The Syntactic foam market size is expected to grow at a CAGR of 5.2%, by value, during the forecast period. The market is estimated to be USD 132 million in 2020 and is projected to reach USD 169 million by 2025. The driving factor for the Syntactic foam market is its growing demand from the automotive industry.
Browse 194 market data Tables and 33 Figures spread through 165 Pages and in-depth TOC on “Syntactic Foam Market by Product Type, Matrix Type (Metal, Polymer, Ceramic), Chemistry, Form (Sheet & Rod, Blocks), Application (Marine& Subsea, Automotive & Transportation, Aerospace &Defense, Sports & Leisure), and Region – ****** Forecast to 2025”.
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.
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.
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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.
COVID-19 Impact on the Syntactic foam Market
The ****** Syntactic foam market includes major Tier I and II suppliers like as ALSEAMAR (France), Trelleborg AB (Sweden), Diab (Sweden), Deepwater Buoyancy (New England), and CMT Materials (US). These suppliers have their manufacturing facilities spread across various countries across Asia Pacific, Europe, North America, and Rest of the World. COVID-19 has impacted their businesses as well.
These players have announced the suspension of production due to the lowered demand, supply chain bottlenecks, and to protect the safety of their employees in the US, France, Germany, Italy, and Spain during the COVID-19 pandemic. As a result, the demand for syntactic foam is expected to decline in 2020. Manufacturers are likely to adjust production to prevent bottlenecks and plan production according to demand from tier 1 manufacturers.
APAC is expected to hold the largest market share in the ****** syntactic foam market during the forecast period.
North America accounted for the largest share of the Syntactic foam market in 2020. Factors such 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.
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