The Syntactic Foam Market is projected expected to register a CAGR of 5.85% and the value is expected to reach USD 234 Million by the end of the forecast period. Syntactics foam is a type of composite material made up of hollow or non-hollow microspheres dispersed in a polymeric, metal, or ceramic matrix. Syntactic foams are incredibly light and have the unique property of having a high strength-to-density ratio. As a result, their use in subsea insulation and buoyancy applications is increasing. They are widely employed in deepwater pipe insulations and as buoyancy modules for various marine components used in offshore exploration and production activities due to their exceptional capacity to tolerate extremely high hydrostatic pressure and long-term exposure to seawater. Due to the growing depletion of easily accessible onshore oil and gas deposits, major oil and gas corporations are increasingly investing in offshore exploration and production platforms. Syntactic foams have the potential to be important in the aerospace and defense industries in the future. These foams have incredible strength and structural integrity while weighing a fraction of the weight of standard materials.
Petroleum product consumption can be used as a barometer to gauge the health of the world economy. The pandemic breakout and accompanying enactment of lockdown measures resulted in a sharp drop in crude oil demand. OPEC and other oil-producing nations agreed to reduce output by 9.7 million barrels per day, significantly less than the lowered demand, resulting in an oversupplied market with no buyers. As a result, global oil prices stayed at historically low levels for the majority of 2020.
Based on the matrix type, the Syntactic Foam Market has been segmented into the metal matrix, ceramic matrix, polymer matrix, and hybrid matrix.
Based on the form, the Syntactic Foam Market has been bifurcated into the block and sheet rod.
Based on the application, the Syntactic Foam Market has been segmented into marine subsea, aerospace defense, sports leisure, automotive transportation, and others.
Based on the region, the Syntactic Foam Market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East Africa.
The largest market for syntactic foam was found in North America. The key driver of growth has been a significant rise in investments by major US-based oil and gas companies in building deepwater and ultra-deepwater drilling and production capabilities. Furthermore, increased composites material use in the automotive and aerospace military industries in the United States and Canada is likely to support future market growth. Over the projection period, the market in Asia-Pacific is expected to develop the fastest. A major increase in offshore EP activities in the South China Sea, combined with the region’s rapidly growing aerospace and military industries, is expected to drive market expansion shortly.
The major key players in the market are ALSEAMAR (France), Trelleborg AB (Sweden), Diab (Sweden), Deepwater Buoyancy (US), and CMT Materials (US) Engineered Syntactic Systems (US), Balmoral Comtec Ltd (United Kingdom), SynFoam (US), and Acoustic Polymers Ltd(United Kingdom). These companies are spending a lot of money on research and development to improve their product performance and find new uses for syntactic foams.
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