VANCOUVER, BC, May 10, 2022 /PRNewswire/ -- The global metal foam market size reached USD 93.3 Million in 2021 and is expected to register a significantly rapid revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Increasing investment in Research & Development (R&D) initiatives for metal foams and manufactiring of lightweight vehicles are major factors driving market revenue growth.
Drivers:
Steady global metal foam market growth is also attributed to increasing demand for metal foams in various industries due to the advanced characteristics, including thermal management, shock-absorbing ability, and electrical conductivity, of these materials. Aluminum metal foams are increasingly being used in manufacturing of lightweight vehicles and are gaining traction due to features such as lightweight, increased strength, and high durability. Additionally, aluminum foam improves crashworthiness of vehicles, attributed to the presence of strengthened cellular structure, which exhibits metal-like performance while being lightweight.
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Restraints:
However, high cost of metal foams is a key factor hampering market growth. Energy-intensive and complex manufacturing processes are reasons for high cost. In addition, challenges welding, soldering, and bonding metal foams due to reduced mechanical properties, microstructural inhomogeneity, and less fatigue strength are factors expected to hamper market growth during the forecast period. Besides, lack of understanding of basic mechanism for manufacturing superior quality metal foams is a major concern.
Growth Projections:
The global metal foam market is expected to register a CAGR of 4.3% over the forecast period, and revenue is projected to increase from USD 93.3 Million in 2021 to USD 136.3 Million in 2030. Rising demand for metal foams in heat exchangers and anti-intrusion bars due to superior quality as compared to polymer foams is driving market revenue growth.
COVID-19 Impact Analysis:
COVID-19 pandemic has been having a wide-ranging impact on various industries. Shutdown of businesses has resulted in supply chain disruptions. Since the pandemic has created economic pressure, demand for metal foams also decreased. COVID-19 has severely impacted the automotive industry worldwide and as the automotive sector accounts for a significantly large volume of metal foam demand. China is among the leading exporters of automotive parts and the pandemic disrupted the market to a substantial extent. In addition, manufacturing disruption in Europe and shutdown of assembly plants in the U.S. have significantly impacted the automotive industry.
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Current Trends and Innovations:
Increasing adoption of Aluminum Foam Sandwich (AFS) is expected to boost market revenue growth during the forecast period. AFS is made of two thin aluminum face sheets and aluminum foam core. These foam sandwiches can be used in shipbuilding, automotive, aircraft, and railway industries. AFS is more rigid than dense sheets of equal mass and is well suited for building lightweight structures that can bear loads while their deformation remains small. AFS are being used in electromagnetic shielding, solar thermal energy generation, and architectural panels, among others.
Geographical Outlook:
Market in North America is expected to register a steady growth rate over the forecast period. Government has mandated use of metal foams to increase road safety. Also, increasing sale of lightweight Electric Vehicles (EVs) is driving market growth in this region as metal foams are used in manufacturing of these vehicles.
Strategic Initiatives:
Some major companies included in the global market report are ERG Aerospace, CYMAT Technologies Ltd., Mott, Ultramet, Alantum, Havel Metal Foam GmbH, Mayser GmbH & Co KG, Pohltec Metalfoam GmbH, Liaoning Rontec Advanced Material Technology Co., and American Elements.
- On 13 July 2021, Cymat Technologies Ltd., which is a Canada-based company, announced that it had signed an agreement with ADI Technologies Incorporated to enhance access to defense market in the U.S. According to this agreement, ADI would pursue contracts of the U.S. Military for Cymat's Stabilized Aluminum Foam (SAF) products. This agreement is expected to fulfill the requirement to upgrade Cymat's military initiatives and enhance access to relevant vehicle programs.
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Emergen Research has segmented global metal foam market on the basis of material, product, application, end-use, and region:
- Material Outlook (Revenue, USD Million; 2019-2030)
- Aluminum
- Copper
- Titanium
- Zinc
- Nickel
- Product Outlook (Revenue, USD Million; 2019-2030)
- Open Cell
- Closed Cell
- Application Outlook (Revenue, USD Million; 2019-2030)
- Heat Exchangers
- Anti-intrusion Bars
- Energy Absorbers
- Others
- End-use Outlook (Revenue, USD Million; 2019-2030)
- Automotive
- Aerospace
- Bio-medical
- Industrial
- Others
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- Regional Outlook (Revenue, USD Million; 2019-2030)
- North America
a. U.S.
b. Canada
c. Mexico - Europe
a. Germany
b. France
c. U.K.
d. Italy
e. Spain
f. Benelux
g. Rest of Europe - Asia Pacific
a. China
b. India
c. Japan
d. South Korea
e. Rest of APAC - Latin America
a. Brazil
b. Rest of LATAM - Middle East & Africa
a. Saudi Arabia
b. UAE
c. South Africa
d. Turkey
e. Rest of MEA
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend's existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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