The global syntactic foam market size is estimated to grow from USD 132 million in 2020 to USD 169 million by 2025, at a CAGR of 5.2% during the forecast period. The market is projected to witness decent growth in the near future, owing to the wide application in various end use industries of syntactic foam ranging from marine & subsea to sports & leisure industry. Increasing demand from North America will further drive the growth of the global syntactic foam market.
North America accounted for the largest share of the Syntactic foam market in 2020. Factors such as the rapidly increasing consumption of syntactic foam in the marine & subsea industries in countries such as US, Canada, and Mexico have led to an increased demand for Syntactic foam in the North American region.
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ALSEAMAR (France), Trelleborg AB (Sweden), Diab (Sweden), Deepwater Buoyancy (New England), and CMT Materials (US) among others are the leading syntactic foam manufacturers, globally. These companies adopted expansion, joint venture, and merger & acquisition as their key growth strategies between 2017 and 2020 to earn a competitive advantage in the syntactic foam market.
ALSEAMAR is the largest player in the market. In January 2018 company new premium grade epoxy syntactic foam launched for ROV/AUV buoyancies, manned and unmanned submersibles, requiring low densities and high hydrostatic strengths. This series has water depth rating up to 6,000msw.
Trelleborg is the second-largest player of the syntactic foam market, globally. In 2017, Trelleborg applied technology operation launched Eccofloat TG30 and TG32 to meet customer requirements for deep-sea buoyancy applications. Eccofloat TG30 is rated for a depth of 5,000 meters and Eccofloat TG32 is rated for a depth of 6,000 meters.
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