Syntactic Foams Market Growth Driven by Chemicals and Materials Sector
- Syntactic foams are composite materials that are synthesized by filling a metal, polymer, or ceramic matrix with hollow spheres called microballoons or cenospheres, or non-hollow spheres
- Syntactic foam is generally made of glass, polymer, ceramic, or even metal and bound together with a polymer
- Syntactic foam is used to produce deepwater pipe insulations and buoyancy modules due to its ability to withstand high hydrostatic pressure and prolonged exposure to seawater
- In 1955, Bakelite Company invented a syntactic foam, which was lightweight composite made of hollow phenolic microspheres bonded to a matrix of phenolic, epoxy, or polyester
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Key Drivers and Restraints of Syntactic Foams Market
- Rise in demand for syntactic foams in ultra and deep-water activities due to their superior properties such as low coefficient of thermal expansion and high specific strength is expected to boost the global syntactic foams market
- Increase in consumption of syntactic foams in the sports & leisure industry is anticipated to drive the global syntactic foams market during the forecast period. Syntactic foams are used in sports equipment such as soccer balls, snow skies, and tennis rackets.
- High cost of syntactic foams is projected to hamper the syntactic foams market during the forecast period
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Syntactic Foams Market, by Matrix Type
- Based on matrix type, the syntactic foams market can be segmented into metal matrix, ceramic matrix, polymer matrix, and hybrid matrix
- Polymer matrix syntactic foams are adopted widely in various marine and subsea applications
- On the other hand, the hybrid matrix type segment is expected to expand due to the superior mechanical strength and low density of these types of syntactic foams
Syntactic Foams Market, by Application
- Based on application, the global syntactic foams market can be divided into marine & subsea, aerospace & defense, sports & leisure, automotive & transportation, and others. Syntactic foam is witnessing extensive adoption in the marine & subsea segment due to its high strength and low-density properties.
- Its ability to withstand hydrostatic pressure and prolonged seawater is also propelling the marine & subsea segment
- The sports & leisure segment is projected to hold key share of the global syntactic foams market in the near future. Large amounts of syntactic foams are used in sports equipment such as soccer balls, snow skies, and tennis rackets.
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COVID-19 Impact on Syntactic Foams Market
- On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Corona virus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 214 countries and territories around the world.
- Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic
- Manufacture of various consumer goods and other products across the globe came to a halt due to the unavailability of raw materials, shortage of labor, etc.
- The outbreak of COVID-19 and subsequent adoption of lockdown strategies across most countries in the world have led to a significant decrease in demand for fossil fuel. Thus, unabated production of crude oil in tandem with a significant decrease in demand caused global crude oil prices to drop by a substantial margin. This fall in crude oil prices is expected to limit offshore E&P activities in the near future, thereby adversely affecting the demand for syntactic foams in marine and offshore applications.
- Disruption of raw material supply and non-availability of labor have also adversely impacted the demand for syntactic foams
- According to Energy Information Administration (EIA), crude oil prices have been decreasing from the beginning of 2020 due to the COVID-19 pandemic
North America to Hold Leading Share of Syntactic Foams Market
- In terms of region, the syntactic foams market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America is expected to hold major share of the global syntactic foams market, followed by Asia Pacific and Europe, during the forecast period
- North America region dominates the global syntactic foams market due to rapidly increasing demand for syntactic foams in marine and subsea industries in the region
- The US. is a major manufacturer of syntactic foams and accounted for the highest consumption of syntactic foams in 2020
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