22 Nov, 2019, 04:30 ET
CHICAGO, Nov. 22, 2019 /PRNewswire/ -- 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", published by MarketsandMarkets™, 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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Automotive was the largest end-use industry in 2018
Metal foam is primarily used in electric automotive. The cost-effectiveness and lightweight characteristics of this technology have contributed to its intensive usage for developing automotive. Metal foam offers superior thermal conductivity and hence has high demand in the automotive industry.
The anti-intrusion bars application is the fastest-growing segment in the overall market.
Metal foam is used in four applications, namely, anti-intrusion bars, heat exchangers, sound insulation, and others, including railway buffer and medical implants. The anti-intrusion bars segment is expected to register the highest CAGR during the forecast period as it is widely used in the automotive end-use industry.
Aluminum material is the fastest-growing segment in the overall market.
Metal foam is available in four materials, namely, aluminum, nickel, copper, and others (such as tantalum and tungsten). Aluminum is expected to register the highest CAGR during the forecast period. It offers various useful properties such as thermal conductivity, electrical conductivity, high porosity, and corrosion resistance. Aluminum foam can absorb energy better than steel, as it possesses air bubbles created during the manufacturing process.
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APAC is expected to be the largest market for metal foam during the forecast period.
APAC is one of the leading markets for metal foam. The growing demand from end-use industries such as automotive and construction & infrastructure is driving the metal foam market in the region. The region has a presence of major metal foam companies, who focus on the adoption of various business strategies to increase the production of metal foam and meet the growing demand from end-users.
Some of the prominent players in the Metal Foam Market 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 companies have adopted expansions and joint ventures as a part of their strategic development.
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