The global syntactic foam market is projected to be valued at USD 233.70million by the end of 2028, registering a CAGR of around 5.85% during the forecast period.
Syntactics foam is a composite material made from hollow or non-hollow microspheres dispersedinto a polymeric, metal, or ceramic matrix. These materials are increasingly being used to produce deepwater pipe insulations and buoyancy modules due to their ability to withstand high hydrostatic pressure and prolonged exposure to seawater.
Growing investments by major oil & gas companies fordeveloping deepwater and ultra-deepwater E&P infrastructure have emerged as the primary factor driving the demand for syntactic foams. Rapid depletion of onshore oil & gas reserves coupled with technological improvements in offshore drilling are some of the key factors driving the growth of offshore drilling activities. Petrobras, Shell, Total, BP, Equinor, Exxon, and Statoil are major oil & gas companies that are steadily increasing their offshore E&P activities. Improvements in drilling and production technologies have helped these companies significantly reduce their production costs, thereby improving their profit margin spread. Syntactic foams are also being used as a key raw material in the production of various structural & non-structural components used in the aerospace & defense industry. Moreover, the major automotive manufacturers’ huge emphasis on vehicle lighwightingdrives the demand for composite materials such as syntactic foams.
The globalsyntactic foam market has been segmented on the basis ofthe metal matrix type, form, application, and region.
By matrix type, the syntactic foam market has been segmented into metal matrix, ceramic matrix, polymer matrix, and hybrid matrix. The polymer matrix syntactic foamshave witnessed largescale adoption in various marine and subsea applications. As a result, it emerged as the largest segment in the global syntactic foams market in 2020. On the other hand, the hybrid matrix type segment is expected to grow at the fastest pace during the review period due to its superior mechanical strength and low density.
Based on form, the syntactic foam market has been bifurcated into block and sheet & rod. The sheet & rod segment is projected to grow at the highest CAGR of 6.78% over the forecast periodowing to its rising use in the production of insulated panels and piping insulation systems. Moreover, the demand for buoyancy modules from the marine and offshore drilling industry s projected to drive the market for blocks segment.
On the basis of application, the global syntactic foam market has been segmented into marine & subsea, aerospace & defense, sports & leisure, automotive & transportation, and others. Syntactic is witnessing wider-ranging adoption in the marine & subsea applications because of its high strength and low-density properties. Moreover, their ability to withstand hydrostatic pressure and prolonged seawater has propelled the marine & subsea segment as the largest application segment in 2020.
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Covid Impact Analysis
The outbreak of COVID-19 and subsequent adoption of lockdown strategies across most countries in the world has led to a significant decrease in demand for fossil fuel.Thus, unabated production of crude oil in tandem with a drastic decrease in demand caused global crude oil prices to drop by a significant margin. This fall in crude oil prices is expected tolimit offshore E&P activities in the near future, thereby affecting the demand for syntactic foams in marine and offshore applications. Moreover, disruption in raw material supply and non-availability of labor have adversely impacted the demand for syntactic foams in the near future.
Key Findings of the Study:
• The global syntactic foam market is projected to reach a value of USD 233.70million by 2028,with a CAGR of around 5.85% during the forecast period from 2021 to 2028.
o North America accounted for the largest market share in 2020; this is due to the growing investments in the development of offshore E&P infrastructure in the region.
o Asia-Pacificis expected to be the fastest-growing regional market registering a CAGR of 7.12%.
o The growing trend toward the production of lightweight, fuel-efficient vehicles is leading to the increased adoption of composite materials such as syntactic foams into the automotive industry. Moreover, the growing demand for electric vehicles is expected to boost the demand for syntactic foams over the forecast period.
o The increased investments in the development of ultra-deepwater E&P infrastructure off the coasts of Brazil, Argentina, and Colombia are expected to boost the syntactic demand withinLatin America.
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