The aluminum foam market 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. Advantages such as good thermal behavior, cost-effectiveness, reduced weight, resistance to fire, durability, and reduced maintenance expenditure are resulting in an increasing demand for aluminum foam from various industries such as automotive, construction, and industrial.
Companies operating in the aluminum foam market have strengthened their position in the global aluminum foam market by spending in R&D, adopting expansions, new product/technology launches, and joint ventures from 2017-2022. For instance, in November 2017, CYMAT Technologies Ltd. announced a joint venture with Alucoil SA (Spain) for producing aluminum composite panels with metallurgically-bonded aluminum foam cores. However, the novel coronavirus pandemic created ripples across the global automotive, construction, and many other sectors, affecting the global supply chains. This factor had affected the demand for aluminum foam. The demand for aluminum foam recovered and picked up momentum in 2022.
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Major market players in aluminum foam market are 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 players have adopted various growth strategies, such as expansions and joint ventures, to expand their presence in the market further.
ERG Aerospace Corporation (US) is one of the leading company in the global aluminum foam market. The company offers high-quality aluminum foam. The company is highly focused on expansions as a part of their growth strategy. For instance, in July 2017, the company established a facility for manufacturing operations at Sparks, Nevada, in the US with the investment of USD 2 million in the plant. The location of the manufacturing plant offers logistic advantages along with the low-cost labor. This expansion helped the company to increase its geographical presence in North American market.
CYMAT Technologies Ltd. (Canada) is another major player in the aluminum foam market. It is one of the global leaders in the design, manufacture, and supply of aluminum foam. As a part of its growth strategy, the company is looking forward to increasing its profitability along with providing quality products to long-term strategic customers. As a part of its growth strategy, the company has the major focus on joint ventures. For instance, in December 2017, the company declared a joint venture with Alucoil SA (Spain). The joint venture was for the production of aluminum composite panels with metallurgically-bonded aluminum foam cores. An increase in the geographical presence of the company and the production of an aluminum panel with no adhesives and improved construction materials was the result of this joint venture.
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
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