Syntactic Foam Market worth $169 million by 2025 Globally, at a CAGR of 5.2 %, says MarketsandMarketsâ„¢
Chicago, Jan. 05, 2024 (GLOBE NEWSWIRE) -- The Global Syntactic Foam Market size is estimated to grow from USD 132 million in 2020 to USD 169 million by 2025, at a CAGR of 5.2% during the forecast period, as per the recent study by MarketsandMarkets™. The market is projected to witness decent growth in the near future, owing to the wide application in various end use industries of syntactic foam ranging from marine & subsea to sports & leisure industry. Increasing demand from North America will further drive the growth of the global syntactic foam market.
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List of Key Players in Syntactic Foam Market :
- ALSEAMAR (France)
- Trelleborg AB (Sweden)
- Diab (Sweden)
- Deepwater Buoyancy (New England)
- CMT Materials (US)
Drivers, Opportunities and Challenges in Syntactic Foam
Market:
- Drivers: Increasing deepwater & ultra-deepwater activities.
- Restraint: Fluctuation in crude oil prices
- Opportunity: Increasing use of hybrid syntactic foam
- Challenge: Transportation and logistics cost
Key Findings of the Study:
- The polymer matrix is expected to dominate the global syntactic foam market during the forecast period.
- APAC is expected to hold the largest market share in the global syntactic foam market during the forecast period.
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Marine & Subsea is the largest market of syntactic foam, with a 54.0% share, globally. Syntactic Foams are widely used for buoyancy applications. The most important application of syntactic foams is in deep submergence buoyancy where compressive and low moisture absorption properties are of prime importance. They have been used as the principal source of supplementary buoyancy in recently developed deep submergence vehicles. Due to the increasing technological advancements and growth in the deep water & subsea projects of emerging economies, the marine & subsea is projected to be the major end-use industry for syntactic foam.
ALSEAMAR (France), Trelleborg AB (Sweden), Diab (Sweden), Deepwater Buoyancy (New England), and CMT Materials (US) among others are the leading syntactic foam manufacturers, globally. These companies adopted expansion, joint venture, and merger & acquisition as their key growth strategies between 2017 and 2020 to earn a competitive advantage in the syntactic foam market.
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ALSEAMAR is the largest player in the market. In January 2018 company new premium grade epoxy syntactic foam launched for ROV/AUV buoyancies, manned and unmanned submersibles, requiring low densities and high hydrostatic strengths. This series has water depth rating up to 6,000msw.
Trelleborg is the second-largest player of the syntactic foam market, globally. In 2017, Trelleborg applied technology operation launched Eccofloat TG30 and TG32 to meet customer requirements for deep-sea buoyancy applications. Eccofloat TG30 is rated for a depth of 5,000 meters and Eccofloat TG32 is rated for a depth of 6,000 meters.
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