According to the new market research report “Metal Foam Market by Material (Aluminum, Copper, Nickel), Application (Anti-Intrusion Bars, Heat Exchangers, Sound Insulation), End-Use Industry (Automotive, Construction & Infrastructure, Industrial), and Region – Global Forecast to 2024″, The metal foam market size is projected to grow from USD 84 million in 2019 to USD 103 million by 2024, at a CAGR of 4.2% during the forecast period.
The market is witnessing significant growth because of the growing demand for metal foam from various end-use industries such as automotive and construction & infrastructure. Metal foam has multiple features, such as cost-benefit, low weight, and thermal conductivity, resulting in its increasing adoption.
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The use of metal foam is increasing due to its vast advantages such as cost-effectiveness, reduced weight, good thermal behavior, durability, resistance to fire, and reduced maintenance expenditure. The metal foam market size is estimated to be USD 84 million in 2019 and is expected to reach USD 103 million by 2024, at a CAGR of 4.2% during the same period. The increasing use of metal foam in the industrial, medical, and defense industries is bolstering market growth globally.
Based on material used, the market for metal foam is segmented into aluminum, nickel, copper, and others, including tungsten and tantalum. Aluminum material dominated the overall metal foam market in 2018, in terms of volume as well as value. This is due to the high demand for aluminum material used in metal foam for automotive and industrial applications. In the automotive industry, it is mainly used for electric vehicles and anti-intrusion bars. In the heat exchangers application, metal foam is used due to its effective thermal conductivity and porous property.
The metal foam is divided into four major applications—anti-intrusion bars, heat exchangers, sound insulation, and others, including railway buffers and medical implants. The anti-intrusion bars application dominated the metal foam method market. Anti-intrusion bars absorb the kinetic energy of the colliding vehicles and are used for ensuring passenger safety.
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The metal foam market size is estimated to be USD 84 million in 2019 and is projected to reach USD 103 million by 2024, at a CAGR of 4.2% during the same period. Advantages of metal foam such as cost-effectiveness, reduced weight, good thermal behavior, durability, resistance to fire, and reduced maintenance expenditure are resulting in an increasing demand for metal foam from various industries such as automotive, construction, and industrial.
The major metal foam manufacturers are ERG Aerospace Corporation (US), CYMAT Technologies Ltd. (Canada), Alantum (South Korea), Mott Corporation (US), Liaoning Rontec Advanced Material Technology Co., Ltd. (China), Shanxi Putai Aluminum Foam Manufacturing Co., Ltd. (China), Mayser GmbH & Co. KG (Germany), Ultramet (US), Aluminum King Co., Ltd (China), and Pohltec Metalfoam GmbH (Germany). These players have adopted various growth strategies, such as expansions and joint ventures, to expand their presence in the market further. Expansion was the most commonly adopted strategy by the major players from 2016 to 2019, which helped them to increase their geographical presence and broaden their customer base.
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ERG Aerospace Corporation (US) is a well-established company in the global metal foam market. The company offers high-quality metal foam. It is continuously engaged in providing high-grade metal foam. As a part of its growth strategy, it is highly focused on expansion. For instance, in July 2017, the company opened a facility for manufacturing operations at Sparks, Nevada, in the US. The company invested USD 2.1 million in the plant. The location of the plant offers logistic advantages and low-cost labor. This expansion has helped the company to increase its geographical presence.
CYMAT Technologies Ltd. (Canada) is another major player in the metal foam market. It is one of the global leaders in the design, manufacture, and supply of metal foam. As a part of its growth strategy, the company strives to increase its profitability and provide quality products to long-term strategic customers. As a part of its growth strategy, it focuses on joint ventures. For instance, in December 2017, the company announced a joint-venture with Alucoil SA (Spain) for producing aluminum composite panels with metallurgically-bonded aluminum foam cores. This joint venture resulted in an increase in the geographical presence of the company and the production of an all-metal panel with no adhesives and improved construction materials.
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