Syntactic Foam- Global Market Outlook (2019-2027)
According to Stratistics MRC, the Global Syntactic Foam accounted for $125.47 million in 2019 and is expected to reach $235.70 million by 2027 growing at a CAGR of 8.2% during the forecast period. Cost optimization in offshore oil & gas projects and increasing deep water & ultra-deep water activities are some key factors influencing the market growth. However, fluctuation in crude oil prices is restraining the market growth.
Syntactic Foams are composite materials that are synthesized by filling matrix materials along with hollow spheres. Matrix materials include metal matrix, polymer matrix, and ceramic matrix whereas hollow spheres include cenospheres, micro balloons, and others. The addition of these hollow particles results in enhanced properties of the foam such as lower density, higher specific strength, and lower coefficient of thermal expansion, and, radar or sonar transparency in some cases. The properties of these foams are largely dependent on the type of the matrix materials.
Based on matrix type, polymer matrix segment held significant market share during the forecast period due to increase in ultra and deep-water activity because of their superior properties such as low coefficient of thermal expansion, a high specific strength. By geography, North America is expected to grow at a faster rate as the rapidly increasing consumption of syntactic foam in the marine & subsea industries in countries such as US, Canada, and Mexico have led to an increased demand for Syntactic foam in the North American region.
Some of the key players in Syntactic Foam market include ALSEAMAR, Acoustic Polymer Ltd., AFGlobal, Balmoral, CBM International, CMT Materials, Cuming Microwave Corporation, Deepwater Buoyancy, Diab Group, Engineered Syntactic Systems, Forum Energy Technologies Inc., Matrix Composites & Engineering, Resinex, Synfoam, and Trelleborg AB.
Matrix Types Covered:
• Ceramic Matrix
• Metal Matrix
• Polymer Matrix
• Sheet & Rod
End Users Covered:
• Aerospace & Defense
• Automotive & Transportation
• Building & Construction
• Marine & Subsea
• Sports & Leisure
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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