Metal Foam Market is forecast to reach $97.44 million by 2025, after growing at a CAGR of 3.78% during 2020-2025. The Metal Foam market is driven by the rising demand for lightweight materials in automotive industry. The metal foams are of low weight and also helps in reducing the weight of vehicles, which, in turn, leads to better fuel consumption.
Material – Segment Analysis
Aluminum metal foam holds the largest share in the Metal Foam market in 2019. Aluminum metal foam can be used as lightweight, energy absorption and damping structure in different industrial sectors such as automotive, aerospace, marines, furnishing and others. The aluminum metal foam has several unusual properties, which makes them especially suitable for above mentioned end use industries. Its inherent properties such as low in density, thermal conductivity, incombustible, and non-toxic in nature. Metal foams with a smaller pore size (40 PPI) have a larger heat transfer coefficient compared to foams with a larger pore size (5 PPI). The properties has attracted ultra-light foams into research field both from scientific and industrial application.
Application – Segment Analysis
Automotive has been the primary market for Metal Foam both in terms of value and volume. The usage of metal foam in automotive is attributed to the several useful properties offered by metal foam, including high porosity, low weight, stiffness, and high impact resistance, and others. The use of metal foam was the highest in the anti-intrusion bars application segment. In ground vehicles and passenger cars, anti-intrusion bars are mostly used to shield passengers from side impacts. Anti-intrusion bars play a major role in the absorption of impact vehicles kinetic energy. Globally, the automotive industry is evolving at unprecedented pace. The software and Artificial Intelligence (AI) technologies is further driving the automotive industry.
Geography – Segment Analysis
APAC dominated the Metal Foam market with a share of more than 37%, followed by North America and Europe. Due to increasing demand in the automotive industry, Asia-Pacific is projected to dominate the metal foam market during the forecast period. Asia-Pacific is the main automotive manufacturing centre and its related parts. It is expected that factors such as increasing automotive production and sales will drive the Asia-Pacific market. However, growing population, increasing urbanization, and changing customer habits in emerging economies, including China, India, and South Korea, are expected to drive the region’s demand for metal foam.
Drivers – Metal Foam Market
- Wide application of Metal Foam.
The rising demand for lightweight materials across various end use industries is one of the key trends in the global metal foam market. The increase in per capita income coupled with improved living standards, expansion of construction activities is increasing construction spending in developing nations. Over the forecast period, the above-mentioned phenomenon will positively influence the global metal foam market. The construction industry in South Asian countries such as India, China, Vietnam, Indonesia are thriving, and the GDP forecasts for these nations range between 5% to 7%.
Challenges – Metal Foam Market
- Lack of technical knowledge coupled with high cost of product.
The lack of basic knowledge regarding mechanism of manufacturing metal foams of constant quality with pre-defined characteristics may affect the product quality which may restrain the sale of metal foam. The high cost of metal foam can limit its market growth. Mass production will lead to lower prices, but a very cheap material will never be metal foam. It is therefore essential to select applications in which the specific properties of foams are fully exploited.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Metal Foam market. In 2019, the market of Metal Foam has been consolidated by the top five players accounting for xx% of the share. Major players in the Metal Foam Market are Cymat Technologies Ltd, Hütte Klein-Reichenbach Gesellschaft m.b.H., METECNO S.p.A, NANOSHEL LLC, and AlCarbon Technologie UG, among others.
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