Global Syntactic Foam Market Report, Trends, Size, Demands And Progression Status Up To 2022-2031


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Kenneth Research recently added a report on Syntactic Foam
market which is studied for the forecast period 2022-2031. The research report focuses on the latest trends that are anticipated to drive the market growth, in addition to the key opportunities, growth drivers and the challenges that are associated to the growth of the market during the forecast period. Factors such as the growing demand for chemical products around the world is anticipated to drive the growth of the market during the forecast period. According to the statistics by the United Nations Statistics Division, the value of chemicals and chemical product manufacturing services in the United Kingdom in the year 2016 registered to USD 28,294.66 million. Additionally, in Portugal, the value was registered to be USD 7544.69 million in the same year. The Syntactic Foam
market 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%.

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On the other hand, the Syntactic Foam
market is also anticipated to grow on account of the growing demand for agrochemicals for farming in several nations worldwide, backed by the rising need to increase production of food crops. According to the statistics by the Food and Agricultural Organization (FAO) of the United Nations, the total amount of pesticides used around the world grew from 3,089,827 tonnes in 2000 to 4,122,334 tonnes in 2018. Moreover, amongst all the continents that used pesticides, Asia registered as the largest user of pesticides by attaining a share of 52.4% in the year 2018. It was followed by the Americas, Europe, Africa and Oceania with 32.3%, 11.6%, 2% and 1.7% respectively. The statistics also stated that China was the largest user of pesticides amongst all the nations worldwide, utilizing 1,763,000 tonnes of pesticides for agricultural use.

The report on Syntactic Foam
market further consists a detailed analysis of the five important regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. These regions are further sub-divided into the following:

  • North America (U.S. & Canada)
  • Latin America (Argentina, Mexico, Brazil, Rest of Latin America)
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe)
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
  • Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa)

In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country's goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.

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On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.

Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.

Major market player included in this report are:

Trelleborg
Engineered Syntactic Systems
Diab International AB
SynFoam
Floatex
ALSEAMAR
Deepwater Buoyanc
CMT Materials
Advanced Insulation
FTI

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About Kenneth Research

Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defense, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.
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