The global aluminum foam market is predicted to register a robust CAGR of 4.5% over the forecast period, as per FMI’s analysis. The industry’s size is anticipated to increase from US$ 43.8 million in 2023 to US$ 68.02 million by 2033 end.
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.
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.
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The analysts at FMI also remark that an increasing stringency of regulations restricting the usage of plastic polymer foams is asserting end-users to seek sustainable alternatives such as aluminum foam.
However, the report opines that the COVID-19 pandemic poses a major challenge to the growth of the market owing to hampered operations in the automotive and construction industries, which are the major revenue drivers for the aluminum foam market.
Key Takeaways
Open cell foam will remain the most sought variant, capturing more than 70% of market value, backed by high strength over its counterpart, closed cell foam.
The automotive and transportation sector is the most lucrative end-use segment, accounting for over 1/3rdof market value.
Aluminum foam’s application as an energy absorber, heat exchanger, and damping structure cumulatively account for 2/3rdof the market value.
East Asia will remain the largest region for aluminum foam, capturing over 1/3rdof value, owing to the presence of a thriving automotive industry.
Europe and North America will collectively capture nearly 2/5thof value, backed by high demand in aircraft and automobile production.
“Market players are focusing on adopting advanced technologies to ensure the production of superior quality aluminum foams with high strength,” remarks FMI analyst.
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COVID-19 Impact
The outbreak of COVID-19 has brought operations in the automotive, aviation, and construction sectors to a screeching halt, thus leading to a downtrend in the demand for several raw materials, including aluminum foam. Moreover, the demand contraction can be attributed to decreased spending on non-essential goods and cost cuttings by end-users.
Furthermore, supply-side challenges such as unavailability of raw materials and supply chain disruptions on the back of government-imposed travel restrictions are hindering the production of aluminum foams. On these lines, the growth trajectory of the aluminum foam market will behold fluctuations during the pandemic and the revamp appears to be slow and delayed.
Who is Winning?
Manufacturers of aluminum foam are enhancing their production technologies to improve the quality of end-products. Likewise, entering strategic partnerships has also been identified as a key growth strategy adopted by market players. On these lines,
Beihai Composite Materials Co. produces aluminum foams specifically designed for sound reduction purposes.
In December 2021, Cymat Technologies Ltd. entered a partnership with Spain-based Alucoil SA to produce aluminum composite panels with metallurgically-bonded aluminum foam cores.
FMI’s report includes profiles of some of the most prominent names in the market including 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., and Havel metal foam GmbH, among others.
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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
- Automotive & Transportation
- Aerospace & Defense
- Building & Construction
- Chemical
- Other Industrial
About Future Market Insights, Inc.
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