WASHINGTON, Jan. 12, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Metal Foam Market finds that growing rising automotive industry is expediting market growth. Primarily driven by increase in demand for lightweight structural materials, the total Global Metal Foam Market is estimated to reach USD 122.70 Million by 2028, up from USD 88.16 Million in 2021, at a Compound Annual Growth Rate (CAGR) of 4.3%.
Furthermore, the surging demand from end-use industries is also anticipated to augment the growth of the Global Metal Foam Market, states Vantage Market Research, in a report, titled “Metal Foam Market by Material (Aluminum, Nickel, Copper, Others), by Application (Anti-Intrusion Bars, Heat Exchangers, Sound Absorbers, Others), by End Use (Automotive, Construction & Infrastructure, Industrial, Others), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Driver: Increase in Demand for Lightweight Structural Materials to Fuel Global Metal Foam Market
The increasing demand for lightweight materials from various industries like automotive and construction industry is anticipated to augment the growth of the Metal Foam Market during the estimated timeframe. This is attributable to the application of government norms and standards for safety, carbon emission, and lightweight vehicles. This has directed most of the OEMs to use lightweight materials that will aid to reduce the weight of the vehicle with more efficiency. Reduction in vehicle mass almost around to 10% improves the fuel economy by 6 to 8% while ensuring safety and performance. The use of lightweight materials also results in decrease in consumption of fuel in a vehicle due to less energy use at the time of acceleration. Furthermore, the use of lightweight materials in construction owing to its high tensile strength, optical transparency, and excellent electrical conductivity and increase in use of cement-based construction materials is also expected to support the market growth in near future.
Opportunity: Rising Electric Vehicle Sector to Stimulate Market Growth
The increase in electric vehicles has led to technological revolution in the automotive industry. The global electric car registrations were estimated to increase by 41% in 2020, around 3 million electric cars were sold globally i.e., a 4.6% sales share and Europe projected as the world’s largest electric vehicle (EV) market, as stated by IEA. Furthermore, electric bus and truck registrations estimated to reach global stocks of 600 000 and 31 000 respectively. Additionally, most of the leading automotive players in automotive industry like BMW, Tesla Motors, Volkswagen, General Motors, and Toyota have invested into the electric vehicle sectors. This is owing to the benefits like more efficiency, reduced CO2 emissions, and better than gas alternatives of electric vehicles. Since electric vehicles have low power engines, they use lightweight materials that drive the engine’s pulling capacity. Therefore, the increasing demand for electric vehicles provides an opportunity for the growth of the metal foams market.
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The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the chemical industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
Impact Assessment of COVID-19 Pandemic
Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
Key Strategies Undertaken by Companies to Tackle COVID-19
The report on Metal Foam Market highlights:
Historic Data, Estimates and Forecast
Important questions answered in this report:
What is the estimated market size and growth rate of the Metal Foam Market?
Which segments are included in the Metal Foam Market?
Which top companies are active in the Metal Foam Market?
What are the major driving factors for the growth of the Metal Foam Market?
How can I get free sample reports or study of Metal Foam Market?
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Asia Pacific Dominates the Global Metal Foam Market
Asia Pacific has dominated the Global Metal Foam Market in 2021 and is likely to continue the same trend during the forecast period. This is attributable to the increase in demand for passenger cars and light commercial fuel-efficient vehicles in emerging economies like India, and China, in the region. Furthermore, the increasing population and urbanization are also expected to support the regional growth of the market.
North America is likely to witness substantial growth in the Metal Foam Market during the forecast period. This is attributable to the increase in expansion of the building & construction industry in countries such as the U.S. and Mexico in the region. Additionally, the increasing need to reduce the overall weight of vehicles and government regulations are also expected to support the growth of the metal foam market in near future.
List of Prominent Players in the Metal Foam Market:
Liaoning Rontec Advanced Material Technology Co., Ltd. (China)
Shanxi Putai Aluminum Foam Manufacturing Co., Ltd. (China)
Mayser GmbH & Co. KG (Germany)
Aluminum King Co., Ltd (China)
October, 2020: Cymat Technologies Ltd. announced a co-operation agreement with Tesseract Structural Innovations Inc. By entering into this agreement, Cymat and Tesseract are combining their resources and expertise to both strategically market the UDU system and to develop and market future energy absorption innovations within the automotive industry.
December, 2017: Mayser GmbH & Co. KG announced to invest in a new factory in Michigan, US. The factory develops metal foam products for non-automotive field, products for safety, and foam technology. This strategic expansion is done to increase the company’s growth in the North American region.
Browse market data Tables and Figures spread through Pages and in-depth TOC on "Metal Foam Market by Material (Aluminum, Nickel, Copper, Others), by Application (Anti-Intrusion Bars, Heat Exchangers, Sound Absorbers, Others), by End Use (Automotive, Construction & Infrastructure, Industrial, Others), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)". View detailed Table of Content here - https://www.vantagemarketresearch.com/press-release/metal-foam-market-805790
This market titled “Metal Foam Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Material:- Aluminum, Nickel, Copper Application:- Anti-Intrusion Bars, Heat Exchangers, Sound Absorbers End Use:- Automotive, Construction & Infrastructure, Industrial Region:- North America, Europe, Asia Pacific
Revenue in USD Million/Billion and CAGR from 2022 to 2028
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
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Evaluate market share for commercial Metal Foam market opportunities, track market size, competitive drug sales, synthesis insights for commercial development and licensing.
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