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Global Syntactic Foams Market: Introduction

  • 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

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

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.

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

Key Manufacturers Operating in Syntactic Foams Market

The syntactic foams market was consolidated in 2020. Major players have prominent presence in developed and developing countries. Key manufacturers operating in the syntactic foams market include:

  • Acoustic Polymer Ltd.
  • AFGlobal
  • Balmoral
  • CBM International
  • CMT Materials
  • Cuming Microwave Corporation
  • Deepwater Buoyancy
  • Diab Group
  • Engineered Syntactic Systems

Syntactic Foams Market: Research Scope

Syntactic Foams Market, by Matrix Type

  • Metal Matrix
  • Ceramic Matrix
  • Polymer Matrix
  • Hybrid Matrix

Syntactic Foams Market, by Form

  • Block
  • Sheet
  • Rod
  • Others

Syntactic Foams Market, by Application

  • Marine & Subsea
  • Aerospace & Defense
  • Sports & Leisure
  • Automotive & Transportation
  • Others

Global Syntactic Foams Market, by Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • ASEAN
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Global Syntactic Foams Market

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