The global syntactic foam size was US$ 138.8 million in 2021 and is forecast to reach US$ 219.14 million by 2030, growing at a CAGR of 5.2% during the forecast period from 2022 to 2030.
Syntactic foams are composite materials that are created by adding cenospheres, micro balloons, or non-hollow spheres to a metal, polymer, or ceramic matrix. Glass, polymer, ceramic, or even metal can use to make syntactic foam, which is then linked together with a polymer. Due to its capacity to tolerate high hydrostatic pressure and extended exposure to seawater, syntactic foam is used to create deep water pipe insulations and buoyancy modules.
Factors Influencing Global Market Growth
Impact Analysis of the COVID-19 Pandemic
The spread of COVID-19 and the following implementation of lockdown measures in the majority of the world's nations have significantly reduced the demand for fossil fuels. Consequently, the unabated supply of crude oil and a sharp decline in demand led to a decline in crude oil prices globally. The decline in crude oil prices restricted offshore E&P activities, which had a negative impact on the syntactic foams in marine and offshore applications. In March 2020, the demand for crude oil decreased by almost 27 million barrels per day, according to Rystad Energy. The supply of raw materials has been disrupted, and there is a manpower shortage, which has harmed the demand for syntactic foams.
Regional Analysis
North America held the highest revenue share in the syntactic foam market in 2021. The main driving force behind the expansion is the significant increases in expenditures made by the major US-based oil and gas companies for expanding deep water and ultra-deepwater drilling and production capacities. The expansion is the expanding use of composite materials in the automotive and aerospace & military sectors further boosting the market growth in the region.
Europe is likely to witness the highest growth rate in the global market during the forecast period. The North Sea is the location of most of Europe's offshore oil and gas facilities. These offshore facilities require buoyancy modules and high-performance deep-water pipe insulations that can endure harsh environmental conditions found in the surrounding area. Additionally, the major European automakers' huge increase in the manufacture of lightweight, fuel-efficient vehicles is creating a significant demand for composite materials like syntactic foams.
Prominent Companies
Some of the leading players operating in the global syntactic foam market are:
Segmentation Outline
The global syntactic foam market segmentation focuses on Matrix Type, Form, Application, and Region.
By Matrix Type
By Form
By Application
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL SYNTACTIC FOAM MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
4 GLOBAL SYNTACTIC FOAM MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE MODEL
4.4 VALUE CHAIN ANALYSIS
5 GLOBAL SYNTACTIC FOAM MARKET, BY MATRIX TYPE
5.1 OVERVIEW
5.2 METAL MATRIX
5.3 CERAMIC MATRIX
5.4 POLYMER MATRIX
5.5 HYBRID MATRIX
6 GLOBAL SYNTACTIC FOAM MARKET, BY FORM
6.1 OVERVIEW
6.2 BLOCK
6.3 SHEET & ROD
7 GLOBAL SYNTACTIC FOAM MARKET, BY APPLICATION
7.1 OVERVIEW
7.2 MARINE & SUBSEA
7.3 AEROSPACE & DEFENSE
7.4 SPORTS & LEISURE
7.5 AUTOMOTIVE & TRANSPORTATION
7.6 OTHERS
8 GLOBAL SYNTACTIC FOAM MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3. 1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL SYNTACTIC FOAM MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
10 COMPANY PROFILES
10.1 ACOUSTIC POLYMER LTD.
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.2 AFGLOBAL
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.3 BALMORAL
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.4 CBM INTERNATIONAL
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.5 CMT MATERIALS
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.6 CUMING MICROWAVE CORPORATION
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.7 DEEPWATER BUOYANCY
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.8 DIAB GROUP
10.8.1 OVERVIEW
10.8.2 FINANCIAL PERFORMANCE
10.8.3 PRODUCT OUTLOOK
10.8.4 KEY DEVELOPMENTS
10.9 ENGINEERED SYNTACTIC SYSTEMS
10.9.1 OVERVIEW
10.9.2 FINANCIAL PERFORMANCE
10.9.3 PRODUCT OUTLOOK
10.9.4 KEY DEVELOPMENTS
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