactic Foam Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Global Syntactic Foam Market in North America held the largest market share of XX.X% in the year 2019. North America will continue to dominate the global Syntactic Foam Market because of the growing use of syntactic foam in the marine & subsea industries in countries including Canada, the US, and Mexico.
Global Syntactic Foam Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – the United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
Syntactic Foam Market Segments:
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