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Kenneth Research recently added a report on the Global Syntactic Foam Market which provides an in-depth analysis of the market scenario based on the market size and the compound annual growth rate (CAGR) of the market over the forecast period, i.e., 2022-2031. The European Chemical Industry Council, in one of its statistics, stated that Europe is the second-largest producer of chemicals globally and is further predicted to observe a significant growth in the coming years.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Syntactic Foam Market products.
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It is also anticipated to grow on account of the growing demand for chemicals from the end users, backed by the increasing consumption of chemicals across different industries and the rising need for advanced chemicals. In India, the production of major chemicals and petrochemicals during the period 2020-2021 was close to 12000 thousand MT. Additionally, between the period 2015-16 and 2019-20, the production of the chemicals and petrochemicals in the nation grew at a CAGR of close to 6%.
Global Syntactic Foam market is valued at approximately USD 125.5 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 5.2 % over the forecast period 2020-2027. Syntactic Foams are composite materials that are synthesized along with hollow spheres by filling matrix materials. Matrix materials include metal matrix, polymer matrix and ceramic matrix, while cenospheres, micro balloons, and many others are found in hollow spheres. The add-on of these hollow particles results in improved foam properties, including higher specific strength, lower density, lower thermal expansion coefficient, and, in some cases, radar or ultrasonic transparency. The properties of these foams depend largely on the nature of the materials of the matrix. During the forecast period, factors such as growing deep-water oil and gas production, especially in the Gulf of Mexico and the North Sea, improved profitability of deep water and ultra-deep-water projects and tightening the supply-demand gap are expected to drive the market. according to the EIA ,Because of the forthcoming deep-water exploration and production projects in countries such as Brazil, Guyana, Nigeria, and others, deep-water oil and gas projects are expected to increase in the coming years. Global deep-water investment has risen from 2014 to 2018 and regions such as Brazil, the U.S. Gulf of Mexico (GoM), Norway, Angola, and Nigeria account for a substantial amount of this capital expenditure, respectively, with the highest regional growth projected for West Africa. Together, Brazil and the United States accounted for more than 90% of ultra-deep-water production worldwide in 2018. Brazil is a world leader in the development of deep-water and ultra-deep-water projects. By 2025, the Santos basin in Brazil and the Stabroek block in Guyana will add more than 2.5 million barrels per day of oil production. The change in government policies in recent years, such as liberal policies is expected to increase the market growth. However, Crude oil price fluctuations have a direct effect on the number of oil and gas projects, resulting in project shelving or delays, it may impede market growth over the forecast period of 2022-2031.
The regional analysis of the global Syntactic Foam market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to factors such as the increasingly growing use of syntactic foam in the marine and subsea and sports and leisure industries have resulted in increased demand in the North American area for syntactic foam. Whereas Asia Pacific is also anticipated to exhibit the highest growth rate / CAGR over the forecast period 2022-2031, due to rising industries regarding synthetic foam across APAC.
Major market player included in this report are:
Engineered Syntactic Systems
Diab International AB
Fiba Tech Industries
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Product Type:
By Matrix Type:
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027.
Target Audience of the Global Syntactic Foam market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers
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The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analys & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
About Kenneth Research
Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation
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Myra Fletcher is a research expert and freelance writer. She is very dedicated to her work and writing. She enjoys writing on current news in any industry and concludes the news with a highly professional report. She has almost 8 years of experience in the same field. She has strong professional skills in Market research, Business Strategies, online marketing, Industry analysis interested in innovative and trending technologies.
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