Aluminum Foam Market worth $55 million with 4.8% CAGR by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, Feb. 27, 2023 /PRNewswire/ -- The report "Aluminum Foam Market by Type (Open-Cell, Closed-Cell), Application (Anti-Intrusion Bars, Heat Exchangers, Sound Absorbers, Filters), End-Use Industry (Automotive, Construction & Infrastructure, Industrial), and Region - Global Forecast to 2027", size is expected to grow from USD 43 million in 2022 to USD 55 million by 2027, at a CAGR of 4.8% during the forecast period. A significant growth is observed in the market because of the growth in the demand for aluminum foam from various end-use industries such as automotive and construction & infrastructure. Aluminum foam has multiple advantages, such as cost-benefit, low weight, and thermal conductivity, resulting in its preference for sound insulation and crash guards.
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Automotive is projected to dominate the global aluminum foam market during the forecast period.
Aluminum foam is primarily used as anti-intrusion bars in electric automotive. Properties like good kinetic energy absorber and lightweight of this technology along with cost effectiveness have contributed to its intensive usage for developing crash guards in automotive industry. Aluminum foam offers superior thermal conductivity and sound insulation and hence has high demand in the construction industry as well.
The anti-intrusion bars application is the fastest-growing segment in the overall market.
Aluminum foam is used in applications like anti-intrusion bars, heat exchangers, sound absorbers, filters and others. The anti-intrusion bars segment is projected to register the highest CAGR during the forecast period because the growth is attributed to the high growth in the production of electric and hybrid cars in automotive sector.
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Open-cell aluminum foam type to dominate the global aluminum foam market
Based on type, aluminum foam market is divided into two segments, namely, Open cell aluminum foam and closed cell aluminum foam. Open cell aluminum foam to dominate the market in forecasted period due to its huge demand coming from sound absorbers, heat exchangers and filter applications because it offers various properties such as thermal conductivity, electrical conductivity, high porosity, and corrosion resistance. Also, open-cell aluminum foam can absorb energy better than steel, as it possesses air bubbles created during the manufacturing process.
Asia Pacific is expected to be the largest market for aluminum foam during the forecast period.
Asia Pacific is the largest market for aluminum foam. The huge demand coming from end-use industries such as automotive and construction & infrastructure is driving the aluminum foam market in the region. China being the largest manufacturer of passenger cars have the maximum demand for anti-intrusion bars and hence is the largest market in the region. Also, the region has a presence of major aluminum foam manufacturing companies, who focus on the adoption of various business strategies to increase the production of aluminum foam and meet the growing demand from end-users.
The key players in the market include ERG Aerospace Corporation (US), CYMAT Technologies Ltd. (Canada), Alantum (South Korea), Liaoning Rontec Advanced Material Technology Co., Ltd. (China), Shanxi Putai Aluminum Foam Manufacturing Co., Ltd. (China), Mayser GmbH & Co. KG (Germany), 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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