CHICAGO, Jan. 13, 2021
CHICAGO, Jan. 13, 2021 /PRNewswire/ -- According to the new market research report "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 - Global Forecast to 2025", published by MarketsandMarkets™, the Syntactic Foam Market size is expected to grow from USD 132 million in 2020 to USD 169 million by 2025, at a CAGR of 5.2% during the forecast period.
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Browse in-depth TOC on "Syntactic Foam Market"194 – Tables 33 – Figures 165 – Pages
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Syntactic foam is used across industries, such as Marine& Subsea, Automotive & Transportation, Aerospace & Defense, Sports & Leisure, and Others. In the Syntactic Foam Market, marine & subsea is the key end-use industry owing to the wide applications of these syntactic foam.
The polymer matrix is expected to dominate the global Syntactic Foam Market during the forecast period.
The polymer matrix will continue to lead the Syntactic Foam Market. The key driver for the growth of syntactic foam in this segment are rising demand from marine & subsea applications such as underwater robotics, vehicles, flotation, pumps, and oil & gas pipeline insulation.
Furthermore, the polymer matrix is also expected to be fastest growing segment 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. The above mentioned factors are expected to drive the demand during forecast period.
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APAC is expected to hold the largest market share in the global 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.
ALSEAMAR (France), Trelleborg AB (Sweden), Diab (Sweden), Deepwater Buoyancy (New England), and CMT Materials (US) are the leading syntactic foam manufacturers, globally.
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