A comprehensive market research report has been released on the global aluminium foam market, providing insights into its size, share, and industry. The report includes data tables, pie charts, qualitative chapters, and graphs, offering a detailed analysis of the market. It covers evolving trends, player actions, scenario analysis from the present to the future, and growth factors, supported by inputs from industry consultants and experts.
The report encompasses historical data, current market trends, environmental considerations, technological advancements, and technical improvements in the aluminium foam industry. It projects that the market for aluminium foam will grow at a CAGR of 4.4% between 2022 and 2030, reaching a value of US$ 61.6 million. The increasing demand for lightweight materials in the automotive sector to enhance fuel efficiency and reduce emissions is identified as a key driver for market growth.
In terms of geographical analysis, North America is expected to dominate the global aluminium foam market in the foreseeable future. This can be attributed to the growing utilization of aluminium foam in the aerospace and defense industries, along with the presence of prominent players in the region. Asia-Pacific is anticipated to witness significant growth, driven by the expanding automobile and construction industries in the region.
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In conclusion, the global aluminium foam market is poised for substantial growth in the coming years due to the rising demand for lightweight and robust materials across various industries. This trend, driven by the automotive sector’s need for fuel efficiency, is expected to fuel market expansion. North America is likely to remain a key market, while Asia-Pacific is projected to witness notable growth.
Key Takeaways
- Aluminum foam is expected to pick up the pace due to its high thermal conductivity, immense crush strength, and low density acting against corrosion and being lightweight. Furthermore, the recyclability of aluminum plays a crucial role in the production of aluminum foams.
- Reducing the weight of vehicles can attain cost efficiency along with passenger safety is the first priority for OEMs. Surging demand for electrical vehicles which are lightweight is expected to bolster the growth of the aluminum foam market in the years to come.
- The rise in urbanization has compelled the construction industry to undergo some commendable technological changes in the last few years. The construction market seems to evolve at a rapid pace owing to surging technological advancements which have led to the higher usage of aluminum foam in infrastructure development.
- New advances have taken place in the market to improve the quality of aluminum foams inducing higher strength. Backed by several impressive properties like shock wave attenuation, high stiffness, vibration damping, high crush energy, and thermal & sound insulation, the aluminum foam market is anticipated to prosper over the forecast period.
- The automotive industry and transportation sector are expected to witness an opulent increase of 142 basis points owing to the growing use of aluminum foams for manufacturing automobiles.
- East Asia is anticipated to account for 1/3rd of the market share by value in the year 2030 and is likely to create significant incremental opportunities during the forecast period.
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More Insights into the Aluminum Foam Market
- East Asia is anticipated to dominate the global aluminum foam market by accounting for a significant market share. The demand is majorly driven by a rise in light commercial vehicles and fuel-efficient passenger vehicles. In addition to that, the presence of a large number of manufacturers in the region is likely to boost the aluminum foam market.
- Expansion of the automotive industry and a hike in the recyclability rate are important factors that are likely to augment the growth of the aluminum foam market in the North American region. There is a higher usage of aluminum foam in more populated regions owing to the need for urban infrastructure and housing facilities.
- European countries consist of larger aircraft capacities which are likely to drive the demand for aluminum foam as aluminum foams are used for designing the wings, blades, heat exchangers, battery plates, etc. due to them being lightweight, cost-effective, and heat & fire resistant.
- The surge in high potential markets and easy availability of raw materials has led to many automotive manufacturers from North America and Europe setting up their manufacturing plants in South Asia. This is likely to increase the market demand for aluminum foams in the region.
Competitive Landscape
The aluminum foam market has its top players accounting for 80-90% of the global production. The key players operating in the market are focusing on attracting substantial portion of consumer base by offering aluminum foam to cater to wide applications and focus on research to enhance their product offerings.
Key Players:
- Beihai Composite Materials Co.,Ltd.
- Composite Materials Ltd.
- Cymat Technologies Ltd.
- American Elements Corporation
- ERG Aerospace Corp.
- Hollomet GmbH
- Pohltec Metalfoam GmbH
Aluminum Foam Market: United States and China to Lead Growth
The United States and China are poised to dominate the aluminum foam market, driven by various factors contributing to their market growth.
- United States Market: The United States market is expected to reach US$ 7.6 million by the end of 2023, with a projected CAGR of 3.8% in the coming years. The access and availability of research centers in the country are key factors fueling market growth. Ongoing research and development efforts focused on meeting evolving demands contribute to the continued growth of the market. The United States market is anticipated to be worth US$ 11.04 million by 2033.
- Impact of New Developments: Innovations such as aluminum foam panels are expected to have a significant influence on related markets, including the aluminum foam panels market in the region. These developments contribute to the overall growth and expansion of the aluminum foam industry in the United States.
- China Market: China is projected to rank second in the global aluminum foam market in terms of market value. The market is estimated to be valued at US$ 5.7 million in 2023, with a CAGR of 5% over the forecast period. The increasing demand for aluminum foam in the automotive and construction industries is a major growth driver for the Chinese market. The presence of numerous manufacturers in China also contributes to the market’s development. The market in China is predicted to reach US$ 9.28 million by 2033.
- Construction Industry Importance: The growing importance of aluminum foam in the construction industry is another significant factor driving market growth in China. The unique properties of aluminum foam, such as lightweight and high strength, make it an attractive material for various construction applications.
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Key Segments Covered In Aluminum Foam Industry Research
By Product Type
- Open Cell Foam
- Closed Cell Foam
- Others
By Application Type
- Energy Absorber
- Heat Exchanger
- Damping Structures
- Filtration
- Insulation
- Others
By End-use
- Automotive & Transportation
- Aerospace & Defense
- Building & Construction
- Chemical
- Other Industrial
By Region
- North America Aluminum Foam Market
- Latin America Aluminum Foam Market
- Europe Aluminum Foam Market
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