The aluminum foam market is expected to expand at a significant CAGR in terms of value through the forecast period (2020-2030).
Qualities like robustness and less magnetic permeability makes it an ideal solution in automotive and construction industries. Players are focussing on strengthening geographical position throughout.
“High stiffness, better sound and thermal insulation makes it suitable for operation in harsh weather conditions. Being a lightweight material, it reduces collision impact to a great extent,” states the FMI Analyst.
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Aluminium Foam Market- Important Highlights
Backed by considerable strength, open cell foam is set to capture 70% of the market value. Region wise, East Asia will remain the most lucrative market through the forecast period. As a foam absorber and heat exchanger, aluminium foam will gain maximum attention and account for almost 2/3rd of the value. Automotive and transportation sector collectively accounts for more than 2/5th market share.
Aluminium Foam Market- Driving Factors
Aluminium foams find immense employment in architectural, automobile and mechanical industries. Due to its sustainability and recyclability, foams are in demand for production of automobile parts. Better strength to weight ratio and higher durability makes it a perfect engineering material in compression beams. Aluminium foams are extensively used in signage, dropped ceilings, wall claddings etc.
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Aluminium Foam Market- Key Restraints
Complex cost structure is a major challenge for the market players. Advanced and expensive production processes also acts as a key deterrent.
Expected Impact on Market by Coronavirus Outbreak
COVID-19 has turned our lives upside down with numerous regulations and strict lockdown. Every industry be it small or large, has been affected in some way or the other. When talking about construction industry, many industries and manufacturing centres were shut which caused a sharp downfall all around the globe. USA witnessed 6.5% decline in construction business in real terms while Europe suffered loss in the beginning of 2020 but EU construction industry saw 2.7% inclination in August, 2020 compared with July in the same year.
Market players are working on enhancing product quality as well as supply chains. They are adopting organic growth strategies to ensure the best market position. Key players include Beihai Composite Materials Co., Ltd., Composite Materials Ltd., Cymat Technologies Ltd., American Elements Corporation, ERG Aerospace Corp., Hollomet GmbH, Pohltec Metalfoam GmbH etc.
For instance, Beihai Composite Materials. produces foams which are specifically designed for sound reduction applications.
Cymat Technologies Ltd. in 2017, collaborated with Spain-based company Alucoil SA to get help in the production of aluminum composite panels.
More on the Report
The report presents segmentation on the basis of product type (open cell foam, closed-cell foam etc.), application type (energy absorber, heat-exchanger, insulation, filtration etc.) end-user (building, construction, automotive, chemical etc.) and an in-depth region wise analysis (North America, Latin America, Europe, and Asia).