Metal Foam Market Is Projected To Be Worth USD 103 million By 2030, Registering A CAGR Of 4.2% During The Forecast Period (2021-2030).
Global Metal Foam Market Research (MRFR Insights)
The metal foam market is projected to register a CAGR of 4.2% from 2022 to 2030. Metal foam is a solid metal filled with gas and created to improve the performance of metals. The metal foam market size is expected to reach approximately USD million by 2030. It is lightweight and nonetheless has the characteristics of raw metal. There are various uses for these foams, although the majority are still in the R&D stage, and there are just a few commercial uses. Weight reduction, sound absorption, anti-intrusion bars, and other automotive components all use metal foam. Generally, it is recyclable, fire-resistant, and energy-absorbent, which makes it a material of choice in automotive applications.
COVID-19 Impact Analysis
Economic development has slowed due to the novel coronavirus (COVID-19) outbreak. The COVID-19 pandemic has had the greatest impact on the metal industry. The pandemic has impacted the construction, transportation, metal, and auto sectors. Delays in lead times and supply chain disruptions have also contributed to a slowdown in market expansion. Cross-border import and export restrictions made order replenishments take longer, which had a detrimental impact on the market's expansion.
Metal Foam Market Dynamics
As they are being integrated into numerous consumer goods and services, the market sectors are renowned for their outstanding capacity to shield passengers from side impacts. Products for the market offer high-performance and lightweight foam that, by the conclusion of the forecast period in 2028, would propel the industry toward massive expansion of the market trends and market share in numerous regions. The market is anticipated to increase due to the expanding use of metal foam in the construction sector. The unique, lightweight panel is perfect for use outside buildings and is made completely of recycled aluminum foam, making it very eco-friendly.
The demand for lightweight materials from various industries, including the construction and automotive sectors, will increase during the projected timeframe. It results from implementing governmental safety, carbon emission, and lightweight vehicle requirements and norms. It has prompted the majority of OEMs to employ lightweight materials that will contribute to the vehicle's weight reduction more effectively. Fuel efficiency increases by 6 to 8%, with a mass vehicle reduction of roughly 10% while maintaining performance and safety. Due to less energy being used during acceleration, using lightweight materials also reduces fuel consumption in a vehicle.
An increasingly common advanced material for structural purposes is aluminum foam. This group of materials also has a low density and new physical, mechanical, and electrical characteristics. Patents have covered numerous aluminum foam fabrication techniques over the years. The potential for using metal foams in technical and non-engineering applications is significant. However, until now, their application has been restricted mostly because of their expensive cost and uneven qualities. Manufacturers have limited their production due to declining personal capacities and a lack of consumer demand. The market for aluminum foams is projected to experience a slowdown in growth because of the costs associated with foam production and application concerns over tolerances in reproducibility brought on by chemical foaming.
The automobile industry has undergone a technical revolution due to the rise of electric vehicles. Around 3 million electric vehicles were sold ly in 2016, accounting for 4.6% of total vehicle sales, and Europe was predicted to be the globe's largest market for electric vehicles (EVs) in 2020. Furthermore, it is predicted that 6,00,000 and 31,000 electric buses and trucks will be registered ly, respectively. Moreover, most top automakers, including Toyota, Volkswagen, General Motors, Tesla Motors, and BMW, have invested in the electric car market. It is due to the advantages of electric vehicles, which include greater economy, lower CO2 emissions, and better alternatives to gas vehicles.
Metal Foam Market Segmentation
The metal foam market segmentation, based on material, is aluminum, nickel, copper, and others (tantalum, tungsten). The metal foam market growth was prominently high under the aluminum category in 2021. The automotive and aerospace industries are increasingly using lightweight aluminum foams. In space applications, sandwich panels or aluminum metal foam sheets can take the place of honeycomb structures. Aluminum foams' lighter weight also makes it easier to produce lighter boats, ships, and automobiles. By making it possible to create more distinctive designs for tables, lamps, and other types of household furniture, aluminum metal foams might successfully bring about changes in the home furnishings business. Aluminum foam's lightweight, recyclable nature and dampening properties are anticipated to sustain steady use over the projected period.
The metal foam market segmentation, based on application, is anti-intrusion bars, heat exchangers, sound insulation, and others (railway buffer, medical implants). In 2021, the anti-intrusion bars application accounted for the largest market share of the market because the end-use industry for automobiles has a significant demand for metal foam. Ground vehicles and passenger cars are the main applications for anti-intrusion bars. They shield occupants against side impacts. Since side impacts frequently occur extremely close to the passenger, they are very deadly. The ability of anti-intrusion bars to deflect the kinetic energy of colliding vehicles is crucial. Metal foam is a great material for anti-intrusion bars since it has significant energy absorption capabilities.
End-Use Industry Insights
Based on end-use, the market is divided into automotive, construction & infrastructure, industrial, and others (aerospace, defense, medical). The automotive end-use industry dominated the market for metal foam in 2021. Because of the rising demand for high-performance and lightweight metal foam, the automobile industry is using metal foam more and more frequently. In many different automotive applications, metal foam is used. This technique aids the development of lightweight components.
Global Metal Foam Market Share, by Region, 2021 (%)
Metal Foam Market Overview, by Region
By region, the metal foam market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America accounted for the most extensive market share. Asia-Pacific will exhibit the highest CAGR during the forecast period.
North America dominated the market share in 2021. Governments' mandates to reduce carbon emissions and enhance fuel efficiency have resulted in increasing use of materials to replace or reduce the use of heavier materials in vehicles. Various materials have been explored in spacecraft & engines and related & associated applications.
Asia-Pacific accounted for the fastest growth rate in the market in 2021. Major market companies like Alantum and Liaoning Rontec Advanced Material Technology Co. are present in the region's nations, which may be attributed to the sector's quick expansion. In addition, the growing use of metal foams in the automotive sectors of many nations, particularly China, is boosting market revenue development.
Metal Foam Market Competitive Landscape
The leading competitors in the metal foam industry account for 80–90% of manufacturing. The major market participants are concentrating on attracting a sizable percentage of the consumer base by providing metal foam to accommodate a variety of applications and emphasis on research to improve their product offerings. The key players are developing, testing, and introducing more efficient metal foams on the market, along with mergers and acquisitions, strategic agreements, and contracts.
Prominent players in the metal foam market research include ERG Aerospace Corporation (US), CYMAT Technologies Ltd. (Canada), Alantum (South Korea), Mott Corporation (US), Liaoning Rontec Advanced Material Technology Co., Ltd. (China), Shanxi PutaiAluminum Foam Manufacturing Co., Ltd. (China), Mayser GmbH & Co. KG (Germany), Ultramet (US), Aluminum King Co., Ltd (China), Pohltec Metalfoam GmbH (Germany), among others.
Scope of the Metal Foam Market Report
End-Use Industry Outlook
Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
Metal Foam Market Forecast & Size:
To identify and estimate the market size for the metal foam market report segmented by material, application, and end-use by value (in US dollars). Also, to understand the consumption/ demand created by consumers in the metal foam market forecast between 2022 and 2030
Market Landscape and Trends:
To identify and infer the drivers, restraints, opportunities, and challenges in the metal foam market growth
Market Influencing Factors:
To find out the factors which are affecting the metal foam market size among consumers
Impact of COVID-19:
To identify and understand the various factors involved in the market affected by the pandemic
To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
|Market Size||2030: USD 103 million|
|CAGR||4.2% CAGR (2022-2030)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Material, Application, and End-Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and the Rest of the World (RoW)|
|Key Vendors||ERG Aerospace Corporation (US), CYMAT Technologies Ltd. (Canada), Alantum (South Korea), Mott Corporation (US), Liaoning Rontec Advanced Material Technology Co., Ltd. (China), Shanxi PutaiAluminum Foam Manufacturing Co., Ltd. (China), Mayser GmbH & Co. KG (Germany), Ultramet (US), Aluminum King Co., Ltd (China), Pohltec Metalfoam GmbH (Germany)|
|Key Market Opportunities||The rising electric vehicle sector|
|Key Market Drivers||Increase in demand for lightweight structural materials|
The metal foam market forecast period is 2022 - 2030
The market is expected to register a CAGR of ~4.2% over the next 10 years, according to metal foam market research.
North America held the largest share in 2021
The market size is expected to be USD 103 million by 2030.
ERG Aerospace Corporation (US), CYMAT Technologies Ltd. (Canada), Alantum (South Korea), Mott Corporation (US), Liaoning Rontec Advanced Material Technology Co., Ltd. (China), Shanxi PutaiAluminum Foam Manufacturing Co., Ltd. (China), Mayser GmbH & Co. KG (Germany), Ultramet (US), Aluminum King Co., Ltd (China), and Pohltec Metalfoam GmbH (Germany) are the major companies operating in the market.