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Metal Foam Market Size To Reach $122.8 Million By 2030

Metal Foam Market Size To Reach $122.8 Million By 2030

December 2024 | Report Format: Electronic (PDF)

Metal Foam Market Growth & Trends

The global metal foam market size is expected to reach USD 122.8 million by 2030, registering a CAGR of 4.7% from 2024 to 2030, according to a new report by Grand View Research, Inc. Metal foams have seen a vast spectrum of development in the recent years, with further intensified research being carried out on this multifunctional material class. Despite the various value-additions catered by metal foams, there still exists an imbalance between the properties offered and the substantial utilization. A major factor influencing this is the high cost of metal foams.

Increasing environmental concerns and stringent automotive pollution control norms have forced automotive manufacturers to monitor the pollution. Vehicular curb weight is one of the most important factors affecting the fuel efficiency. Usage of lightweight porous metallic materials in a body frame not only results in the reduction in some parts being used but also in the curb weight, thus drastically increasing fuel efficiency and reducing vehicular pollution.

The major foundry owners are working to pave a path out by overcoming issues related to economies of scale, high capital costs, labor law issues and government regulations related to procurement of aluminum. Usage of aluminum is likely to be taken over by steel and composite wood, mainly for the construction applications. Similarly, a wide range of opportunities pursued by pro-active metal casters who face the substitution threats, have considered converting weldments to castings.

Typical functional applications of metal foams include sound absorption, fragmentation capture, impact absorption, heat sinks and exchangers, the matrix for chemical bed and scrubbers, filters and mist elimination of water and oils, core structure for high strength panels, battery plates and spacers, automotive and aeronautical light-weighting, and catalyst surfaces.

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Metal Foam Market Report Highlights

The aluminum segment dominated the market and accounted for a share of 62.0% in 2023. This dominance can be attributed to aluminum's lightweight nature, high strength, and cost-effectiveness, which make it a versatile choice for various applications.
The automotive segment dominated the market in 2023 due to the growing demand for lightweight materials that can improve fuel efficiency and reduce emissions.
Asia Pacific metal foam dominated the market with a revenue share of 39.08% in 2023 primarily fueled by rapid industrialization and urbanization in countries within this region.
The North American metal foam market is anticipated to witness significant growth. This can be attributed to the escalating demand for advanced materials within the region's aerospace, defense, and automotive sectors.