Syntactic Foam Market to grow at highest CAGR by 2025

CITY, Country, 2021-Oct-07 — /EPR Network/ —

MarketsandMarkets expects the global syntactic foam market size to grow from USD 132  million in 2020 to USD 169  million by 2025, at a Compound Annual Growth Rate (CAGR) of 5.2% during the forecast period. The growth of the marine & subsea and sports & leisure applications plays a key role in driving the syntactic foam market.

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Syntactic foam manufacturers are the most important players in the value chain as they produce and provide various product types of syntactic foam based on their required properties for the specific end-use applications. The end-use industries such as marine & subsea, automotive & transportation, aerospace & defense, sports & leisure and others use the form and matrix and product types. This provides additional value to the chain.

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Marine & Subsea is the largest market of syntactic foam, with a 54.0% share, globally. Syntactic Foams are widely used for buoyancy applications. The most important application of syntactic foams is in deep submergence buoyancy where compressive and low moisture absorption properties are of prime importance. They have been used as the principal source of supplementary buoyancy in recently developed deep submergence vehicles. Due to the increasing technological advancements and growth in the deep water & subsea projects of emerging economies, the marine & subsea is projected to be the major end-use industry for syntactic foam.

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