East Asia is estimated to account for significant market share for aluminum foams, majorly driven by rise in demand for light commercial vehicles and fuel efficient passenger vehicles. Further, presence of large number of manufacturers in the region is likely to boost the aluminum foam market
NEWARK, Del, Aug. 19, 2022 (GLOBE NEWSWIRE) -- The global aluminum foam market is poised to create an absolute dollar opportunity at a stable CAGR of 4.4% from 2022 to 2030, reaching a revenue of US$ 61.6 Mn by the year 2030. The aluminum foam market is expected to register a year-on-year growth of 4.5% in the next 10 years.
Future Market Insights predict a comparison and review analysis regarding the dynamics of the aluminum foam market, which is principally subjected to an array of industry factors along with a few definite influences regarding heavy reliance on raw materials and high production cost is a major factor among others restraining the market growth.
According to an FMI analysis, the market for aluminum foam is expected to surge by 260 basis share points (BPS) in H1-2022 (O) against comparison with H1-2021. However, when comparing the H1-2022 projected and H1-2022 outlook period, a decline in BPS change by 30 BPS has been noticed.
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Aluminum foam is expected to pick up the pace due to its high thermal conductivity, immense crush strength, and low density acting against corrosion and being lightweight. Furthermore, the recyclability of aluminum plays a crucial role in the production of aluminum foams.
Reducing the weight of vehicles can attain cost efficiency along with passenger safety is the first priority for OEMs. Surging demand for electrical vehicles which are lightweight is expected to bolster the growth of the aluminum foam market in the years to come.
The rise in urbanization has compelled the construction industry to undergo some commendable technological changes in the last few years. The construction market seems to evolve at a rapid pace owing to surging technological advancements which have led to the higher usage of aluminum foam in infrastructure development.
New advances have taken place in the market to improve the quality of aluminum foams inducing higher strength. Backed by several impressive properties like shock wave attenuation, high stiffness, vibration damping, high crush energy, and thermal & sound insulation, the aluminum foam market is anticipated to prosper over the forecast period.
The automotive industry and transportation sector are expected to witness an opulent increase of 142 basis points owing to the growing use of aluminum foams for manufacturing automobiles.
East Asia is anticipated to account for 1/3rd of the market share by value in the year 2030 and is likely to create significant incremental opportunities during the forecast period.
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 are some of the key companies profiled in the full version of the report.
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The aluminum foam market has its top players accounting for 80-90% of the global production. The key players operating in the market are focusing on attracting a substantial portion of the consumer base by offering aluminum foam to cater to wide applications and focusing on research to enhance their product offerings.
More Insights into the Aluminum Foam Market
East Asia is anticipated to dominate the global aluminum foam market by accounting for a significant market share. The demand is majorly driven by a rise in light commercial vehicles and fuel-efficient passenger vehicles. In addition to that, the presence of a large number of manufacturers in the region is likely to boost the aluminum foam market.
Expansion of the automotive industry and a hike in the recyclability rate are important factors that are likely to augment the growth of the aluminum foam market in the North American region. There is a higher usage of aluminum foam in more populated regions owing to the need for urban infrastructure and housing facilities.
European countries consist of larger aircraft capacities which are likely to drive the demand for aluminum foam as aluminum foams are used for designing the wings, blades, heat exchangers, battery plates, etc. due to them being lightweight, cost-effective, and heat & fire resistant.
The surge in high potential markets and easy availability of raw materials has led to many automotive manufacturers from North America and Europe setting up their manufacturing plants in South Asia. This is likely to increase the market demand for aluminum foams in the region.
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Key Segments Covered In Aluminum Foam Industry Research
North America Aluminum Foam Market
Latin America Aluminum Foam Market
East Asia Aluminum Foam Market
South Asia Aluminum Foam Market
Middle East & Africa (MEA) Aluminum Foam Market
3.1. Key Trends Impacting the Market
5. Global Aluminum Foam Market Demand Analysis 2015–2021 and Forecast, 2022–2030
Have a Look at Trending Reports of Packaging Domain
PE Foam Films Market Share: Shifting focus towards protective packaging and expansion of the E-commerce and logistics sector is one of the significant factors that fuel the demand for PE foam films across the globe.
Anti-static Foam Packaging Market Size: The increasing demand for electronic devices is driving the growth of the anti-static foam packaging market.
Beverage Aluminum Cans Market Trends: According to the latest research by FMI, beverage aluminum cans market is set to behold a huge upsurge in demand over the assessment period of 2021-2031.
Anti-Static Foam Pouch Market Outlook: The increasing shipments of electronic devices is considered as the major factor driving the growth in the anti-static foam pouch market.
Packaging Foam Market Demand: The global packaging foam market was valued at US$ 6.6 Bn in 2022 and is projected to record a CAGR of 5.7% during the review period from 2022 to 2026.
Household Aluminum Foil Market Growth: Growing demand for ready to eat confectioneries and pharmaceutical products is the major driver for household aluminum foil industry.
Converter Aluminum Foil Market Type: The Converter aluminum foil market is expected to experience a healthy growth due to the rising demand of temperature resistant material.
Plastic Shrink Wrap Market Value: The global plastic shrink wrap market was valued at around US$ 2.8 Bn in 2021. The plastic shrink wrap market is projected to exhibit growth at a CAGR of 4.1% and reach a valuation of US$ 4.5 Bn by 2032.
Paper Bubble Wrap Market Type: The global paper bubble wrap market size was valued at around US$ 600 Mn in 2021 and it is expected to reach US$ 629 Mn in 2022.
End-of-Line Packaging Market Outlook: According to Future Market Insights research, during the projected period, the global end-of-line packaging market is set to enjoy a valuation of US$ 5.1 Billion in 2022, and further expand at a CAGR of 4.3% to reach US$ 7.9 Billion by the year 2032.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 8-years.
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