In terms of revenue, the Global Metal Foam Market is expected to reach USD 122.70 Million by 2028, growing at a CAGR of 4.3% from 2022 to 2028. Metal foams are widely used in industrial applications, some of the products in which metal foal is used are heat sinks and heat exchangers, chemical beds, scrubbers, and also used to reduce the density of the final product. The major application where metal foam is used is as insulation material in battery plates. The factor driving the Metal Foam Market is its wider use in EV vehicles which is considered to be the future of commercial transport.
- Under the material segment aluminum sub-segment is anticipated to dominate the segment for Metal Foam Market at a substantial CAGR. This is attributed due to the increasing use of aluminum foam parts in automotive parts.
- Sound Insulation sub-segments held a significant market share in 2021. This is the fastest segment growing in Metal Foam Market.
- Asia Pacific is the largest regional segment. This region is growing due to its high capacity in metal foam manufacturing and demand from automotive and aerospace companies.
- Restraining factors for Metal Foam Market are the high cost of raw material and manufacturing machinery.
Some of the key players dominating the Metal Foam Market include - CYMAT Technologies Ltd. (Canada), ERG Aerospace Corporation (US), Alantum (South Korea), Liaoning Rontec Advanced Material Technology Co. Ltd. (China), Mott Corporation (US), Shanxi Putai Aluminum Foam Manufacturing Co. Ltd. (China), Ultramet (US), Mayser GmbH & Co. KG (Germany), Pohltec Metalfoam GmbH (Germany), and Aluminum King Co. Ltd.(China).
In today’s modern industry, metal foams are novel development in the manufacturing industry. Metallic foams provide high flexure strength and strain with the advantage of absorbing energy. Hence, these are majorly used in electrical applications. Aluminum alloy sandwiched foam with carbon fiber reduces weight but also increases stiffness and offers high energy absorption. Due to these factors, these materials are widely used in aircraft and aerospace applications. Normally metal foams are constructed with aluminum but they can be made using other metals such as titanium, tantalum, copper, zinc, or lead. Metal foams have some very important key features that make them particularly useful for manufacturers and hence are proving to be an alternative for other materials such as steel and iron.
Asia Pacific is expected to grow at the fastest CAGR in the coming years due to increasing demand in metal foam in industrial products. The rising demand for automotive, electrical, and industrial parts is generating huge potential for the Metal Foam Market. Countries such as India and China are becoming giant manufacturing hubs for automotive, heavy electrical, electronic industries. The growing demand for low-cost manufacturing and ample labor is creating great advantages for key manufacturers to invent in the Asia Pacific.