Press release
Aluminum Foam Market to Reach USD 68.02 Million by 2033, Driven by Lightweight Component Demand | FMI
Aluminum Foam Market
The aluminum foam industry is poised to witness increased sales due to surging demand for lightweight components in multiple end-use industries. Significant demand for aluminum foam from the automobile sector is forecast to result in terrific sales over the years to come. Take, for example, the increasing sales of Audi's A8 model. This model utilizes aluminum foam to develop the bumper and profile skeleton.
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Aluminum foam is inherently stiff and has shock wave attenuation, high crush energy, and thermal and sound insulation. Such attributes make it ideal for applications in the automotive sector. In addition, the recyclability of aluminum foam is driving huge interest, as sustainability is gaining worldwide momentum, with leading companies joining in and supporting the planet's ecological health.
Some common factors, such as the ever-expanding population, a surge in per capita income, and the economic development of emerging countries like India, China, and other developing countries, are expected to enhance business prospects for manufacturers.
Top Highlights from the FMI's Analysis of the Aluminum Foam Market:
• The East Asia market is about to top the regional market over the forecast period. The East Asia market is estimated to reach USD 23 million by 2023. The regional market is projected to expand at 5.5% CAGR over the forecast period. China is anticipated to hold a significant share of East Asia through 2033.
• The market in Europe is expected to expand at 3% over the forecast period. The region is set to attain USD 19.4 million in the year 2023. Within Europe, Germany is projected to emerge as a significant market.
• In North America, the market is expected to trail at a CAGR of 3.9% over the forecast period. By 2023, the region is estimated to be valued at USD 17 million. Within North America, the United States is expected to surpass USD 7.6 million by 2023 end.
• Based on product type, the open-cell foam is expected to reach a market valuation of USD 31.6 million by 2023. Over the upcoming years, the segment is projected to register a CAGR of 4.3%, slightly higher than the 4.2% CAGR witnessed in the historical period.
• Based on application type, the energy absorber segment is anticipated to be valued at USD 10.9 million by 2023. Over the upcoming years, the segment is projected to embark on a CAGR of 4.1%.
New Developments for the Year 2022 Observed by FMI
• In December 2022, Cymat Technologies Ltd. announced that it is entering into an agreement for a second component development with its global OEM. The company announced the agreement with this OEM in July, earlier in the year. This was done after significant time was utilized in design collaboration by using Cymat's proprietary aluminum foam, SmartMetalTM.
• In September 2022, Cymat Technologies Ltd. revealed that it has received a purchase order from an Asian military vehicle developer for military under-belly blast protection kits ("blast kits") to be used by the Singaporean military. The SmartMetal™ stabilized aluminum foam ("SAF") has been successful in effectively absorbing and plummeting the energy of the compressed air wave that leads to explosions.
Key players operating in the market
• Beihai Composite Materials Co., Ltd.
• Composite Materials Ltd.
• Cymat Technologies Ltd.
• American Elements Corporation
• ERG Aerospace Corp.
• Hollomet GmbH
• Pohltec Metalfoam GmbH
• VIM Technology Ltd
• Nanoshel LLC
• Aluinvent Ltd.
• Havel Metal Foam GmbH
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https://www.futuremarketinsights.com/reports/aluminum-foam-market
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 Industry:
• Automotive & Transportation
• Aerospace & Defense
• Building & Construction
• Chemical
• Other Industrial
By Region:
• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• The Middle East & Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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