Pune, India, July 19, 2021 (GLOBE NEWSWIRE) -- Syntactic Foam Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “Syntactic Foam Market Information By Matrix Type, Form, Application, and Region - Forecast to 2028”, the market is projected to cross USD 233.70 million by 2028 at 5.85% CAGR.
Market Scope:
Syntactics foam is a group of composite materials manufactured by diffusing non-hollow or hollow microspheres into a metal, polymeric, or ceramic matrix. Syntactic foams are very lightweight and have exclusive properties of high potency at low density. As a result, they are observing growing implementation in subsea insulation and buoyancy uses.
Market USP Covered:
Market Drivers:
Due to their higher capability to endure very elevated hydrostatic pressure and longstanding exposure to seawater, they are extensively used in deepwater pipe linings, among other uses. Syntactic foams also potentially play a vital role in the aerospace & defense business in the future. These foams display an enormous strength and structural integrity at a considerably lower weight per volume than most established materials. Automotive creators are discovering various opportunities to decrease the general weight of the vehicles to conform with multiple emission control and fuel efficiency standards that are being applied globally.
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Competitive Landscape:
The outstanding companies in the syntactic foam market are:
- Diab (Sweden)
- ALSEAMAR (France)
- Trelleborg AB (Sweden)
- Balmoral Comtec Ltd (United Kingdom)
- SynFoam (US)
- Engineered Syntactic Systems (US)
- Acoustic Polymers Ltd (United Kingdom)
- Deepwater Buoyancy (US)
- CMT Materials (US)
Market Restraints:
The unpredictability in important raw material rates such as epoxy resin Poly(methyl methacrylate) (PMMA) resins is anticipated to curtail the syntactic foam market growth throughout the forecast period.
COVID 19 Analysis:
The consumption of petroleum goods can be regarded as one of the barometers to assess the strength of the global economy. The contagion occurrence and successive execution of lockdown procedures led to a vertical deterioration in demand for crude oil. The swift drop in oil prices has led a huge number of oil & gas businesses to stop and reconsider their onshore and offshore drilling pursuits; this influenced the call for syntactic foams. Furthermore, disturbance of shipping networks and the espousal of strict lockdown plans have caused an acute shortage of important raw materials and an important upsurge in their values.
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Market Segmentation
In the matrix type segment, the polymer matrix segment directed the worldwide syntactic foam market. In the form segment, the block segment controlled the global syntactic foam market because of their wide-scale implementation in the manufacture of buoyancy components used in the offshore drilling and marine industry. RADS, an Australian SME concentrating on designing and producing custom underwater vehicles, functioned collaboratively with Defence Science Technology Group’s Maritime Category to develop a comprehensive system requirement, design the best shape, and assume a demonstration package to prove the project’s purposes. RADS undertook the production of the vehicle integrating their current intellectual property in syntactic foam (shape, structure, finish), battery systems (endurance, power), and motors (propulsion) customized to outfit the new innovation. In the application segment, the marine and subsea sector appeared as the largest use segment in the global market instead of the other segments.
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Regional Insights
The North American regional market has appeared as the principal market for syntactic foam, with almost half of the global market share. Noteworthy growth in investments for improving deepwater and ultra-deepwater drilling and manufacturing facilities by the major US-based oil & gas has been the prime feature of the syntactic foam market growth. Moreover, the increasing implementation of composites materials in the US and Canada’s automotive and aerospace & defense businesses are further anticipated to aid future syntactic foam market growth. Cincinnati Inc., producer of the Big Area Additive Manufacturing (BAAM) machine, the world’s primary large-format additive manufacturing system, has been consumed to prove that recycled materials can be expended for 3D printing by manufacturing one of the principal monolithic multi-material objects to date. The demo successfully demonstrated that comprehensive, multi-material printing can be done efficiently and reasonably with recycled composite materials. The two materials used in the build were a merger that comprised 100% recycled virgin carbon fiber/ABS and carbon fiber/ABS and ABS syntactic foam.
The mainstream offshore E&P facilities within the region of Europe are situated in the North Sea, and these offshore facilities need high-performance deepwater pipe linings and buoyancy units that can endure challenging environmental settings in the nearby topography, spurring the demand for syntactic foam market. An important rise in offshore E&P undertakings in the South China Sea, tied with the rapid growth of the aerospace & defense industry in the region, is estimated to drive the syntactic foam market development within the future period.
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